PurpleLab, a leading health tech company specializing in real-world data and medical claims insights, and Payerset, the industry leader in enterprise price transparency data, announced a strategic partnership to launch a trusted price intelligence solution suite, setting a new standard in healthcare intelligence.
This collaboration empowers healthcare organizations with unparalleled accuracy and actionable insights, enabling smarter, data-driven decisions that drive better outcomes.
PurpleLab, dedicated to advancing healthcare pricing transparency, also integrated Lime Tree Health’s comprehensive hospital price transparency data into its platform earlier this year. By merging these powerful datasets from Lime Tree Health and Payerset with one of the US’s largest medical and pharmaceutical claims databases, PurpleLab now delivers an unmatched, 360-degree view of the healthcare payer and provider landscape.
The trusted price intelligence solution will provide a holistic view of healthcare prices across providers, payers, and geographies. Health organizations will be able to determine the true cost of any service, from any provider, in any location, backed by validated data.
This partnership will deliver critical insights into payer coverage policies, helping stakeholders understand their impact on patient access and affordability. Additionally, it offers actionable intelligence by uncovering historical pricing trends, allowing to predict future shifts, and enabling proactive cost management.
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By providing easily accessible price transparency, the solution suite will be invaluable for:
- Health Systems: Improve revenue cycle management by informing contract and negotiation strategies, refining financial forecasting, budgeting, and resource allocation.
- Payers: Refine payment models, develop competitive benefits packages, and negotiate fair reimbursement rates.
- Pharmaceutical Companies: Inform market access strategies, support value-based pricing models, and demonstrate the economic value of their products.
- Clinical Care Organizations: Make informed treatment decisions, guide patients toward cost-effective care options, and improve care coordination.
“This partnership marks a significant milestone in our mission to deliver actionable healthcare intelligence,” said Mark Brosso, CEO of PurpleLab. “By integrating Lime Tree Health’s pioneering hospital pricing data into our platform alongside Payerset’s industry-leading price transparency capabilities, we’re setting the stage to make pricing intelligence accessible and actionable for everyone in healthcare.”
Since 2018, PurpleLab has rapidly become the trusted partner for comprehensive healthcare data and analytics. Their HealthNexus™ platform aggregates over 50 billion medical and pharmaceutical claims from a diverse network of over 20 sources. This massive dataset, encompassing 330+ million patient lives and 2.3 million healthcare providers, delivers unparalleled insights into patient journeys, treatment patterns, and clinical outcomes, enabling data-driven decisions that improve healthcare delivery.
“We see this partnership as an important milestone in reshaping healthcare pricing,” said Jacob Little, CCO at Payerset. “Our goal is to deliver the transparency that creates fairness across the entire healthcare ecosystem, and teaming up with PurpleLab will help us achieve that vision.”
Payerset offers insights that transform how health systems, software vendors, consulting firms, and other stakeholders understand and manage healthcare pricing. Their proprietary technology continually processes and stores every machine-readable file (MRF) posted by insurance companies, amassing over 10 trillion records of contracted rates per quarter. This comprehensive and constantly updated dataset offers a historical and current view of pricing trends, enabling in-depth analysis of cost variations and contract performance.
Source: Businesswire