NEW YORK, March 15, 2022 (GLOBE NEWSWIRE) -- H1, the leader at democratizing access to global healthcare provider knowledge and groundbreaking insights for life sciences, academic medical institutions, health systems and payors, today announced the general availability of its latest solution, Precise. Precise is the first step in H1’s journey to transform how patients find the doctors they want to engage in their care. In use today by payor and digital health companies, Precise systematically manages provider data to reduce directory inaccuracy, exposure to regulatory non-compliance and barriers to building robust provider networks. Powered by the H1 curated healthcare provider (HCP) knowledge platform, Precise maintains the most up-to-date information on HCPs, including contact information, affiliation data, license verification, and in-network insurance plans’ certification.
Health plans, hospitals and increasingly, digital health companies, rely on accurate provider information to refer patients to the right HCPs and maintain network adequacy. Patients depend on the information these organizations gather and publish when making decisions regarding who they want engaged and managing their care. The challenge, however, remains the rate at which a providers’ data changes monthly. This leads to gaping holes in relevant information and inaccuracies that cause negative experiences for members, inaccurate referrals and compounding downstream costs for payors. Despite the healthcare industry spending over $2 billion annually to combat this issue, it is estimated that over 50%1 of the data in any given provider directory is wrong.
H1’s vision for Precise goes beyond solving the data accuracy problem. Upcoming enhancements will allow patients to evaluate which doctors are best for treating their condition and are accepting new patients. The breadth and depth of HCP data maintained by Precise gives payors and digital health companies confidence in the information they depend on to improve the patient experience, streamline referrals to promote preventative care, reduce costs and comply with industry regulations like the No Surprises Act that went into effect on January 1, 2022.
"The impact that unreliable provider data has on patients and their caregivers is not fully understood," said Lizzy Feliciano, SVP Marketing of H1. "It was hard enough seeing my father's health decline the last two years of his life. Navigating his health plan’s doctor network was brutal. After spending hours on the phone with the plan to confirm if a doctor was in network, I would call the doctor to be told otherwise. Instead of spending this valuable time with my father, I was trying to figure out what his health plan should have known all along.”
Unlike other solutions, Precise continuously monitors for data inaccuracies and corrects provider data quickly. It combines acquired and self-reported data from the H1 Explorer doctor network, which allows customers to benefit from data that comes directly from HCPs. The breadth of data that fuels Precise is unmatched, with more than four million HCP profiles, over six million phone numbers and 600,000 email addresses, diversity and inclusion data including spoken languages, and affiliation data for over 8,000 hospitals, 10,000 university research centers and 100,000 group practices. Because Precise is a bi-directional API-based solution, users benefit from a shared data-network across all H1 partners - when provider information is updated for one client, by providers themselves or H1, it is shared across the entire H1 HCP network to ensure a single source of truth for all. In the future, customers will also benefit from quality measures and credentialing, product additions on H1’s near-term roadmap.
“Data inaccuracies have plagued all stakeholders across the healthcare continuum. Without the correct, up-to-date data, their hands have been tied - which has resulted in poor experiences for patients; an inability to understand which providers are within the network, licensed and credentialed; and poor service experiences for health plans and digital health companies,” said Ariel Katz, co-founder and CEO of H1. “We are on a mission to change that. When members, health plans and digital health companies always have accurate information on their providers, care standards are raised, care is delivered more seamlessly and everyone benefits.”
Top pharmaceutical and medical device companies, as well as leading academic medical centers use H1 to connect with providers, find clinical research, locate industry experts, launch clinical trials and benchmark their organizations. In 2021, H1’s annual recurring revenue (ARR) grew by over 250% as the appetite for meaningfully connected health data continued to accelerate and the network effect took hold. The company also announced a $100M round of funding in late 2021.
About H1
H1 provides the largest global healthcare network to help life sciences companies, hospitals, academic medical centers, and health systems engage with providers, find clinical research, locate industry experts, and benchmark their organization. As the trusted source of information on healthcare professionals and institutions, H1 connects the entire healthcare ecosystem through real-time data and clinical findings. Learn more at h1.co/.
Media contact:
Anya Nelson
Scratch Marketing + Media for H1
anyan@scratchmm.com
M: 617.817.6559
1 Source: Defining the Provider Data Dilemma, CAQH.
