CLIFTON, N.J.--(BUSINESS WIRE)--New research reveals that 67.5% of consumers searching for an individual or family health plan during open enrollment were able to find a plan in which their doctors participate in-network. The research was conducted by Vericred, a digital health start-up building a national healthcare provider directory.
“The PlanCompass Index is the first benchmark to measure the probability of consumers finding at least one health plan in which their trusted doctors participate in-network. With a national discussion occurring around the benefits and shortcomings of narrow provider networks, we believe a benchmark is necessary to establish a baseline and measure network ‘fit’ over time. Until now, aggregate data showing how well plan networks meet consumer needs has not existed,” said Michael W. Levin, Founder and CEO of Vericred.
The PlanCompass Index was derived from data captured through PlanCompass.com in the four states in which the innovative consumer resource is available: New Jersey, Connecticut, Vermont and Rhode Island. 71.2% of consumers with a single doctor were able to find at least one plan with that doctor participating in network. For those searching with two doctors, the probability dropped to 59.6% and for three or more doctors, 51%.
Levin continued, “We believe the PlanCompass Index is an important benchmark for regulators and public policy advocates. As we expand our footprint, we believe we may find meaningful correlations between the Index and other measures including how competitive a particular market is.”
Vericred expects to make PlanCompass.com available in all 50 states this year. The Company intends to publish the PlanCompass Index at the conclusion of each open enrollment period. Aggregate national data as well as state based data will be published.
Powering PlanCompass.com is Vericred’s National Provider Directory, which will ultimately link millions of doctors, health care facilities and other health care providers with the health plans in which they participate. The Vericred National Provider Directory will be available through an Application Programming Interface (API) so that others can leverage this centralized resource.
PlanCompass.com is a resource for individuals and families searching for a health plan under the Affordable Care Act. PlanCompass.com’s provider-centric search starts with the trusted doctors and facilities a consumer wants to keep and presents all on and off marketplace plans available to that consumer, with the “who’s in and who’s out” right next to the costs and benefits of each plan. Plans can then be filtered, sorted and compared. PlanCompass.com is free to use and does not require registration.
Vericred, Inc. is a digital health startup with a mission to be the source for accurate, complete and accessible healthcare provider data. Healthcare provider data is central to a variety of insurance, patient safety, risk management, compliance and regulatory functions. However, the collection and verification of this information is highly fragmented, costly and inefficient. Vericred’s solutions enable healthcare providers, facilities and insurers to improve healthcare delivery while reducing administrative burden and cost.