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Payformance unveils cloud service for value-based reimbursement cycle

The new offering provides technical tools for designing and building value-based reimbursement contracts among hospitals and payers.

Tom Sullivan, Editor-in-Chief, Healthcare IT News

Payformance Solutions at HIMSS18 will introduce a cloud- service to connect hospitals and insurance companies in the transition to value-based care.

"This is an entirely new solution. Providers and payers have traditionally not been on the same page and that gap is even more clear as both sides move to value-based reimbursement contracts," said Kevin Mehta, CTO of Payformance Solutions. "TrustHub is a software-as-a-service solution that serves as a neutral third party, assisting health plans and providers with value-based reimbursement programs."

Mehta described the cloud offering as a "service bureau" for essentially facilitating value-based reimbursement.

The SaaS suite includes technical tools for designing, evaluating, building, measuring and negotiating value-based reimbursement requirements that Mehta said enable providers and payers to also align financial goals with improved patient outcomes.

Looking ahead to the future, Mehta has one of the biggest trends at HIMSS18 in store for TurstHub: Blockchain.

"Long-term roadmap functionality will include more predictive modeling capability needed to drive prospective payments based upon historical provider performance, patient demographics and therapeutic area of focus," Mehta said. "This will also lead to a 'blockchain-enabled' reimbursement capability."

The Michigan Association of Health Plans is currently pilot testing TrustHub

Payformance solutions is in Booth 14031. 

HIMSS18 Preview

An inside look at the innovation, education, technology, networking and key events at the HIMSS18 global conference in Las Vegas.

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