Syntax Health, Inc., an enterprise SaaS-based solution for health plans and providers that accelerates alignment in value-based care (VBC), today announced the launch of its dynamic platform that 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.
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.
“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.”
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.
“Value-based care has the power to transform healthcare by focusing on outcomes rather than volume, but to make it a reality we must help payers and providers get on the same page,” said Francois de Brantes, Senior Partner at High Value Care Incentives Advisory Group, Advisor at Syntax and previously Senior Vice President of Signify. “Health plans and providers both want to improve patient outcomes and align incentives via alternative payment models but they are often deadlocked in manual processes, inefficiencies and imprecision that impede progress. Syntax’s collaborative two-sided workspace allows all parties involved in the contracting process to access the same complete set of data and information in real-time, enhancing transparency, trust and reducing unnecessary complexity.”
Syntax is leading a new approach to value-based care that delivers insights for best-fit model design and provides payers and providers with the actionable information they need to work together. 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.
Syntax was built at Redesign Health by Rachael Jones and the founding team, and has raised $7.5 million in seed funding.
About Syntax
Syntax is an enterprise SaaS-based solution for health plans and providers to accelerate alignment in value-based care. Syntax’s unique model provides the analytics, infrastructure, and collaborative Virtual Workspace to facilitate best-fit payment model design and promote transparency and consistency in contract negotiations. The 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. Syntax simplifies and structures incentive design by providing healthcare actuaries, network managers, analysts, and healthcare providers the tools to compare savings, revenue, quality metrics and trends in real-time. Syntax’s comprehensive solution expedites value-based care contracting so team members can fully utilize their expertise and achieve the objectives of value-based care; improving outcomes and reducing costs. To learn more, visit meetsyntax.com.
About Redesign Health
Redesign Health is a company that powers innovation in healthcare by empowering founders and developing technologies, tools, and insights that lower the barriers to change across the industry. Since 2018, fifty companies have been built at Redesign Health, impacting more than fourteen million lives across many aspects of the healthcare ecosystem, including cancer care, teleaudiology, COVID-19 testing, metabolic health, and more. To learn more, visit redesignhealth.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230608005411/en/