Veda Launches Quantym to Improve Health Plan Compliance and Data Accuracy
Veda Quantym automates accuracy checks on provider directory databases; helps health plans meet compliance requirements, dramatically improve data accuracy and cut costs.
MADISON, Wis.–(BUSINESS WIRE)–Veda, an automation company that saves healthcare companies millions and makes it easier for patients to access care, announced today the launch of Veda Quantym at AHIP 2022. Quantym provides a comprehensive, real-time analysis of a health plan’s provider data within 24 hours, using patented automation technology and rigorously tested machine learning systems. With Veda Quantym, health plans can modernize their provider directory and significantly reduce operational costs, validate and enhance network data within claims systems, and improve data accuracy in Center for Medicare and Medicaid Services (CMS) audits and boost network quality.
The name Quantym was inspired by the scientific breakthroughs in quantum physics which helped Veda enable a new generation of innovation. Quantum physics requires trusting the math and embracing that probabilistic methods can help us better explain our world. In healthcare, Veda Quantym enables plans to better understand and accurately describe provider, prescriber, and facility data through rigorously tested probabilistic methodology. The result? Unlocking innovative solutions to improve member experience, reduce provider abrasion and deliver cost-effective, quality care to everyone.
“Provider data impacts nearly every aspect of the member experience, from searching for a new provider to processing claims. Unfortunately, it’s very challenging for health plans to keep pace with provider data changes. Inaccurate data makes it harder for patients to access care, drives provider abrasion and opens plans up to hefty CMS penalties when their directory data falls short in audits,” said Bo Roff-Marsh, Veda Chief Technology Officer. “New provisions in the No Surprises Act mean many payers need to verify the accuracy of data for hundreds of thousands of providers every 90 days – a task that is incredibly costly and error-prone when done manually. Veda Quantym is the culmination of years of research and uses patented technology to automate the cleaning and validation process. No matter the size of your data set, Veda Quantym makes it faster, easier and more cost-effective to have quality data for your members while meeting federal and state compliance requirements.”
Veda Quantym automates provider data validation and enhancement, while providing a comprehensive report detailing data quality and improvements made by the patented technology. The product provides acts of validation and suggests confirmations and corrections to improve the overall health of provider networks, focusing research efforts on the records that are most at-risk of driving down overall quality metrics. Customers can quickly standardize the way their data is stored and presented to their members.
For one Blue Cross Blue Shield client that scored 43% in data accuracy in a CMS audit, Veda Quantym improved network accuracy by 97% and reduced administrative costs for manual updates by over $1M. With Veda, the plan was also able to achieve 95% data accuracy in CMS audit fields.
“At Veda, we’re developing solutions to complex data problems that have challenged the healthcare system for decades,” said Meghan Gaffney, Veda co-founder and CEO. “The industry has long struggled to manage human-generated data like provider rosters and directories. Through trusted solutions like Veda Quantym, healthcare organizations can easily harness the power of data to make healthcare more efficient, accessible, and interoperable.”
To learn more, visit https://vedadata.com/products/data-quality/ or visit Veda at AHIP 2022 Booth 531.
Veda blends science and imagination to solve healthcare’s most complex data issues. Through human-in-the-loop Smart Automation, our solutions dramatically increase productivity, enable compliance and empower healthcare businesses to focus on delivering care. Veda is simple to use and requires no technical skills or drastic system changes, because we envision a future for healthcare where data isn’t a barrier—it’s an opportunity. To learn more about Veda, visit vedadata.com and follow us on LinkedIn and Twitter.