Benefits Science Technologies (BST) has launched Panorama, a new cloud-based software service providing on-demand access to pricing information that has been historically guarded against consumers until now.
As a result of the Transparency in Coverage Final Rule, issued by the Center for Medicare and Medicaid Services (CMS), every health plan in the country offering health insurance must disclose its pricing arrangements with providers as of July 1, 2022. Transparency is the goal the problem becomes how to take complex data files with wide variabilities in cost and decipher them efficiently and effectively. BST, a world-class leader in data mining and data science, seized the opportunity to decode and organize these files.
The initial release of Panorama supports the needs of carriers and employers. Carriers will now have access to broad market information empowering them to make better decisions when partnering with providers. Employers will have the tools to analyze their network decisions, impacting both employers and individuals. When combined with BST’s advanced risk scoring technology, the cost savings for an employer could reach 20percent, including multinetwork optimization and direct contracting considerations.
Starting in 2023, Panorama will also enable consumers to better understand the price of services, or bundled services, at specific providers under their existing insurance plan. By utilizing Panorama’s platform, plan members may save significant dollars on their out-of-pocket expenses.
Transparency regulation is the future of healthcare. Benefits Science Technologies provides access to this valuable information through Panorama, a world-class data analysis engine.