Turquoise Health - 3x3x3 Challenge with Shay Forbes
Turquoise Health is the market leader in price transparency data. Employers and advisors fulfill fiduciary obligations by using Turquoise data to better understand financial costs, spend, and risk.
Transcription:
What is Turquoise Health?
Turquoise Health is a price transparency company founded in 2020, in anticipation of the new legislation that requires healthcare prices to be posted publicly. Turquoise's vision is to eliminate the financial complexity of healthcare. We take the publicly available data on healthcare pricing from both payers and providers and ingest them to create the most robust and complete price transparency dataset. At the end of the day, our data and products enable employers to benchmark healthcare spend and drive high quality, lower cost of care for members.
How is Turquoise Health different?
Turquoise Health is different because of our approach to data. This is true reimbursement data that is payer and provider specific and provides a prospective view on cost for any self-funded employer. Turquoise has a better way to view carrier discounts. Traditional discount analyses are limited to discounts off of billed charges at the zip three level. This method is antiquated and out of date with data that often lags behind 18 to 24 months. Price transparency is up to date data and provides a much more dynamic analysis beyond zip three to truly understand how carriers compare to one another. Furthermore, Turquoise has a robust way to view network pricing that gives employers visibility into the 27% price variance among shoppable services that exist between carriers and plan products. Turquoise provides a better way for employers to reprice claims, gain insights into centers of excellence, and create innovative programs.
Who is a good fit for Turquoise Health?
Any self-funded employer and those that support them, namely advisors and industry partners. From an employer perspective, Turquoise helps self-funded employers understand cost in a holistic sense as they make strategic plan decisions around cost, quality, and access. Consultants and brokers use Turquoise to showcase discounts and reprice analyses in a much more dynamic way than has been done with traditional methods and traditional data sources. Industry partners leverage Turquoise to demonstrate impact and ROI with their innovative programs as they serve their clients.
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Transcription:
What is Turquoise Health?
Turquoise Health is a price transparency company founded in 2020, in anticipation of the new legislation that requires healthcare prices to be posted publicly. Turquoise's vision is to eliminate the financial complexity of healthcare. We take the publicly available data on healthcare pricing from both payers and providers and ingest them to create the most robust and complete price transparency dataset. At the end of the day, our data and products enable employers to benchmark healthcare spend and drive high quality, lower cost of care for members.
How is Turquoise Health different?
Turquoise Health is different because of our approach to data. This is true reimbursement data that is payer and provider specific and provides a prospective view on cost for any self-funded employer. Turquoise has a better way to view carrier discounts. Traditional discount analyses are limited to discounts off of billed charges at the zip three level. This method is antiquated and out of date with data that often lags behind 18 to 24 months. Price transparency is up to date data and provides a much more dynamic analysis beyond zip three to truly understand how carriers compare to one another. Furthermore, Turquoise has a robust way to view network pricing that gives employers visibility into the 27% price variance among shoppable services that exist between carriers and plan products. Turquoise provides a better way for employers to reprice claims, gain insights into centers of excellence, and create innovative programs.
Who is a good fit for Turquoise Health?
Any self-funded employer and those that support them, namely advisors and industry partners. From an employer perspective, Turquoise helps self-funded employers understand cost in a holistic sense as they make strategic plan decisions around cost, quality, and access. Consultants and brokers use Turquoise to showcase discounts and reprice analyses in a much more dynamic way than has been done with traditional methods and traditional data sources. Industry partners leverage Turquoise to demonstrate impact and ROI with their innovative programs as they serve their clients.
Click this link to subscribe to the BenefitsAlly Substack for FREE!
https://benefitsally.substack.com/