Navigating the Price Transparency Revolution in Healthcare | Maria Nikol (CEO at Revelar Analytics)
Maria Nikol is the CEO of Revelar Analytics. Revelar Analytics is a technology and services company that provides data to value-based care organizations. Their mission is to empower these organizations with data to ensure success in their value-based care contracts. They are committed to staying at the forefront of technology and providing the most advanced solutions to their clients.
Episode Highlight: “So I delved into it, and I could not do it. So that’s when we enlisted the help of our CTO now who works with extraordinarily large data sets for the federal government. And he, you know, a couple of iterations later was able to actually get us a file. And then I did some data analysis and of course, I make it look really easy. I talk about it as if it happened overnight. And, we snapped our fingers and opened the file. There were iterations and sleepless nights and lots of back and forth. But suffice it to say, we were able to do an analysis for him to help understand what the fair market value was.”
In this episode, Maria talks about:
– (00:00:48-00:01:08)
Introduction of the guest and their background in developing products for value-based contracts and starting Reveler Analytics, a company focused on price transparency.
– (00:01:10-00:01:39)
Overview of price transparency as a topic of discussion and its importance in the healthcare industry.
– (00:01:42-00:02:35)
Background on the price transparency rules that started in 2021, requiring hospitals to provide clear pricing information online, followed by similar requirements for plans and insurers in 2022.
Explanation of Reveler Analytics’ role in making machine-readable files human-readable using plan and insurer machine-readable files.
– (00:02:35-00:04:49)
Detailed explanation of the challenges in interpreting and using price transparency data, including the complexity and size of JSON files, the lack of standardization, and the need for specialized knowledge to understand the data.
Comparison of price transparency data to a “treasure trove” that can help healthcare providers make informed decisions about patient care.
– (00:04:53-00:06:29)
Discussion of the potential benefits of price transparency, including increased competition, cost savings for patients and employers, and improved quality of care.
Comparison of price transparency to a “rising tide that lifts all boats,” benefitting various stakeholders in the healthcare industry.
– (00:06:35-00:12:48)
Description of Reveler Analytics’ services, including their user-friendly interface and customizable reports.
Explanation of how Reveler Analytics helps providers make informed decisions about patient care by providing transparent pricing information.
Discussion of the potential for price transparency to drive down healthcare costs in the long term.
– (00:12:54-00:17:43)
Overview of how employers can use price transparency data to make informed decisions about employee health benefits and reduce costs.
Discussion of the challenges in implementing price transparency for employers, including a lack of standardization and education on how to use the data.
Description of Reveler Analytics’ services for employers, including customizable reports and analytics.
– (00:17:48-00:25:39)
Discussion of the potential impact of price transparency on telehealth and virtual care services.
Explanation of how Reveler Analytics helps providers and employers compare prices for different healthcare services, including those offered virtually.
Comparison of telehealth to a “double-edged sword” that can increase access to care but also drive up costs if not managed properly.
– (00:25:46-00:37:17)
Discussion of the challenges in making price transparency data actionable for patients, including a lack of education and awareness about the data.
Overview of how Reveler Analytics helps providers communicate transparent pricing information to patients and empower them to make informed decisions about their care.
Comparison of price transparency to a “game changer” that can help patients take control of their healthcare and reduce costs.
– (00:37:21-00:45:08)
Discussion of the role of technology in making price transparency data more accessible and user-friendly.
Explanation of how Reveler Analytics uses machine learning and natural language processing to extract insights from complex data sets.
Comparison of Reveler Analytics’ approach to price transparency to a “secret sauce” that differentiates them from competitors.
– (00:45:12-00:56:37)
Overview of the potential impact of price transparency on healthcare consolidation and competition.
Discussion of the challenges in promoting competition and reducing costs in a highly fragmented industry.
Description of Reveler Analytics’ vision for a more transparent and competitive healthcare system.
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How to reach Maria:
LinkedIn: https://www.linkedin.com/in/maria-nikol-13a18a24/
Email: maria.nikol@revelaranalytics.com
Company: https://www.revelaranalytics.com/
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