RADNOR, PA — Valenz Health announced the launch of Variable Copay, a cost-sharing health plan design intended to guide members toward lower-cost healthcare providers and services.
The company said the plan design uses its Bluebook price transparency platform to assign fixed copay amounts to more than 2,000 medical procedures.
According to Valenz, the model targets about 46% of medical spending and could reduce overall healthcare costs for employers by an estimated 7% to 12%.
Stan Opstad, senior vice president of product at Valenz, said the system is designed to give consumers clearer information about healthcare pricing.
“Research shows that 89% of consumers would shop for healthcare if they had the tools,” Opstad said. “With its easy-to-use, transparent approach to pricing, Variable Copay empowers plan members to do just that by incentivizing them to choose high-quality, cost-effective providers.”
Variable Copay is part of ValenzONE, the company’s health plan optimization platform.
The platform integrates cost-sharing design with care navigation tools, data analytics, and bundled payment solutions intended to help health plan members identify lower-cost treatment options.
Chief Executive Officer Rob Gelb said the company developed the model in response to rising healthcare costs faced by employers and plan sponsors.
“As plan sponsors are under more pressure than ever to do more with less, we’re starting to realize that it’s time for major change,” Gelb said.
The Variable Copay model is available as a standalone option or can be integrated into existing health plan networks through the ValenzONE platform, according to the company.
Valenz Health provides healthcare data and plan management services designed to help employers, insurers, and healthcare organizations manage costs and analyze healthcare utilization.
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