We here at TALON appreciate being included on Elion's price transparency vendor category overview. But we would like to ensure that the various stakeholders within the healthcare industry are aware of what drives us. Although we have developed significant expertise curating and publishing high-quality price transparency for both payers and providers, our primary goal is not to become the system of record for negotiating contracts between payers and providers. TALON's mission is to create a market-driven healthcare system in the United States and supply innovative, consumer-centric tools that educate, empower, and incentivize patients to navigate to low-cost, high-quality, accessible healthcare providers. The real winners, in our eyes, will be patients benefiting from accurate, personalized pricing data throughout their healthcare journey. TALON is looking to lead the necessary paradigm shift to mitigate wasteful spending and drive competition between and amongst payers and providers for the benefit of the patient. #healthcare #healthcarecosts #pricetransparency #healthcareconsumerism #patients
Price transparency is a fascinating category that's undergone some significant changes over the past few years as a result of regulatory changes. In 2021, CMS stepped in to require both hospitals and payers to publish “machine-readable files” (MRFs) that contain charges, charge descriptions, and rates for insured and self-pay patients across a wide range of service codes. In response to the influx of hospital- and payer-provided MRFs, a number of companies, including Mathematica, Payerset, Serif Health, SumHealth, Trek Health, TALON, Turquoise Health, and Visible Charges, LLC, prepared to ingest this data and actually make it legible across a range of use cases. The differentiation between price transparency vendors initially came down to the quality of data, and vendors built robust pipelines using heuristics and data science to filter out irrelevant data. But vendors are aware that more competitors could drive down prices for high-quality data and are focused on moving downstream to build products and services incorporating price data for useful applications. To succeed in this space, vendors need to marry data quality with the requisite tooling for contract negotiations. But it seems the real winners here will ultimately be providers and payers, who stand to benefit from streamlined processes and less reliance on contracting consultants. We've covered this in more detail in this week's market map: https://lnkd.in/eVXX7Rpy
Building at Elion
3moThanks for the clarification, we love to see more patient advocacy in this space!