Business, Free News Articles, Product Launches, Software, Taxes and Accounting

Advalent Launches Network 360 to Drive Multi-Dimensional Provider Performance in Value-Based Care Contracting

WESTBOROUGH, Mass. -- Advalent, a market-leading healthcare technology company focusing on payer solutions announced today the launch of a new network contracting and analytics product - Network 360(TM). Designed for payers and risk bearing healthcare providers, Network 360 is a breakthrough analytics platform that analyzes network, enables value-based contracting, and manages both upside and downside risk.

The new SaaS, cloud-based platform facilitates multi-dimensional provider performance assessment across quality, risk score adjustment (RAF) accuracy, cost, care and utilization to drive both short-term and long-term financial and clinical improvements in a format that is finally easy to use, understand, take action on.

Network 360(TM) proprietary analytical models enable decision makers to analyze network adequacy and assess overall population risk to devise the right value-based contracting and downstream provider arrangements to enable high performing provider collaboration programs. The platform's architecture leverages advanced bi-directional EMR connectors that not only consume EMR data, (in CCD/HL7/FHIR formats) but feeds actionable member insights into a provider's daily workflow.

The platform manages provider attribution and analyzes population/panel/member costs. It also utilizes trends, such as applicable risk and quality measures (RAF, HEDIS, and STARs) to create optimized care plan variations to assist providers in closing gaps and improving their overall performance.

"We are pleased to be one of the first healthcare technology companies to unlock the actionable insights required for plans to effectively and impactfully make the transition from fee for service to fee for value," said Brian Lichtlin CEO of Advalent.

"At Advalent, we believe that successful value-based programs hinge on a contracting team's ability to easily understand and target the provider characteristics that drive successful outcomes at reasonable prices in any region, for any specialty, and for any patient demographic group By finally delivering a tool that network contracting teams love, that also supports providers in care improvement, Advalent empower plans across the country to not only pay for value, but to create (nurture) it."

"With increased focus on value based contracting whether due to emerging MIPS/MACRA guidelines on the CMS end or the programs undertaken by leading private payers and health systems, it is extremely important for payers and provider groups to identify actionable ways to measure and improve provider performance," said Dr. Phani Kallakuri, Senior Medical Director. "Network360 allows holistic provider/network evaluation and provides ways to significantly improve network efficiencies by leveraging top performers and supporting low-performers through the right provider collaboration strategies."

The availability of Network 360(TM) platform will give providers more inclination to evolve from fee-for-service payment models to value-based care contracts. In fact, a recent study from Quest Diagnostics found 87 percent of physicians say they are likely to use a tool that provides on-demand, real-time, patient-specific data to identify gaps in quality, risk and utilization as well as medical history insight within clinical workflow. Network 360 gives analytical insights and develops actions plans to address these variations across members, providers and facilities (*Note 1).

About Advalent:
Advalent was founded in 2013 with the mission to advance core-administration technology used by Payer, Payviders and ACOs to compete in value-based care. They have created flexible, easy-to-use solutions that enable payers with the automation needed to increase operational efficiencies across multiple lines of business including Commercial, Medicaid, Medicare Advantage and Commercial Risk. Advalent has created a platform-as-a-service for the most complex value-based products to respond in real-time as the industry continues its push towards value-based care. More information: https://www.advalent.com/

(*Note 1) http://newsroom.questdiagnostics.com/2017-06-06-New-Study-Physicians-Lack-the-Right-Tools-to-Close-Costly-Gaps-in-Healthcare

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Business, Free News Articles, Software

Advalent Corporation Completes Acquisition of Medvensys Analytics

WESTBOROUGH, Mass. -- Advalent Corporation, a claims administration and medical management platform for complex value-based care products and Medvensys, a leading cloud-based analytics technology in clinical and financial outcomes for healthcare organizations announced today that they have entered a definitive agreement whereby Advalent has agreed to acquire Medvensys.

