Amid the ongoing degradation of the Affordable Care Act and the resulting premium increases, consumers are pressuring payers and providers to implement more tools to facilitate better care decisions.
Big data analytics, according to a HealthITAnalytics report, could play a pivotal role in empowering consumers to make more informed decisions about their quality of care.
According to the report, bringing together pricing data with quality metrics to pinpoint the highest-value, lowest-cost providers would be the first big step toward bringing more transparency in the industry.
One company, Bind Benefits, is part of a new push to join big data analytics and machine learning to develop a benefit design around a consumer’s needs, all while emphasizing price transparency.
“One of the problems with health insurance is that some services are conducive to planning and shopping, and some are not,” Bind Benefits Plan Design Lead Trevor Fast tells HealthITAnalytics. “Yet beneficiaries typically pay a premium and have a deductible that encompasses both categories of care.”