SOURCE: Aver

Athlete Network

June 03, 2015 09:00 ET

Aver Introduces Aver Formulary at America's Health Insurance Plans Institute (AHIP)

The Aver Cloud Suite of Products Expands With Addition of Aver Formulary, the World's Largest Database of Healthcare Bundling Formulas

NASHVILLE, TN--(Marketwired - June 03, 2015) - Today Aver introduced its Aver Formulary, a first-of-its-kind platform and the world's largest database of healthcare bundling formulas. Complementary to other offerings in the company's suite of products (Aver Cloud), the Aver Formulary further accelerates and customizes adoption of bundled payments for providers, payers and employers. This new addition was showcased at the America's Health Insurance Plans Institute (AHIP).

Functioning similarly to an app store, Aver Formulary enables healthcare professionals to easily explore, download and deploy any type of episode definition -- a pre-determined cost used in bundled payments that covers all the services needed to treat a particular condition for a given length of time. Instead of being locked into one set of definitions, Aver customers can research and compare payment methodologies before adopting those most relevant to their population. Users can additionally customize episodes to fit localized healthcare needs without the burden of complex programming.

"It used to take months of coding to define episodes and switch to a bundled payment model," explained Aver founder and CEO Kurt Brenkus. "Now, with Aver Formulary being part of Aver Cloud, our customers can select and customize bundles with just a couple clicks and within a few minutes."

Aver has a team of data scientists and researchers actively sourcing definitions, creating the world's largest episode library. IHA, HCI3 and multiple state Medicaid program definitions are already included. Aver predicts that access to easy programming will accelerate the adoption of episode-based care, bringing bundled payment processing to scale.

"The flexibility of Aver Formulary gives our customers the opportunity to select and then tailor episode rules that meet the unique needs of their populations," explained Brenkus. "Building a value based reimbursement network and contracts is difficult work. Our goal is to eliminate the technical hurdles and make building a bundle network frictionless. Selecting and customizing definitions will no longer be cumbersome for healthcare professionals, smarter faster decisions can be made about contracting, and patient care will benefit greatly."

Formulary seamlessly connects with Aver Cloud's existing offerings. Aver Converge lets customers enter any format of data, from any source, including those that normally could not interact. Customers can get up to speed quickly with the most rapid data upload available. Aver Informatics then rapidly transforms fragmented fee-for-service claims into clear, fixed-cost payment bundles. Here, customers can unlock data insights, discover correlations, optimize results and get trusted answers related to their organization's performance.

About Aver

Aver offers a suite of products called Aver Cloud that radically simplifies the healthcare reimbursement process. Through analyzing the vast amounts of "fee for service" data already available in current healthcare claims systems, Aver automatically packages patient care services into episodic bundles, making the payment process simple for each the payer, provider and patient. Its solution touches every segment of the episodic care bundling market including Commercial, Medicare and Medicaid implementations. The most trusted healthcare organizations rely on Aver to enable the end-to-end transformation process including bundling design, analytics, network configuration, patient risk scoring, quality assessment, performance metrics and gainsharing administration. For more information: http://aver.io.

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