Partnership to focus on supporting employers in their efforts to drive better clinical outcomes, improve employee satisfaction, and optimize health care spending
Signify Health (NYSE: SGFY), a leading value-based healthcare platform that leverages advanced analytics, technology and nationwide healthcare provider networks, and HealthComp, the largest independent health benefits administrator in the country, today announced a new strategic collaboration to give self-funded employer groups an affordable health benefits package that embeds value-based payments with value-based benefits design.
“Having successfully built a value-based care platform to support providers, employers, and health plans who are committed to improving patient outcomes, our collaboration with a leading third-party administrator such as HealthComp opens up new opportunities to drive the transformation away from the broken fee for service model,” said Peter Boumenot, Chief Product Officer, Signify Health. “We believe that converging value-based payments with value-based benefit design is essential for all stakeholders at both the individual and the population levels. HealthComp’s proven capabilities will help us bridge this gap for employers across the country who are looking for turnkey solutions that improve costs and outcomes.”
“The majority of the employers we work with are looking for new ways to strengthen the alignment of cost, quality and member satisfaction with their benefits offerings,” said Justin Tran, Senior Vice President of medical cost management at HealthComp. “By working with Signify Health, we have a unique opportunity to bring together advanced alternative payment models with advanced benefits designs that deliver the clinical and operational excellence needed to address the root causes of suboptimal health outcomes and increasing costs.”
Employers are increasingly adopting value-based insurance designs (VBID), which align the appropriate use of high value healthcare services with the engagement of high-performance providers who are accountable for health outcomes. A new white paper published by VBID Health describes how VBID and alternative payment models can be brought together to improve overall health and lower the costs of healthcare delivery and references many of the tools that are available for employers working in collaboration with providers, third-party administrators, and carriers. Early results of similar payment arrangements with Signify Health have shown a promising reduction in both health plan spend and adverse clinical events for members engaged in the program.
The partnership will focus on leveraging Signify Health’s leading capabilities in episode-based financing and high-value provider networks, along with HealthComp’s innovative approach to comprehensive benefits administration and member engagement, to create more affordable, predictable, transparent, and member-focused benefit design. Value-based benefits developed by HealthComp and powered by Signify Health’s value-based payment platform will be offered in select markets across the U.S.
About Signify Health
Signify Health is a leading healthcare platform that leverages advanced analytics, technology, and nationwide healthcare provider networks to create and power value-based payment programs. Our mission is to transform how care is paid for and delivered so that people can enjoy more healthy, happy days at home. Our solutions support value-based payment programs by aligning financial incentives around outcomes, providing tools to health plans and healthcare organizations designed to assess and manage risk and identify actionable opportunities for improved patient outcomes, coordination and cost-savings. Through our platform, we coordinate what we believe is a holistic suite of clinical, social, and behavioral services to address an individual’s healthcare needs and prevent adverse events that drive excess cost, all while shifting services towards the home. For more information on how we are taking health homeward, visit us at signifyhealth.com.
For more than 25 years, HealthComp has been dedicated to transforming benefits administration. Bringing together concierge-level service, operational excellence, powerful analytics and cost management, HealthComp has built a solution that integrates seamlessly with any benefits ecosystem. Our focus includes administering innovative solutions for custom networks and ACO-type benefits offerings. HealthComp is the nation’s largest independent health benefits administrator and has offices in California, Illinois, West Virginia and Pennsylvania. For more information, visit HealthComp.com.