What You Should Know:
- Syntax Health, Inc., an NYC-based enterprise SaaS-based solution for health plans and providers that accelerates alignment in value-based care (VBC) launches out of Redesign Health with $7.5M in initial funding.
- Syntax Health’s new dynamic platform removes friction in the contracting process using analytics, infrastructure and a collaborative Virtual Workspace. The team-centric enterprise solution drives transparency, collaboration and consistency, and facilitates best-fit payment model design in real-time.
Inefficiency in Implementing Value-Based Care Tech Solutions
Value-based care is positioned to become the dominant payment model, with the Centers for Medicare and Medicaid Services (CMS) pledging that all Medicare beneficiaries must be in a value-based care relationship by 2030, and major healthcare systems continuing to increase investment in value-based care initiatives. However, insufficient technology to implement value-based care models, a hesitancy to accept financial risk, opposing incentives and no established contract blueprint remain key barriers to adoption. According to a recent Healthcare Financial Management Association (HFMA) survey, only twelve percent of providers are ready to take on the network development to support value-based payment methods. It can take six to nine months to negotiate a year-long value-based care contract, with insurers noting modeling VBC contract efficiency as one of the biggest barriers to adopting more value-based arrangements.
Syntax is led by former Elevance and Cotiviti senior executive, Rachael Jones and built a Redesign Health. After over a decade buying and selling value-based care solutions, I can say without a doubt that while the landscape may seem saturated, the majority of solutions are failing to address significant pain points and leaving huge gaps in the space of modeling and ‘best fit’ program design,” said Rachael Jones, CEO and Founder at Syntax. “We created Syntax to fill these gaps, providing every team member the analytics, infrastructure and a collaborative two-sided workspace needed to accelerate adoption. Value-based models are not one-size-fits-all so we don’t treat them that way.”
Two-sided Enterprise SaaS-based Solution
Syntax’s enterprise SaaS solution was designed by experienced value-based care professionals to create a frictionless experience for every health plan, provider and risk bearing entity that needs to engage and implement value-based care.
- Model: Enables teams to model contract scenarios by rapidly understanding Affinity (provider panel experience), configuring Attribution (plan assignment rules) and designing Incentive Terms using Contract Templates or building on demand.
- Measure: Provides the ability to refresh performance measurement in real time, allowing team members to preview emerging trends for course correction and value alignment.
- Manage: Serves as a single source of truth for VBC contracting, creating better management, collaboration, and accurate financial reporting.
By allowing healthcare actuaries, network managers, analysts and healthcare providers to work with a common data set, compare savings, revenue, quality metrics and trends, and negotiate, Syntax enables teams to have open discussions that build trust and accelerate the agreement of terms in a fraction of the time. Through expedited contracting, plans and providers are able to focus on achieving the objectives of value-based care – improving outcomes and reducing costs – rather than the contracting process.
