Today, Vericred, Inc., a data services company building digital distribution infrastructure for health insurance and employee benefits, introduced its new Network Analytics Suite to deliver to health insurance carriers actionable metrics and deep insights into their own and competing provider networks. Vericred introduced the product at the annual AHIP Institute & Expo gathering of U.S. health insurance carriers in San Diego.
“Vericred’s new provider network analytics suite offers a graphical, 360 degree view of a carrier’s own networks and those of their competitors,” said Michael W. Levin, Vericred’s co-founder and CEO. “Networks, broad and narrow, are a key health insurance product differentiator. Our network analytics suite, developed based on feedback from carrier partners, helps carriers identify competitive advantages and weaknesses and to curate their networks to strengthen their product offerings.”
The Network Analytics Suite provides dynamic dashboards that allow for views of markets by provider specialty and geography at the state, county and zip code level. Features include overlap analysis which allows the user to compare any two networks showing those providers in common to both networks and those providers unique to each network. Users can identify weaknesses, and analyze lists of individual providers. Network penetration is measured by the percentage of available providers by specialty within a given geography and can be compared between networks.
The relative strength of networks can be measured and visualized by specialty. Provider density can be viewed against various population models to determine under and over saturation of provider specialties. Network sufficiency can be benchmarked using standards from the Centers for Medicare and Medicaid Services (CMS) or the carrier, and measured against other networks. Passing and failing regions can be identified graphically.
The Network Analytics Suite supports individual-under-65 and small group networks, as well as Medicare Advantage networks. Interested carriers may learn more by emailing firstname.lastname@example.org.
Vericred (www.vericred.com) is a healthcare data services company that enables innovation, efficiency and transparency in the health and benefits industry. The company serves as a data translation layer between insurance carriers and insurtech companies to deliver structured health insurance data to insurtech platforms that are transforming the way health insurance is quoted, sold, enrolled and used. Today, the company delivers plan design and rate, provider network and formulary data for major medical insurance product lines. For more information visit www.vericred.com or interact with us on Twitter, Facebook and LinkedIn.