East Windsor, NJ—June 1, 2022—University Hospitals, one of the nation’s leading health systems serving the needs of patient populations across 16 counties throughout northern Ohio, selected SpectraMedix and their proven Value-Based Payment (VBP) Contracting Modeler to strengthen their value-based contract modeling. SpectraMedix will also provide University Hospitals with comprehensive monthly financial reconciliation analytics, including upside/downside financial settlement and budget variance reporting.
“University Hospitals is committed to creating new models that improve healthcare value,” said Mark Schario, Vice President of Population Health at University Hospitals. “We’re very excited to utilize SpectraMedix’s value-based care solutions to enhance our ability to develop cost-effective arrangements that advance care quality.”
The VBP Contract Modeler enables users to streamline shared savings value-based contracting through a collaborative solution to design, evaluate, and negotiate risk-based contracts that are mutually beneficial for both providers and payers. It models alternative financial and quality performance scoring methodologies, risk assumption options, and other contract terms drawing from a range of insights pulled from different contract scenarios. The integrated VBP Analytics Suite offers business intelligence analytics via visualizations and reports at the contract, practice, and provider levels.
“In our continued journey to maximizing value for all those we are fortunate to care for, we look forward to the solutions SpectraMedix will provide University Hospitals and the collaborative efforts we will make to further this important work to benefit those we serve,” said Peter Pronovost, MD, Chief Quality & Clinical Transformation Officer at University Hospitals.
University Hospitals will utilize SpectraMedix’s solution across shared savings and shared risk contracts. Specific capabilities that University Hospitals will utilize include:
- Modeling contracts
- Evaluating the impact of provider network modifications
- Performing scenario modeling with payer risk scores, quality metrics, medical loss ratio, and contract terms
Additionally, SpectaMedix will provide University Hospitals with comprehensive data mapping and validation into the VBP Contract Modeler and VBP Analytics Suite, including a quality assurance report to identify data anomalies and facilitate data corrections.SpectraMedix is an NCQA, ONC, and HITRUST certified vendor with extensive experience integrating and analyzing clinical and claims data from providers with varying levels of technology to advance quality, performance improvement, and population health initiatives. “University Hospitals and SpectraMedix share a common vision: to bring healthcare data insights and stakeholders together to improve care,” said Raj Lakhanpal, MD, CEO of SpectraMedix. “We’re excited to partner with University Hospitals to help them advance value-based care across their provider network and patient population.” About SpectraMedixSpectraMedix delivers a tightly integrated set of applications that accelerate performance for health systems and health plans across the spectrum of value and risk-based arrangements. Our suite of value-based payment solutions has enabled our clients to save more than $150 million using advanced provider enablement, contracting, and performance analytics capabilities for value-based care initiatives. All of our value-based payment solutions are powered by The SpectraMedix Platform™, a scalable, HITRUST CSF Certified, and NCQA certified cloud-based framework that is the cornerstone of all SpectraMedix products and services.
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. For more information, visit www.spectramedix.com
.About University HospitalsFounded in 1866, University Hospitals serves the needs of patients through an integrated network of 23 hospitals (including 5 joint ventures), more than 50 health centers and outpatient facilities, and over 200 physician offices in 16 counties throughout northern Ohio. The system’s flagship quaternary care, academic medical center, University Hospitals Cleveland Medical Center, is affiliated with Case Western Reserve University School of Medicine, Northeast Ohio Medical University, Oxford University and the Technion Israel Institute of Technology. The main campus also includes the UH Rainbow Babies & Children's Hospital, ranked among the top children’s hospitals in the nation; UH MacDonald Women's Hospital, Ohio's only hospital for women; and UH Seidman Cancer Center, part of the NCI-designated Case Comprehensive Cancer Center. UH is home to some of the most prestigious clinical and research programs in the nation, with more than 3,000 active clinical trials and research studies underway. UH Cleveland Medical Center is perennially among the highest performers in national ranking surveys, including “America’s Best Hospitals” from U.S. News & World Report. UH is also home to 19 Clinical Care Delivery and Research Institutes. UH is one of the largest employers in Northeast Ohio with more than 30,000 employees. Follow UH on LinkedIn, Facebook and Twitter. For more information, visit UHhospitals.org.