SEATTLE – February 27, 2018 – Milliman, Inc., a leading global provider of actuarial, risk management, and technology solutions, today announced that the firm’s MedInsight Health Waste Calculator – a leading analytic platform that provides actionable data around healthcare quality, efficiency, and effectiveness – was featured in Health Affairs’ third most–read article of 2017. The article, “Low–Cost, High–Volume Health Services Contribute The Most To Unnecessary Health Spending,” highlights the Commonwealth of Virginia’s use of the MedInsight Health Waste Calculator, which found more than $586 million in unnecessary costs in the Virginia All–Payer Claims Database.
The Virginia Center for Health Innovation (VCHI), Virginia Health Information (VHI), and Value–Based Insurance Design (VBID) Health partnered with MedInsight to support Virginia’s statewide initiatives to identify and reduce low value, unnecessary medical tests and procedures in their healthcare systems. VCHI brought together Virginia’s leading health providers, payers, and employer groups to root out low–value care. Working with the VHI team, they used the MedInsight Health Waste Calculator to aid their measurement, monitoring, and reporting on services that provide no net health benefit.
Marcos Dachary, director of product management at Milliman MedInsight, said, “Our product’s capability to illuminate the cost and inefficiencies in the state of Virginia’s healthcare system is an important step in improving high value care. We look forward to our continued support of the Virginia Center for Health Innovation team in their efforts to highlight unnecessary, low value spending among physicians and patients.”
The Health Affairs article outlines the forty–four low–value health services analyzed in the 2014 data, why they were so costly, and how the MedInsight Health Waste Calculator identified them.
“In Virginia, an important component of our 2018 Health Value Dashboard is to reduce utilization of low value medical tests and procedures so that we can free up needed resources to advance high value care. Our medical and business communities want to do what they can to better ensure that patients and providers are choosing wisely when it comes to healthcare,” said Beth Bortz, President and CEO of Virginia Center for Health Innovation.
The MedInsight Health Waste Calculator is an analytic tool powered by Milliman’s MedInsight software and encapsulates VBID Health’s market knowledge on wasteful healthcare spending. The tool identifies and quantifies the use of potentially unnecessary or harmful clinical services, including those defined by national initiatives such as the U.S. Preventive Services Task Force and Choosing Wisely®.
MedInsight is used by over 300 health plans, employers, at–risk providers/ACOs, state governments, community health coalitions, and third party administrators.
For more information about Milliman’s MedInsight products, go to https://www.medinsight.milliman.com.
Milliman is among the world’s largest providers of actuarial, risk management and technology solutions. Our consulting and advanced analytics capabilities encompass healthcare, property & casualty insurance, life insurance and financial services, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe. For further information, visit milliman.com.
Contact: Bridget Watson
Tel: +1 206 504 5859