SpectraMedix VBP Performance Analytics Version 3 Powers Payer-Provider Success in Value-Based Arrangements

By AIT News Desk On Dec 24, 2020

Latest release enables health plans to strengthen their provider networks’ ability to improve performance based on contract parameters

SpectraMedix, a leading provider of solutions that advance and align Value-Based Payment (VBP) models for health plans and providers, announced the release of VBP Performance Analytics Version 3. The latest release delivers newly enhanced analytics capabilities that help providers improve performance based on value-based payment contracts. It also features advanced AI and Machine Learning technologies that fuel a new level of actionable insight for payers and providers.

“SpectraMedix VBP Performance Analytics V3 enables health plans and their providers to work together to proactively identify, intervene, and close the loop on the core areas that impact cost, performance, and outcomes,” said Raj Lakhanpal, MD, Chief Executive Officer at SpectraMedix. “It supports Commercial, Medicare Advantage, Medicare, and Medicaid business lines across the entire spectrum of VBP types.”

Integrated into SpectraMedix VBP Performance Analytics Version 3 is the ability to track quality measure results, identify gaps in measures, and receive recommended interventions. Interventions are based on HEDIS guidelines and can be tailored to specific incentive programs.

Here are just a few of the new features in SpectraMedix VBP Performance Analytics Version 3:

The ability for providers to generate reports at the practice/TIN and provider/NPI level, enhancing their ability for self-improvement.

Financial incentive visibility that shows performance and compensation in near real-time.

Drug and medical utilization metrics, analytics, and reporting to facilitate closure of VBP indicators and determine network performance against contracts.

Actionable insights into the utilization and cost of services under prescription drug benefits associated with attributed members.

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Clinically-validated interventions integrated into clinician workflows for closing care and measure gaps.

A risk-adjusted provider report card that shows progress and comparison to peer and professional benchmarks to help providers improve.

Predictive risk models that provide aggregate level summaries and the ability to target at-risk members.

SpectraMedix VBP Performance Analytics Version 3 is one of four applications that comprise the VBP Performance Suite, seamlessly integrating with the VBP Contract Modeler, Cohort Manager, and Self-Service Analytics. It is built upon the SpectraMedix Platform, a HIPAA compliant, NCQA certified framework that is the cornerstone of all SpectraMedix applications.