NFP launches price transparency tool
NFP launches price transparency tool | Insurance Business America
Life & Health
NFP launches price transparency tool
Tool allows payers to evaluate the cost of medical services
Life & Health
By
Steven Byerley
Property-casualty broker NFP has announced the launch of TPCompare, a tool for pricing and comparative analysis within healthcare delivery systems.
TPCompare utilizes benchmark data from providers, facilities, and payers to evaluate the cost and quality scores of medical procedures and services in comparison to other healthcare systems.
The tool comes in response to recent legislation that mandates hospitals and payers to disclose their healthcare procedural charges for in-network services. While few solutions have been developed to meet the needs of healthcare delivery systems in the current era of price transparency, TPCompare offers visibility into formerly confidential commercial pricing information, NFP said. This enables hospitals and health systems to gain a competitive advantage by leveraging the insights provided by TPCompare.
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,” Cottle said. “The tool empowers healthcare providers to negotiate competitive pricing from a position of strength by independently validating quantitative and qualitative data for medical procedures and services against a comprehensive competitor database. This creates a higher level of cost accountability, focused on quality metrics, to measure overall outcome improvement for stakeholders.”
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