Payers Can Now Assess Medical Service Costs with NFP’s Cutting-Edge Evaluation Tool
The launch of TPCompare, a tool for pricing and comparative analysis inside healthcare delivery systems, has been announced by property-casualty broker NFP.
In order to assess the cost and quality scores of medical procedures and services in comparison to other healthcare systems, TPCompare uses benchmark data from payers, facilities, and providers.
In response to recent laws requiring hospitals and payers to publish their healthcare procedural charges for in-network services, the tool was developed. In the current era of price transparency, few solutions have been created to fulfill the needs of healthcare delivery systems, but TPCompare provides visibility into previously private commercial pricing data, according to NFP. As a result, hospitals and health systems can take advantage of the insights offered by TPCompare to achieve a competitive advantage.
E. Heidi Cottle, national practice leader and senior vice president of cost containment strategies at NFP, spearheaded the development of TPCompare. With over 30 years of experience in leadership roles within employee benefits and healthcare cost containment, Cottle has been assisting NFP clients in managing healthcare costs since 2013.
“TPCompare brings cost transparency data to another level, supported by enhanced data sets that produce a detailed view and accuracy to the analytics,” added Cottle. “The technology enables healthcare providers to independently validate quantitative and qualitative data for medical procedures and services against an extensive competitor database, putting them in a stronger position to negotiate competitive pricing. As a result, there is increased cost responsibility that is centered on quality measures and utilized to gauge improvements in all stakeholder outcomes.
NFP recently announced the launch of DigitalShield, a personal cyber insurance product. The company also recently announced plans to acquire Actuarial Consulting Group and ACG Advisory Services.
Have something to say about this story? Let us know in the comments below.
