SpectraMedix and Foresight Health Solutions Partner for AI-Enabled Value-Based Payment Technologies, Championing Health Equity and Social Determinants

Collaboration Improves Healthcare Access, Equity, Quality and Savings Optimization for Value-Based Contracts

EAST WINDSOR, N.J., May 9, 2024 /PRNewswire/ -- SpectraMedix, a leading value-based contract analytics and provider enablement platform for health plans and health systems, announced today a strategic partnership with Foresight Health Solutions, a pioneer in AI-driven social determinants of health (SDoH) risk management and health equity analytics. A significant advancement in the industry, this partnership will offer unparalleled capabilities to care providers and health plans in predicting comprehensive health risks using SDoH and health disparity data. This partnership will accelerate the understanding of what is driving cost and outcomes for vulnerable populations, enabling organizations to achieve greater success in value-based care.

SpectraMedix's best-in-class technology enables health plans and health systems to analyze financial, quality, risk, utilization, and health equity information to understand value-based contract performance and identify opportunities for improvement. Foresight Health adds expertise in AI-enabled analysis of SDoH and care management data for risk identification, and to accurately pinpoint care interventions that would be most impactful in mitigating risks. The integration will provide a more complete picture of root-cause cost and health factors, improving healthcare access, equity, quality and savings across business lines to optimize value-based contracts and help providers deliver better, more informed care.

"Our partnership brings additional transparency around how social determinants of health impact risk, quality and shared savings for vulnerable populations such as Medicaid and Medicare," said SpectraMedix CEO Raj Lakhanpal, MD. "Empowering organizations with the right information at the right time to understand both medical and non-medical drivers of quality, risk and utilization is a gamechanger for value-based contract success."

"Our integration with SpectraMedix brings SDoH and care management data analytics and value-based payment analytics together in a way that mutually reinforce each other," said Ashish Abraham, CEO of Foresight Health Solutions. "Together, we provide deep insights that enhance the effectiveness and ROI of care delivery—ultimately improving the health of individuals and populations."

About SpectraMedix

SpectraMedix delivers the complete picture of value-based performance to drive operational excellence and accelerate performance improvement for health plans and health systems across the spectrum of value-based contracts. Our comprehensive, end-to-end platform empowers organizations with transparency into financial performance, quality, risk and utilization to help them establish trust with providers, maximize revenue and scale their value-based arrangements. 

About Foresight Health Solutions

Foresight Health Solutions provides community-based providers and health plans with AI-driven health equity, predictive risk and prescriptive care impact analytics by blending SDoH data with other standard data sources. Through our web-based analytics platform or through integrations with existing EMRs and care management systems, clients can optimize the ROI on value-based care management programs, while at the same time meaningfully reduce health disparities among vulnerable populations.

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SOURCE SpectraMedix