ANN ARBOR, Mich.--(BUSINESS WIRE)--Truven Health Analytics™ today announced a partnership with Wakely Consulting Group to deliver a comprehensive set of solutions designed to help health plans comply with Affordable Care Act (ACA) reinsurance and risk adjustment programs. Combining industry-leading data management and analytics with proven healthcare actuarial consulting and risk modeling capabilities, the new risk management solution allows health plans to meet the Department of Health and Human Services (HHS) requirement to have an edge server infrastructure in place by fall 2013. It also allows health plans to proactively forecast the potential impact of ACA risk scoring and optimize their risk.
“The outstanding initial response from carriers has confirmed the strength of our partnership and combined solution.”
The combined Truven Health and Wakely Consulting risk management solution utilizes the Truven Health MarketScan® Research Databases, which contain de-identified healthcare claims data reflecting the real-world medical care of over 180 million unique patients across the U.S. HHS used this same database to develop their risk model for assessing health plan risk profiles, which will ultimately drive risk transfer payments. The solution will also process data through the Wakely Risk Assessment Model, which employs the same methodology HHS will use in 2014 and beyond to calculate health plan risk scores and risk payment transfers, and includes additional modeling to help understand a population’s morbidity profile.
“With this partnership, we have truly created a dream team of healthcare analytics and leading actuarial and risk modeling. This solution brings our health plan customers the information and resources they need to efficiently manage their risk,” said Mike Boswood, Truven Health Analytics president and CEO. “The health plans that thrive in the post-ACA environment will be those that are most adept at forecasting and optimizing their risk exposures. We are committed to helping them meet these challenges head on.”
The Truven Health and Wakely Consulting solution combines data aggregation, transformation, storage, dispute resolution, and reconciliation with risk modeling and forecasting capabilities to deliver a complete solution to address all aspects of the ACA’s risk adjustment program.
The risk optimization component uses proprietary algorithms to identify patients with the highest likelihood for missing conditions. This can improve patient outcomes and help payers align their risk adjustment with the true risk of the population. Delivering a baseline risk assessment using historical data, the new solution allows health plans to actively determine whether changes in their population will affect future risk scores and risk payment transfers and plan accordingly.
“This partnership combines Wakely’s leading edge risk adjustment and predictive modeling services with best in class data analytics from Truven Health,” said Ross Winkelman, Wakely Consulting director. “The outstanding initial response from carriers has confirmed the strength of our partnership and combined solution.”
To learn more about the Truven Health/Wakely Consulting risk management solution, follow this link: http://www.truvenhealth.com/assets/HP_12902_0813_Leading_Edge_WAKELY_FINAL.pdf.
About Truven Health Analytics
Truven Health Analytics delivers unbiased information, analytic tools, benchmarks and services to the healthcare industry. Hospitals, government agencies, employers, health plans, clinicians, and pharmaceutical companies have relied on its solutions for over 30 years. Truven Health Analytics combines deep clinical, financial and healthcare management expertise with innovative technology platforms and information assets to make healthcare better, collaborating with customers to uncover and realize opportunities for improving quality, efficiency, and outcomes. Truven Health Analytics owns some of the most trusted, proven brands in healthcare such as Micromedex, Action OI and Advantage Suite. Truven Health Analytics employs approximately 2000 people worldwide and has its principal offices in Ann Arbor, Mich; Chicago; and Denver. For more information, please visit www.truvenhealth.com.
About Wakely Consulting Group
Wakely Consulting Group is an actuarial and healthcare reform consulting firm providing a broad array of services to the medical and healthcare sectors. Experts at Wakely Consulting include nationally recognized thought leaders in important topics related to healthcare reform such as risk adjustment, exchanges, pricing, and product design. Wakely Consulting serves clients nationally through offices in Denver, Clearwater, Minneapolis, Boston and Louisville. For more information, please visit www.wakely.com.