Global Excel Launches FairChex, A Transparency Tool That Ranks Hospitals On Cost And Quality
- Written by iPMI Magazine
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Global Excel Management (GEM) recently launched FairChex, a hospital value ranking tool to help plans save money and improve quality outcomes on their inpatient admissions. GEM anticipates this product could save thousands of dollars on each inpatient admission while increasing quality of care for patients.
FairChex is a unique tool that prompts the user to select a clinical category or DRG and geographic area. The results page ranks facilities by value – a weighted blend of cost and quality. It highlights estimated costs for a procedure, provider mark-ups, Medicare reimbursements and quality rankings specific to the procedure selected.
GEM partnered with CareChex®, a division of Comparion Medical Analytics, to provide access to the most comprehensive and accurate inpatient quality data available to consumers, providers and purchasers of U.S. medical care. Unlike other publicly available quality ratings, Comparion provides a composite evaluation of inpatient medical quality including process of care, outcomes of care, and patient experiences.
According to Benjamin Tabah, Product Development and Marketing Manager at GEM, "There are a lot of tools out there for shopping routine care, but we wanted to focus on inpatient care which is where the value is and to use the most objective data we could find. With more patients acting like consumers now, the ability to influence behavior through incentives is ripe and the time for FairChex is now."
GEM anticipates clients could see savings of $10,000 or more each time an 'A' facility is selected over a 'C' one. For complex (more expensive) admissions, or in situations where network discounts might play a larger role, the savings could be significantly higher.
"The value to the clients is exciting," states David O'Connor, president of GEM. "This isn't limited to cost savings either - by using FairChex, administrators have access to a tool that can help them work with members to choose high quality facilities, improving outcomes of care."
To learn more about FairChex, or to request a presentation, visit www.fairchex.com. For additional information on how FairChex could impact your organization, please contact Benjamin: Email, 819-437-2277.
About Global Excel
Global Excel is a worldwide premium healthcare risk management company, providing services to a broad range of market segments. Our partners trust our expertise in controlling healthcare costs for the management of their claims dollars as well as our ability to provide a superior member experience.
With OVER 320 CORPORATE CLIENTS located in more than 40 COUNTRIES around the world, Global Excel manages approximately 95,000 INPATIENT, OUTPATIENT AND NON-MEDICAL CASES and files per year and processes in excess of $1.6B USD IN CLAIMS annually.
In today’s competitive market, efficiency, effectiveness, innovation, flexibility and passion are essential to moving an organization forward. At Global Excel, we live these words every day. We are a trusted partner for all our clients, and we focus on providing innovative solutions that favor simplicity and offer unparalleled service to our clients and to travelers.
At Global Excel, we have mastered the art of navigating complex health care systems, including the U.S., Canadian, European and South American and many other systems. Our expertise in this respect has made us a worldwide leader in the fields of medical assistance, claims management and cost containment services.
We firmly believe that sharing our knowledge of the health care systems is an essential part of the value we can provide for our clients. In doing so, we are confident that we can help to empower them to make sound business decisions, thereby positioning them for success.
Global Excel is a privately owned company that services a wide range of clients, including insurers, reinsurers, assistance providers, and third party administrators (TPA). Through these types of clients, we provide services to travellers (leisure and corporate), expatriates, students, major medical / critical care patients and U.S. domestic clients (including private health care, worker’s compensation and occupational health).
Our clients come from many different countries and cultures, so we realize the importance of developing true business relationships with them. It’s why we view all of our business relationships from a long-term perspective, as opposed to seeing them as short-term profit centres. Our goal is always to better understand our clients’ needs and problems, so that we can help them to increase efficiency and improve their bottom lines.
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