The methodology for calculating the financial impact was reviewed by Milliman, a leading actuarial firm.
NEW YORK, May 28, 2024 /PRNewswire/ — Covera Health, a leading AI-enabled technology company focused on radiology performance measurement and patient impact, today announced the results of an analysis of downstream medical costs for patients receiving care at Covera-designated high-quality imaging facilities. Covera estimates savings of up to $2,487 (12%) in combined medical and pharmacy claims costs over a 12-month period for patients undergoing high-tech imaging. The study comparison was conducted over a three-year period against a control group undergoing imaging at non-Covera-designated facilities and relied on historical medical costs and pharmacy claims data from Covera's existing patient population across most regions of the United States.
Covera's proprietary designation process is designed to reduce the frequency and severity of misdiagnoses patients experience during the diagnostic phase of treatment, ultimately improving overall health outcomes, reducing unnecessary medical costs, and avoiding downstream treatment complications. Covera's analysis showed that patients who underwent high-tech imaging (CT, MRI) at Covera-designated facilities had an average of 6%-12% lower downstream costs (i.e., imaging and post-imaging costs) compared to matched control groups, primarily due to reduced hospitalizations, emergency department visits, and outpatient services.
“The idea that radiology is just one piece of healthcare is outdated and dangerous,” said Ron Vianu, co-founder and CEO of Covera Health. “At Covera, we're not only challenging this thinking, but disrupting it by showing that high-quality radiology care is a key determinant of patient outcomes and a key driver of subsequent healthcare cost reduction.”
The methodology for estimating the financial impact of Covera's programs was reviewed by Milliman, Inc., a leading global consulting and actuarial firm. A link to Milliman's report, which describes the methodology for estimating the financial impact of Covera's programs, can be found here.
About Covera Health
Covera Health is a leading AI-powered diagnostic technology company focused on radiology performance measurement and patient impact. Working with the nation's largest payers and health systems, Covera Health is the industry's first bi-directional 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 is enabling 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
