(Lexington, KY) Sep 27, 2012 -- IF Technologies (IFT) has released an advanced, episode of care, pricing analytics solution providing new insight and savings opportunities. The solution will empower insurers with true pricing transparency, by procedure for each provider, and clearly identify where savings are available based on factors such as utilization, protocol, billing practices, and discounts.
IFT has offered true pricing transparency to insurers and networks with their consumer-focused solution, HealtheReports, for a number of years. The introduction of their advanced pricing analytics solution now offers additional opportunities to reduce costs in a significant and measurable way.
Historically, medical costs have been discussed in the context of discounts. IFTs advanced pricing analytics have shown that large discounts do not always translate to low prices and low discounts do not always equal high prices. Furthermore, a provider may represent a good value on one procedure while representing lesser value with other procedures.
Big data analytics, provided on a software as a service basis, is the key to truly reducing medical costs which the traditional approach to cost containment has been unable to do.
Our advanced pricing analytics will empower insurers to lower their costs, as well as costs for their employers and members, said Jim Freedman, the companys CEO. Leveraging pricing analytics with HealtheReports will not only empower members to identify low cost, high quality providers, but will empower insurers to drive significant savings during provider contracting, preauthorization, care management, and other touch points.
IF Technologies provides healthcare pricing transparency information based on next generation analytics through their software as a service solution available to insurers, preferred provider organizations, self-insured employer plans, and their members. The company, based in Lexington, KY, offers solutions which empower all parties who pay for healthcare to engage in the process of reducing healthcare costs. For a demo, or to learn more, go to www.ThinkIFT.com.