AUSTIN, Texas and ARLINGTON, Virginia, January 24, 2023 – ClosedLoop and CareJourney today announced a partnership to enhance the way value-based care (VBC) program administrators make decisions with clinical data. The strategic effort will enhance ClosedLoop’s healthcare-specific library of content for artificial intelligence (AI) and machine learning (ML) algorithms with critical provider performance analytics from CareJourney, including episode-level physician benchmarking and scoring on cost and quality of care. This additional provider performance data will further improve the accuracy and impact of predictive models built with ClosedLoop’s data science platform as well as help program administrators to identify deviations in observed and expected behavior across care teams and patient populations.
The Centers for Medicare and Medicaid Services (CMS) define VBC programs as programs that “reward healthcare providers with incentive payments for the quality of care they give to people,” as compared with the current fee-for-service healthcare system that rewards the delivery of “more” care. Both ClosedLoop and CareJourney are deeply committed to supporting VBC organizations with data and analytics that provide the critical insight necessary to make decisions that improve patient care and health outcomes.
ClosedLoop’s platform leverages a comprehensive list of healthcare data types, including clinical, claims, pharmacy, and social determinants of health (SDoH) data, to build, deploy, and monitor accurate and explainable data science-based predictive models.
“Having CareJourney’s data available in our AI / ML content library means that individual members’ predicted care trajectories can incorporate the performance of the delivery system in caring for similar populations,” said Andrew Eye, CEO and Co-Founder of ClosedLoop. “This partnership will provide our shared customers not only with more accurate predictions of health risks, but additional insights into interventions that can improve quality of care.”
Payers, providers, health systems and health IT companies rely on CareJourney’s advanced healthcare analytics and insights to guide critical planning and decision-making about market expansion, network development, provider contracting, patient care coordination and provider optimization.
“Healthcare analytics teams are more effective if they link local data managed within their network to publicly accessible datasets and insights at the patient cohort or clinician level, “said Aneesh Chopra, President of CareJourney. “Through our partnership with ClosedLoop, value-based care organizations can more easily pinpoint performance gaps and iterate on targeting strategies to address them.”
Payers, providers, accountable care organizations (ACOs), and other healthcare organizations (HCOs) are working furiously to unlock the full potential of VBC, and data is the key. By incorporating more insightful, relevant, and timely provider data into tools used to identify and predict adverse healthcare events, conditions, and episodes, ClosedLoop and CareJourney are providing clinicians and VBC program administrators with the important information needed to transform the healthcare system.
ClosedLoop is healthcare’s data science platform. We make it easy for healthcare organizations to use AI to improve outcomes and reduce costs. Purpose-built and dedicated to healthcare, ClosedLoop combines an intuitive end-to-end machine learning platform with a comprehensive library of healthcare-specific features and model templates. Customers use ClosedLoop’s Explainable AI to drive clinical excellence, operational efficiency, value-based contracts, and enhanced revenue. Winner of the CMS AI Health Outcomes Challenge and named Best in KLAS for Healthcare AI: Data Science Solutions in 2022, ClosedLoop is headquartered in Austin, Texas.
CareJourney is the healthcare industry’s best source of clinically-relevant Provider performance and profile data for ACOs, health systems, payers, and HCIT vendors alike, working with partners to supercharge their solutions and internal data lakes with high-value insights out of expansive population claims data. CareJourney’s Data-as-a-Service offering enables partners to integrate data insights into their own solutions to help enhance their product, technology, and customer services. CareJourney’s mission is to empower individuals and organizations they trust with open, clinically-relevant analytics and insights in the pursuit of the optimal healthcare journey. Visit us at www.carejourney.com or on LinkedIn, Twitter, and Facebook to learn more.