Discovery Health Partners, an industry leader dedicated to helping healthcare payers solve payment and revenue integrity challenges to improve financial outcomes, today announced they have acquired HealthMind, LLC (formerly known as Datametrix Inc.
Founded in 2005, HealthMind specializes in pre- and post-payment services that ensure correct payment for both contracted and non-contracted providers using a continuous-looped platform with Dynamic Discovery.
Rise of Healthcare Spending
With U.S. healthcare spending projected to grow at least 5.8% annually and to represent 19.6% of GDP by 20241, taking waste and improper payments out of the system is a growing issue as well. Back in 2009, the Institute of Medicine estimated that waste consumed 30 percent of U.S. health dollars. Two years later, the midpoint of waste was placed much higher, at 34 percent. Factoring in the steady rise in overall health expenditures implies that wasted healthcare spending now exceeds $1 trillion annually.
Health Plans Must Find Ways to Curb Exposure to Incorrect Claims
To combat these rising expenses, it is imperative that health plans find ways to decrease their exposure to claims that are paid incorrectly or shouldn’t be paid at all. Discovery’s newly expanded suite of payment and revenue integrity solutions has been designed to reduce health plans’ exposure and increase payment accuracy by analyzing claims before and after they’re paid.
HealthMind Acquisition Benefits for Discovery Health Partners
The acquisition of HealthMind adds secondary code edit, provider audit, and data mining capabilities to Discovery’s leading portfolio of payment and revenue integrity solutions. And it brings ReThink, an integrated software platform that supports multiple payment accuracy programs on both a pre- and post-pay basis. Unlike most vendors’ siloed platforms, the ReThink platform enables editing, clinical auditing, and data mining solutions to talk and share data, increasing efficiencies, productivity, and results for health plans.
“We’re excited about combining our payment integrity solutions and advanced analytics with HealthMind’s robust technology platform. We now can offer a market-leading payment integrity suite of solutions that focuses on pre-pay cost avoidance, improves provider relations, and generates superior recoveries,” said Discovery Health Partners CEO Jason Brown. “Discovery has developed strong relationships with our clients based on the value we’ve delivered over the years, and we’re excited to produce even stronger results for our customers going forward with our newly expanded solution portfolio.”
Discovery serves more than 70 health plans across the U.S., including six of the 10 largest U.S. health plans. Financial details of the acquisition were not disclosed.