WESTBOROUGH, Mass. /ScoopCloud/ -- Advalent Corporation signed a partnership in early 2018 with Novus Healthcare to identify patients who could benefit from value-based care and implement that approach using Advalent's Value-Based Care Platform and Novus' population health management programs.
Together they provide preventative benefits to risk-bearing entities, such as ACO's, Payers, and Payviders who are moving into a value-based care model. Advalent's care management platform has hundreds of care plans to help patients manage living with chronic disease. Novus is the service arm that develops education and engagement to patients who are typically on Medicare living with two or more chronic diseases.
Their partnership drives home on preventative services, giving more information to physicians through analyzing claims data with Advalent's analytics algorithm to map conditions to specific care plans for patients, ultimately reducing crisis and acute care to give better outcomes to patient's healthcare. Together they piece together the complexities of the industry on both sides and create a massive opportunity to provide better health outcomes at lower costs.
"It is my pleasure to announce that Novus Healthcare's patient engagement and comprehensive assessment platform is now aligned with Advalent's analytics and technology," said Damon Kenton Ph.D., the CEO of Novus Healthcare. "We have been able to create a comprehensive turnkey solution that provides better data and information for the insures and care providers, while also reducing the burden on primary care providers allowing them more time for direct patient care and improving patient outcomes."
Currently there are 27 million Baby Boomers using Medicare who are living with two or more chronic diseases, and it is estimated to grow to 53 million people by 2020. With Advalent's ability to stratify members by using advanced analytics on financial and clinical data, they are able to map patient or members to condition/s specific care plans.
"Novus Healthcare is a contract preferred provider for physician practices, ACOs, and health plans in more than 15 states, enabling a strategic partnership with them to help make the switch for doctors to practice preventive measures and payers to continue their push towards value-based care," said Brian Lichtlin, CEO of Advalent.
"At Advalent, our data analytics platform enables us to identify the open care gaps a patient needs to close, and Novus has a team of Nurse Practitioners and care coordinators to help close care gaps, engage patients and reduce the primary care doctors non-reimbursable work load, allowing them to concentrate on direct patient care. Our care platform and claims administration technology creates better outcomes to reduce costs and provide better outcomes."
The partnership is a strong strategic fit, leveraging two innovative companies' respective strengths across these main areas:
* Chronic Care Management provides savings for Medicare patients because they use less inpatient and outpatient care. Their care is value-based through telehealth, chatbots, and AI.
* The average medical practice time spent providing clinical services is 1.32 hours annually. Currently it is 45 minutes less than the average per patient requires annually.
* Only 55 percent patients receive recommended preventative and chronic services.
* Average medical practice revenue impact with Novus $198,534.
* 86 percent of surveyed providers also said chronic care management would help their practice score higher on quality measure for value-based care models. Ref: https://revcycleintelligence.com/news/half-of-pcps-aware-of-medicare-reimbursement-for-chronic-care-mgmt
* CAQH found if health plans were able to effectively automate all their administrative transactions they could generate nearly $1.7 billion in savings annually. Payers and providers would experience the biggest returns by automating benefit eligibility determinations and moving them to an entirely electronic process.
* Patients with chronic illnesses do not routinely receive the care they need. Abundant research has demonstrated that individuals with chronic illnesses regularly receive substandard health care. (ix, CSG.Org) Ref: https://www.csg.org/knowledgecenter/docs/SOG03ChronicIllness.pdf
According to a survey of over 800 primary care physicians and Medicare patients, 84 percent of the providers said chronic care management services would improve care quality at their practice but are at a loss on how to provide these services in a cost-effective manner.
"The key to a successful care management platform and improved patient outcomes is having preventive care programs that engage patients to take a pro-active approach in their care and integrate the programs with seamless technology, Novus was looking for the right technology and analytics partner with user-friendly patient and provider integrations and Advalent has the best platform in the market place," added Lichtlin.
"Working together to create a comprehensive care platform and provide Chronic Care Management services seemed like a no brainer; our improved patient outcomes and reduced care expenses show I was right."
About Advalent:
Advalent was founded in 2013 with the mission to advance technology payers use to manage their complex businesses. They have created a flexible, easy-to-use product that connects the disparate systems that make healthcare reimbursement challenging. Advalent was able to create true care administration, for modern new products including the most complex value-based products. More information: https://www.advalent.com/.
About Novus Healthcare:
Novus Healthcare was founded in 2013 and is a national medical practice that collaborates with physician practices, ACO's and health plans. and specializes in comprehensive Annual Wellness Visits. The Novus Engage360 patient assessment fulfills all Medicare Annual Wellness Visit requirements, thoroughly documents ICD10, RAF/HCC coding, improves HEDIS outcomes and star ratings, identifies liabilities, closes non-reimbursable care gaps, performs necessary screenings, reduces medication errors and reduces non-reimbursable work-loads on practice providers by over 45 minutes per patient annually. More information: http://novushc.com/.
Advalent Corporation ('Advalent') signed a partnership in early 2018 with Novus Healthcare to identify patients who could benefit from value-based care and implement that approach using Advalent's Value-Based Care Platform and Novus' population health management programs.
Related link: https://www.advalent.com/
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