Together the complementary companies will provide an end-to-end system that will enhance actionable insights into provider performance and give Payers, Payviders, ACOs and risk-bearing entities the best possible outcomes and prices in clinical quality, value-based contracting and risk adjustment as they make the transition from Fee-For-Service to Fee-For-Value.

"We are thrilled to add Medvensys to the Advalent family, which has become an important player in helping us succeed in a risk-based environment," said CEO of Advalent, Brian Lichtlin. "It is important for risk-bearing entities to have differentiated care platforms that align with big-data analytics to monitor quality metrics and highlight care gaps to help providers with bundled payment arrangements. Success with value-based care requires providers to eliminate gaps in care as early as possible and together our platform is able to adapt in a quick changing marketplace."

Dr. Kallakuri, Founder of Medvensys said, "We expect today's transaction to bring unique data-driven capabilities that will identify gap risks and actionable gaps with Advalent's platform. What Advalent is doing in the marketplace with its care-management and administrative platforms combined with our analytics solutions, creates extreme high value for the healthcare market place in terms of value-based care solutions and value-based contracting. With this acquisition, we will create an organization that offers end-to-end solutions to drive differentiated care platforms and sustainable clinical and financial efficiencies year-over-year to healthcare organizations throughout the nation."

"Medvensys is a strategic fit with our investment strategy at Advalent as we continue to strengthen our platform to provide value-based products to payers," said Lichtlin.

Medvensys Network 360 platform has a proven record of driving clinical and financial improvements for care organizations. Medvensys has expert understanding with the integration of artificial intelligence, natural language processing and its ability to dig deeper in risk adjustment, care, quality and performance gaps. These solutions bring major advancements as the transition to value-based care grows.

About Advalent:

Advalent was founded in 2013 with the mission to advance core-administration technology used by Payers, Payviders and ACOs to compete in value-based care. They have created flexible, easy-to-use solutions that enable payers with the automation needed to increase operational efficiencies across multiple lines of business including Commercial, Medicaid, Medicare Advantage and Commercial Risk. Advalent has created a platform-as-a-service for the most complex value-based products to respond in real-time as the industry continues its push towards value-based care. More information: https://www.advalent.com/

About Medvensys:

Medvensys was founded in 2015 and is a leading healthcare technology and outcomes company that combines cloud-based analytics and analytics-drive interventions to improve financial and clinical outcomes for healthcare organizations-including payer and providers. Medvensys's proprietary suite of analytics include several platforms to identify Risk Adjustment, Care, Quality and other performance gaps; all of which are designed and developed by leading mathematicians, clinicians and data experts. Through its people, processes and platforms, Medvensys bring sustainable clinical and financial improvements to the healthcare industry. More information: http://www.medvensys.com/.

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Alliances and Partnerships, Business, Free News Articles, Hospitals and Nursing, Insurance, Software

Advalent Partners with Novus Healthcare to Close the Gap in Value-Based Care

WESTBOROUGH, Mass. -- Advalent Corporation signed a partnership in early 2018 with Novus Healthcare to identify patients who could benefit from value-based care and implement that approach using Advalent's Value-Based Care Platform and Novus' population health management programs.

Together they provide preventative benefits to risk-bearing entities, such as ACO's, Payers, and Payviders who are moving into a value-based care model. Advalent's care management platform has hundreds of care plans to help patients manage living with chronic disease. Novus is the service arm that develops education and engagement to patients who are typically on Medicare living with two or more chronic diseases.

Their partnership drives home on preventative services, giving more information to physicians through analyzing claims data with Advalent's analytics algorithm to map conditions to specific care plans for patients, ultimately reducing crisis and acute care to give better outcomes to patient's healthcare. Together they piece together the complexities of the industry on both sides and create a massive opportunity to provide better health outcomes at lower costs.

