Vericred, a healthcare data services company, announced that it has extended its health insurance data platform to the Medicare Advantage market. With this launch, Vericred is now delivering plan design and rate data, provider-network data and formulary data to technology companies seeking to bring transparency, decision support and plan selection efficiency to the senior market.
More than 17.6 million Medicare beneficiaries are enrolled in a Medicare Advantage plan. Medicare Advantage plans are offered by private companies, but approved by Medicare. These plans, including HMOs and PPOs, are legally required to offer comparable benefits and services to Medicare. However, many Medicare Advantage plans incorporate additional coverage including prescription drug coverage. Vericred is launching Medicare Advantage now, and will expand into Medicare Supplement plans, also known as Medigap plans, later this year to better enable technology companies serving the Medicare market.
Vericred's Medicare Advantage plan design and rate data contains hundreds of data elements, including where the plan is available, how much each plan costs and what it covers. This information includes plan names, deductibles, co-pays and other relevant benefit design information. Vericred's provider-network data represents hundreds of millions of plan-provider relationships, with details on the doctors and facilities participating in each Medicare Advantage network. Its formulary data provides information on which drugs are covered by which plan, in addition to their tier level and restrictions, for all Medicare Advantage plans nationwide.
"Seniors are typically high utilizers who maintain established relationships with multiple providers, and who often take multiple drugs. At the same time, there are numerous coverage options in the Medicare space. As a result, plan choice is a particularly complex process that, to date, has been underserved by technology," says Michael W. Levin, Vericred's co-founder and CEO. "Now innovators will have access to the data they need to build solutions for this demanding market."
Vericred serves health technology companies that are transforming the way health insurance is quoted, sold, enrolled and used. The company delivers its granular and structured health insurance data through a single point of integration, a modern REST API.
Vericred is a healthcare data services company whose health insurance data platform enables innovative solutions in healthcare. Its platform comprises plan design and rate data, provider-network data and formulary data, offering a solution to an industry plagued by highly fragmented, rapidly changing data that currently exists in non-standard and non-structured formats. Vericred aggregates data from thousands of sources, which it then normalizes, structures and delivers through a modern API. It is the only company offering access to all three datasets through a single integration point. Vericred's data solutions benefit companies looking to transform today's healthcare industry through enhanced tools and applications that provide transparency and choice. The company's data portfolio includes the individual under 65, small group, large group and Medicare Advantage markets. For more information visit www.vericred.com