Roseville, Calif.-based Adventist Health and New York City's Montefiore Health System have teamed up with Heritage Provider Network, a managed care organization, and healthcare consulting firm COPE Health Solutions, both based in Los Angeles, to develop an analytics-based total cost of care tool.
The Analytics for Risk Contracting software platform uses financial modeling algorithms to help healthcare providers understand how improvement efforts, population health management, physician incentives and other quality and cost initiatives affect their financial health.
Providers can also use the tool to compare their actual performance to care delivery and financial plans, and identify areas where expenses can be cut, providing a pathway to greater annual savings.
"Not understanding the actual total cost of care, in detail, is a huge obstacle to moving U.S. healthcare to value-based care and risk-based payments," Yomi Ajao, senior vice president at COPE, said in a statement. "The tremendous promise of value-based care won't be realized unless providers can see their way forward to accepting more reimbursements tied to cost and quality goals."
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