"It is my pleasure to announce that Novus Healthcare's patient engagement and comprehensive assessment platform is now aligned with Advalent's analytics and technology," said Damon Kenton Ph.D., the CEO of Novus Healthcare. "We have been able to create a comprehensive turnkey solution that provides better data and information for the insures and care providers, while also reducing the burden on primary care providers allowing them more time for direct patient care and improving patient outcomes."

Currently there are 27 million Baby Boomers using Medicare who are living with two or more chronic diseases, and it is estimated to grow to 53 million people by 2020. With Advalent's ability to stratify members by using advanced analytics on financial and clinical data, they are able to map patient or members to condition/s specific care plans.

"Novus Healthcare is a contract preferred provider for physician practices, ACOs, and health plans in more than 15 states, enabling a strategic partnership with them to help make the switch for doctors to practice preventive measures and payers to continue their push towards value-based care," said Brian Lichtlin, CEO of Advalent.

"At Advalent, our data analytics platform enables us to identify the open care gaps a patient needs to close, and Novus has a team of Nurse Practitioners and care coordinators to help close care gaps, engage patients and reduce the primary care doctors non-reimbursable work load, allowing them to concentrate on direct patient care. Our care platform and claims administration technology creates better outcomes to reduce costs and provide better outcomes."

The partnership is a strong strategic fit, leveraging two innovative companies' respective strengths across these main areas:

* Chronic Care Management provides savings for Medicare patients because they use less inpatient and outpatient care. Their care is value-based through telehealth, chatbots, and AI.

* The average medical practice time spent providing clinical services is 1.32 hours annually. Currently it is 45 minutes less than the average per patient requires annually.

* Only 55 percent patients receive recommended preventative and chronic services.

* Average medical practice revenue impact with Novus $198,534.

* 86 percent of surveyed providers also said chronic care management would help their practice score higher on quality measure for value-based care models. Ref: https://revcycleintelligence.com/news/half-of-pcps-aware-of-medicare-reimbursement-for-chronic-care-mgmt

* CAQH found if health plans were able to effectively automate all their administrative transactions they could generate nearly $1.7 billion in savings annually. Payers and providers would experience the biggest returns by automating benefit eligibility determinations and moving them to an entirely electronic process.

* Patients with chronic illnesses do not routinely receive the care they need. Abundant research has demonstrated that individuals with chronic illnesses regularly receive substandard health care. (ix, CSG.Org) Ref: https://www.csg.org/knowledgecenter/docs/SOG03ChronicIllness.pdf

According to a survey of over 800 primary care physicians and Medicare patients, 84 percent of the providers said chronic care management services would improve care quality at their practice but are at a loss on how to provide these services in a cost-effective manner.

"The key to a successful care management platform and improved patient outcomes is having preventive care programs that engage patients to take a pro-active approach in their care and integrate the programs with seamless technology, Novus was looking for the right technology and analytics partner with user-friendly patient and provider integrations and Advalent has the best platform in the market place," added Lichtlin.

"Working together to create a comprehensive care platform and provide Chronic Care Management services seemed like a no brainer; our improved patient outcomes and reduced care expenses show I was right."

About Advalent:
Advalent was founded in 2013 with the mission to advance technology payers use to manage their complex businesses. They have created a flexible, easy-to-use product that connects the disparate systems that make healthcare reimbursement challenging. Advalent was able to create true care administration, for modern new products including the most complex value-based products. More information: https://www.advalent.com/.

About Novus Healthcare:
Novus Healthcare was founded in 2013 and is a national medical practice that collaborates with physician practices, ACO's and health plans. and specializes in comprehensive Annual Wellness Visits. The Novus Engage360 patient assessment fulfills all Medicare Annual Wellness Visit requirements, thoroughly documents ICD10, RAF/HCC coding, improves HEDIS outcomes and star ratings, identifies liabilities, closes non-reimbursable care gaps, performs necessary screenings, reduces medication errors and reduces non-reimbursable work-loads on practice providers by over 45 minutes per patient annually. More information: http://novushc.com/.

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