Ann Arbor, MI — Altarum announces the launch of a new company, Payformance Solutions, an innovative provider of value-based reimbursement solutions and services, to advance payment transformation in the healthcare industry.
While value-based reimbursement models have been adopted widely in recent years, many providers remain unsure of the best way to implement these contracts within their organization. Payformance Solutions addresses this challenge by equipping both providers and payers with the technical tools and resources required to design, evaluate, build, measure and negotiate value-based reimbursement contracts within an ecosystem that aligns payers' and providers' financial goals with patient outcomes.
Drawing on Altarum's decades-long history of improving the U.S. health system through research- and field-tested solutions, Payformance operates as a neutral, unbiased third-party, acting as the catalyst to bridge the trust gap and facilitate collaboration between payers and providers.
"The health system's evolution towards value-based care provides all stakeholders with a valuable opportunity to better align reimbursement with patient outcomes," said Lincoln Smith, president and CEO of Altarum. "Through our investment in Payformance Solutions, Altarum is at the forefront of driving this much-needed transformation by helping payers and providers evaluate and implement the alternative payment models that will enable them to produce better outcomes and lower costs for patients."
For payers, Payformance's industry-leading software-as-a-service technology supplies a turnkey set of solutions and services—including synergistic analytics, reporting and payment optimization solutions—that allow for flexibility and agility in establishing and administering value-based reimbursement programs. For providers, Payformance offers tools to design, contract and participate in value-based reimbursement programs, along with real-time statistics that make it easy to monitor performance and measure impact on cash flow.
"Many healthcare organizations are confronted with questions and uncertainty while navigating the path toward a value-based future," said Brett Furst, founder and CEO of Foresight Ventures and a strategic advisor to Payformance Solutions. "Through Payformance's technology and expertise, we can help payers and providers overcome mistrust and hesitation to establish productive and mutually beneficial partnerships. Only through transparency and collaboration will all stakeholders arrive at a truly connected value-based ecosystem that improves quality and lowers costs."
About Payformance Solutions
Payformance Solutions is a value-based reimbursement service provider dedicated to advancing payment transformation in the healthcare industry. Leveraging our affiliation with nonprofit healthcare research and consulting organization Altarum, we launched a suite of services to equip payers and providers with the technical tools and resources required to design, evaluate, build, measure and negotiate value-based reimbursement contracts while aligning financial goals with improved patient outcomes. For more information, visit: www.payformancesolutions.com.