ANN ARBOR, Michigan, Jan. 8 Altarum Institute issued the following news release:
Payformance Solutions, a leading provider of value-based reimbursement solutions and services, today announced a pilot program with the Michigan Association of Health Plans (MAHP) in which the state's Medicaid managed care organizations (MCOs) will have the opportunity to use Payformance's TrustHub solution to collaborate through data sharing and strategic planning to uncover the best opportunities in value-based contracting.
"Value-based contracts are becoming more prevalent, even though a fair amount of confusion still exists surrounding them," said Dominick Pallone, executive director of MAHP. "Payformance will help us accelerate our mission of providing leadership for the advocacy of high-quality, affordable, accessible healthcare for the citizens of Michigan. We are pleased to offer our members this new strategic program that will help them navigate the complex issue of transforming our healthcare system to one that rewards value over volume."
Launching in the first quarter through an agreement between MAHP and Payformance Solutions, this unique program calls for competing Medicaid managed care plans to leverage TrustHub to securely share and analyze data, without compromising competitive differentiators, to identify where opportunities exist to improve care and lower costs through value-based reimbursement and alternative payment models. Through TrustHub, MAHP members will aggregate historical claims data to analyze and model alternative payment options based on therapeutic condition, geography and cohort.
"Payformance is excited to collaborate with an influential and revered organization such as MAHP, which represents a group of high-quality MCOs that share the common objective of providing care to Michigan's most vulnerable populations," said Kevin Mehta, CTO of Payformance Solutions.
"MAHP's selection of Payformance to guide its members through the transition to value-based care offers validation that our approach of stimulating collaboration between competitive organizations is key to moving these types of programs from the pilot stage to scalable solutions," stated Brett Furst, founder and CEO of Foresight Ventures and a strategic advisor to Payformance.
The industry-leading TrustHub software-as-a-service solution assists health plans and providers with the design, measurement and collaboration of value-based reimbursement programs as a neutral third party. While each of the Medicaid MCOs operates with its own disparate information technology systems, TrustHub will serve as the catalyst for collaboration in a value-based ecosystem where competing plans will work together to drive Michigan's transition to value-based care.
The pilot project is being made available to Medicaid managed care plans throughout Michigan, which cumulatively represent more than 1.8 million covered lives and over $8 billion in spending. Upon successful completion of the pilot, MAHP and Payformance plan to begin implementing the TrustHub solution for all products of MAHP members to use during value-based contracting negotiations with providers.
Payformance is backed by the respected research and consulting nonprofit Altarum Institute with the goal of accelerating the healthcare system's transition to value-based payment models.
The Michigan Association of Health Plans (MAHP) is an industry voice for 13 healthcare plans, covering over 2.5 million Michigan residents, and 50 businesses affiliated with the healthcare industry. MAHP facilitates communication among members, government, and the industry regarding healthcare issues of common concern. The mission of the Michigan Association of Health Plans is to provide leadership for the promotion and advocacy of high-quality, affordable, accessible healthcare for the citizens of Michigan.
About Payformance Solutions
Payformance Solutions is a value-based reimbursement service provider dedicated to advancing payment transformation in the healthcare industry. Leveraging our affiliation with nonprofit research and consulting organization Altarum Institute, we launched a suite of services to equip payers and providers with the technical tools and resources required to design, evaluate, build, measure and negotiate value-based reimbursement contracts while aligning financial goals with improved patient outcomes. For more information, visit: www.payformancesolutions.com.