LOUISVILLE, Ky., July 22, 2015 (GLOBE NEWSWIRE) -- via PRWEB - Ernst and Young Entrepreneur Of The Year® is one of the most prestigious business awards. Now in its 29th year, the global award recognizes high-growth, market-leading businesses. The award celebrates those visionaries who are leading their companies to push boundaries and even disrupt their industries.
RowdMap, Inc. is one of these companies and its founders are honored to have been named 2015 EY Entrepreneur Of The Year® for using open health data to help health plans, government payers, providers, and hospital systems develop Risk-Readiness strategies to excel as they transition from fee-for-service to pay-for value. http://www.ey.com/US/en/About-us/Entrepreneurship/Entrepreneur-Of-The-Year/KY_Article_Current_Year_Award_Winners
Founders Melanie Rosenthal, Joshua Rosenthal, PhD, and Burak Suzan, have had several successful businesses in the healthcare world, but saw the true opportunity in healthcare with intelligently moving to new economic arrangements informed by open data. Spurred in part by the Affordable Care Act (ACA), the government is releasing data like never before. In an industry with little transparency, this is one of the first steps in controlling healthcare costs and determining the winners, and how to go about succeeding, in the new value-based economic arrangements.
The Centers for Medicare and Medicaid Services (CMS) recently announced their goal of migrating fifty percent of their spending from fee-for-service economic arrangements to pay-for-value models through various programs including shared savings, Accountable Care Organizations (ACOs) and bundled payments. http://www.hhs.gov/news/press/2015pres/01/20150126a.html
RowdMap, Inc. used public data to determine which providers will succeed in these arrangements by analyzing their practice patterns and the associated unnecessary spend and no-value care. One out of every five dollars spent in the United States is spent on healthcare. It is one of the largest parts of the U.S. economy that has been left unchecked for decades as healthcare spending has consumed and strained other resources. To be able to understand spending allocations and how care is being delivered is crucial to curbing healthcare spending in the U.S. With the released information, companies like RowdMap, Inc. can harvest the information to gain insight into the healthcare ecosystem.
With access to open data, RowdMap, Inc. identifies no-value care and the hospitals, practices, and providers contributing to it then matches providers and networks with the right economic models and risk arrangements. Not only is this important for the obvious reason of controlling overall costs, but it is also powerful for those providers and hospitals operating in the new ACA world where payments are moving from fee-for-service to pay-for-value. Providers will have to operate and manage patients with little to no unnecessary care to remain profitable and succeed in these new economic arrangements. The fee-for-service payment model incentivized no-value care as it paid providers for doing more procedures and tests. Now in pay-for-value models, those providers most adept at avoiding no-value care will best succeed in bundled payments, ACOs and capitated risk arrangements.
And we cannot forget about the center of care, the patient. Publishing data will allow patients to move to true consumers. With increased transparency, people will be able to shop for the hospital and providers providing the best care for the most value. This will drive healthcare to be more like a market economy with supply and demand. A misconception in healthcare is there is little supply of providers. This may appear to be so in the in the current fee-for-service arrangement. However, with reduction of unnecessary care, providers practicing a large amount of no-value care will have more time to spend on more patients, a core mission of RowdMap, Inc.
RowdMap, Inc. is one of the companies to use the data to help healthcare stakeholders make better, informed decisions to deliver the best and cost effective care. Having leaders and visionaries like RowdMap, Inc. is important to move the healthcare industry forward. RowdMap, Inc. is honored to have Ernst and Young recognize the value of our work, its economic impact and the potential to transform how care is delivered.
About RowdMap, Inc. :
RowdMap helps health plans, government payers, providers, and hospital systems develop Risk-Readiness strategies to excel as they transition from fee-for- service to pay-for value. As CMS sunsets fee-for-service payments, RowdMap's Risk-Readiness Platform helps payers and providers identify and manage unwarranted and unexpected variation. RowdMap identifies ideal provider arrangements based on provider practice patterns and population characteristics within a geography. Payers and providers then use RowdMap to build strategies around these new risk relationships. RowdMap helps them enter new markets, segment populations, identify waste, design products, and understand referral patterns. RowdMap's platform comes preloaded with government benchmarks out of the box no IT integration required. RowdMap's Risk-Readiness Platform works across all market segments and has significantly larger returns than traditional, medical economic approaches.
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