Harnessing the Power of Data for Medical Practitioners

Without Data, Medical Practices Struggle to Compete

In today’s data-driven world, the ability to effectively analyze and utilize vast amounts of information can mean the difference between success and failure.

Nowhere is this more true than in the healthcare industry, where complex reimbursement rates and regulations can make it challenging for medical practices to navigate and negotiate with payers effectively. That’s where data science as a service comes in, providing medical practices with the tools and expertise they need to succeed in today’s data-driven healthcare industry.

One such tool is the HexIQ Platform, a data-driven platform designed to empower medical practices in contract negotiations with payers. With this tool, practices can:

• reference specific reimbursement rate data
• monitor changes to their benchmarked ranking for negotiated rates in real-time
• determine which plans to participate in by comparing rates for their top billing codes

Additionally, the tool offers unlimited reports with up-to-date negotiated rates for providers, payers, and codes of interest, allowing practices to compare the lowest, highest, and average rates by specialty and browse an interactive map of provider hotspots.

For medical practices with custom data needs, the HexIQ Platform also offers custom reports created by HexIQ’s data science team.

These custom reports can provide valuable insights into cost of care comparisons between competitive health plans, private payer and Medicare/Medicaid reimbursement for specific reimbursement codes, and out-of-network reimbursement rates by health plan. With the tool’s customizable reports and affordable pricing, medical practices can access negotiated rate data and insights without breaking the bank.

The benefits of data science as a service for medical practices are clear. By harnessing the power of data analytics and visualization, practices can make more informed decisions in contract negotiations with payers, monitor changes in their benchmarked ranking for negotiated rates, and determine which plans to participate in. Additionally, data science as a service can help practices identify areas for improvement and optimization, leading to improved patient care and outcomes.

The HexIQ Platform is just one example of how data science as a service is transforming the healthcare industry. With its user-friendly platform and comprehensive data analytics capabilities, the tool is helping medical practices navigate and analyze the massive amounts of negotiated rate data available under the Transparency in Coverage Rule. And with its customizable reports and affordable pricing, the tool is accessible to practices of all sizes and specialties.

In conclusion, data science as a service is a powerful tool for medical practices looking to succeed in today’s data-driven healthcare industry. With the HexIQ Platform, practices can access negotiated rate data and insights, monitor changes in their benchmarked ranking for negotiated rates, and determine which plans to participate in. And with HexIQ’s customizable reports and expertise in data analytics, practices can identify areas for improvement and optimization, leading to improved patient care and outcomes. Whether you’re a small private practice or a large hospital system, data science as a service can help you succeed in today’s complex healthcare landscape.