Methodology for calculating the financial impact was reviewed by premier actuarial firm, Milliman, Inc.
NEW YORK, May 28, 2024 /PRNewswire/ — Covera Health, the leading AI-enabled technology company focused on radiology performance measurement and patient impact, today announced findings from its analysis of downstream healthcare spend for patients receiving care at Covera-designated, high-quality imaging facilities. Covera estimated a reduction of up to $2,487 (or 12%) in combined 12-month medical and pharmacy claims cost for patients undergoing high-tech imaging. The study comparison covered a span of three years, was run against a matched control group undergoing imaging at non-Covera-designated facilities, and relied on historical medical and pharmacy claims data from Covera’s existing patient population across most of the United States.
Covera’s unique designation process is designed to reduce the frequency and severity of misdiagnoses that patients experience during the diagnostic stage of care, ultimately improving overall health outcomes, reducing unnecessary healthcare costs, and avoiding complications in downstream care. Covera’s analysis demonstrated that patients undergoing high-tech imaging (CT, MRI) at Covera-designated facilities averaged between 6% – 12% lower downstream costs (i.e. imaging and post-imaging costs) compared to the matched control group, largely driven by fewer hospital admissions, ED visits and outpatient services.
“The notion that radiology is just another commodity in healthcare is outdated and risky,” said Ron Vianu, Co-Founder and CEO of Covera Health. “At Covera, we’re not just challenging this view; we’re dismantling it by demonstrating that high-quality radiology care is a critical determinant of patient outcomes and a key driver in reducing downstream healthcare costs.”
The methodology for estimating the financial impact of Covera’s program was reviewed by Milliman, Inc., a premier global consulting and actuarial firm. A link to Milliman’s report about Covera’s methodology for estimating the financial impact of its program is available here.
About Covera Health
Covera Health is the leading AI-enabled diagnostic technology company focused on radiology performance measurement and patient impact. Working with some of the nation’s largest payers and health systems, Covera Health serves as the industry’s first two-sided marketplace to drive quality performance and ensure patients receive the highest quality radiology care. By unlocking AI-powered insights and value to support the broader healthcare ecosystem, Covera Health enables payers, providers, and other stakeholders to leverage diagnostic imaging in new ways to transform patient care. For more information, visit www.coverahealth.com.
SOURCE Covera Health
