Ribbon Health and Turquoise Health Partner to enable patients to make informed care decisions with accessible and applicable care cost data

Starting before the CMS coverage rule in the coverage, the partnership aims to scale the positive impact on patients of price transparency data

NEW YORK, June 21, 2022 / PRNewswire / – Health tapeHealthcare industry data API platform that powers care solutions, and Turquoise health, a leader in providing structured data on care costs to make price data both transparent and accessible to patients, announced a partnership today. By integrating Turquoise Health’s price transparency data into the Ribbon Health platform, healthcare companies will be able to effectively direct patients to cost-effective and high-quality care.

For decades, the healthcare industry has provided little insight into the cost of healthcare, preventing patients from understanding the cost of care before receiving health care – a stunning majority of patients cannot compare medical costs. The Centers for Medicare & Medicaid Services (CMS) recently released Final coating transparency rule (TiC) and on Final rule for transparency of hospital prices, requiring both payers and hospitals to disclose information on the cost of machine – readable file (MRF) care. Parts of the Final Rule on Hospital Price Transparency are already in force, with the first and long-awaited part of the Coverage Transparency Rule – Disclosure of Payer Tariffs – coming into force on July 1, 2022. Together with the No Surprises Act, this trio of price transparency legislation was created to help patients know the price of a covered item or service before receiving care, and to prevent predatory billing practices.

In their raw formats, the MRF of hospitals and the payer are not easy to understand or apply due to their complexity. To improve the clarity of the data, Turquoise Health uses a combination of experts in healthcare, data engineering and machine learning. Cost and care data from Turquoise Health allow for better coordination and transparency between payers, providers and patients. With this data integrated into Ribbon Health’s provider data platform, companies across the healthcare ecosystem can finally access the full picture of provider, network and cost information in one place.

“The cost of care is a critical point of data that has historically been completely opaque and inaccessible to patients when deciding where and how to access care,” he said. Nate Maslak, co-founder and CEO of Ribbon Health. “While price transparency legislation is an important step in the right direction, its impact must be measured by the ability of the healthcare industry to implement it. We help stimulate this impact by allowing better access, cost-effectiveness and navigation results for patients to care for. This means providing pricing information along with the specialty and focus areas of expertise to providers, quality indicators, languages ​​spoken, and countless other pieces of data that the patient looks at to find the right provider. Through our partnership with Turquoise Health, we aim to help payers, providers and digital healthcare companies access the price transparency data they need to improve patients’ experience in care decisions. “

More than half of the entries in the providers’ directories are inaccurate, which means that patients often do not have the most basic information about access to high-quality healthcare. Ribbon Health’s comprehensive directory of providers, network and productivity products serves as a critical infrastructure for healthcare companies to increase industry-wide care experience. The Ribbon Health platform provides a wealth of information for providers, from critical information such as the right phone number to more nuanced data such as cultural competence and quality of care. Turquoise Health’s price transparency data unlocks another layer of detail for patients, allowing them to make healthcare decisions based on more comprehensive information.

“Improving the health of the population, while providing quality care at lower costs, is the holy grail of health care. “Providing previously affordable secret prices will have a huge impact on smart care navigation,” he said. Chris Severn, co-founder and CEO of Turquoise Health. “These new data will allow everyone to find reliable high-quality care at preliminary prices instead of a leap of faith in the unknown health care. Together with Ribbon Health, we have the ability to increase millions of patient trips in a single solution. ”

Ribbon Health and Turquoise Health aim to increase access to information on price transparency, as well as to address the unavailability and inaccuracies of data that plague the health system, such as:

“Patients continue not to look at their health decisions in the absence of relevant data, including cost estimates,” said a16z general partner Julie Yu, a member of the board of directors of both Ribbon Health and Turquoise Health. “We are excited to see growing cooperation between infrastructure companies in the field of healthcare, in this case to enable care organizations and consumers to have easier access to the data they need to navigate healthcare. system – including a look at care providers, networks, locations, quality and price – in one place. “

About the health of the tape

Founded with a mission to simplify healthcare, Ribbon Health is an API data platform and solution for the healthcare industry. Ribbon Health is focused on providing healthcare companies with data augmentation services for their providers, enabling them to provide patients with accurate and customer-centric information about high-quality, customized care solutions.

Founded in 2016 and inspired by co-founders Nate Fox and of Nate Maslak personal experience with the health system, Ribbon Health aims to enable the solution of each patient’s care to be convenient, cost-effective and high quality. To learn more about Ribbon Health’s suite of solutions, visit www.ribbonhealth.com.

For turquoise health

Since its founding in 2020, Turquoise Health has summarized and organized price data for more than 4,500 hospitals, amounting to more than 1B records. By combining prices with quality results, claims data and supplier directories, Turquoise Health is building a new way to power a transparent market that works for suppliers, payers and patients. Turquoise Health recently announced Serie A funding $ 20 million by Andreessen Horowitz, Bessemer Venture Group, Box Group and Tiger Global and is frequently featured in The Wall Street Journal, The New York TimesAxios, Fierce Healthcare, Business Insider and other major media publications.

To learn more, visit turquoise health or email [email protected].

Media contact: [email protected]

SOURCE Ribbon Health

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