US global consulting and actuarial firm Milliman has agreed a strategic alliance with price transparency platform Turquoise Health.
The firms said they are working together to harness newly published price transparency data to cut the administrative and contracting burden for business and generate more value for payers, employers, providers, and patients.
They will be using close to a petabyte of payer and provider data now available through price transparency rules, which mandate monthly disclosures from payers and annual disclosures from providers.
Turquoise Health said it has started to collect, parse, enrich, and aggregate files as they become available. It is using data engineering and machine learning to automate processing thousands of payer and provider files containing millions of records in multiple formats.
Milliman said its data enrichment tools and analytics will turn this machine-readable data into business-interpretable insights.
They aim to save businesses time and resources, while enabling strategic approachs and decision-making based on data down to the market, cohort, and code level.
Mike Gaal, principal and consulting actuary with Milliman, said: “The data set that has become available this year is the largest collection of healthcare data ever published.
“The wealth of information has the potential to transform the industry – but gathering and deciphering all that data requires a unique blend of healthcare expertise and scalable technology.”
Tejas Inamdar, head of strategic partnerships at Turquoise Health, added: “The availability of this data will affect every stakeholder involved in the healthcare interaction. It will reset expectations for comparative analysis and contract negotiations.
“Access to data will be table stakes for all market participants and extracting insights will be the next frontier.”
