What is Turquoise Health?
Turquoise Health builds software products for price transparency compliance, managed care benchmarking, and contract negotiation between providers, payers, and employers. Turquoise Health is revolutionizing healthcare to make pricing simpler, clearer, and fully transparent.
The Current Landscape
Co-CEOs Chris Severn and Adm Geitgey launched Turquoise Health in 2020 to simplify healthcare reimbursement and lower the administrative burden of healthcare. Turquoise Health is one of the first platforms to provide the public access to hospital pricing data and continues to receive praise for presenting unbiased information.
Thanks to a triumvirate of laws, the Hospital Price Transparency Rule, Transparency In Coverage, and the No Surprises Act, all hospitals in the US are required to make their prices publicly available via a machine-readable file. Turquoise Health began building revenue cycle solutions that facilitate rate clarity, service bundling, and market-aligned pricing and continues to innovate as more laws go into effect.
The Solution
Turquoise Health is pioneering the price transparency industry, garnering attention from top media outlets like Forbes and Axios. Turquoise Health’s platform is unique because it provides self-service managed care analytics, granting users the ability to “shop” for healthcare via menu-like pricing while also allowing industry professionals to benchmark rates and inform strategic negotiations. Turquoise Health’s user-friendly Clear Rates Database has collected and organized over 1 billion rate records into a searchable directory, providing the public with unrestricted access to this data.
Most recently, Turquoise Health has launched its price transparency scorecard. This scorecard allows anyone to assess the machine-readable file completeness for thousands of US hospitals by giving providers a ‘score’ of 1-5 stars.
The platform is also advantageous to employers. Employers can use price transparency data to identify and partner with a variety of providers that often provide better value at lower cost. Offering narrow networks at lower premiums, care steerage, and center of excellence models are all part of the same strategy.
A Customer Story
“I didn’t know I could save $500 by driving 5 miles down the road (isn’t an MRI an MRI?) I received the same quality of care without the dent to my bank account.”
A Founder Quote
“At Turquoise, we’re taking a fresh approach to price transparency for patients by addressing the root causes with provider and payer contracts upstream. We’re working to simplify the transaction process so that patients can understand the total cost upfront. We also want to reward forward-thinking providers and payers who recognize the potential for transparency and simplicity to transform the marketplace and ultimately deliver clear value to the patient” - CEO of Turquoise Health, Chris Severn.
Check It Out : https://turquoise.health/
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