BOSTON–(BUSINESS WIRE)–In an era of corporate transparency, Benefits Science Technologies (BST) has launched Panorama, a new cloud-based software service providing on-demand access to previously protected pricing information against consumers.
Following the Transparency in Coverage Final Rule, issued by the Center for Medicare and Medicaid Services (CMS), every health plan in the country offering health insurance must disclose its pricing agreements with providers beginning July 1, 2022. Transparency is the goal; the problem becomes how to take complex data files with wide variations in cost and decrypt them effectively and efficiently. BST, a world leader in data mining and data science, seized the opportunity to decode and organize these files.
The initial version of Panorama meets the needs of carriers and employers. Carriers will now have access to extensive market information, enabling them to make better decisions when partnering with suppliers. Employers will have the tools to analyze their network decisions, impacting both employers and individuals. When combined with BST’s advanced risk scoring technology, cost savings for an employer can be up to 20%, including multi-channel optimization and direct contracting considerations.
From 2023, Panorama will also allow consumers to better understand the price of services, or bundled services, from specific providers under their existing insurance plan. By using Panorama’s platform, plan members can save significant dollars on personal expenses.
Transparency regulation is the future of healthcare. Benefits Science Technologies provides access to this valuable information through Panorama, a world-class data analysis engine.
Founded in 2012 in Boston, Massachusetts by MIT-trained data scientists, Benefits Science Technologies combines world-class technical knowledge and hands-on experience to harness powerful data-driven insights for the healthcare industry. Their experts have extensive industry experience and unique backgrounds at the intersection of analytics, healthcare, and software development. BST is unique in the market; it is the only solution that describes what happened, predicts what is likely to happen, and prescribes the next best action designed to mitigate future risks.
For more information, visit www.benefitsscience.com