Salt Lake City, UT — February, 29, 2024 —Rivet, healthcare’s leading financial diagnostic and revenue acceleration platform, announced the launch of Rivet Benchmark, a new innovation that gives provider organizations insight into exactly where their payer rates stand compared to competitors.
With rate insights for three of the largest insurers – Aetna, Cigna, and United Healthcare – healthcare leaders can gain clarity on the complexities of contracted fees to better negotiate their payer contracts and maximize revenue.
Although payers will claim contracted rates are “on par” with those in the geographic area, traditionally, it has been difficult to gain insight into competitors' reimbursement rates without having access to their data. This can result in organizations being paid less for the same services and being ill-equipped to negotiate the best rates with confidence. With Rivet Benchmark, healthcare leaders can finally have clarity into where their rates fall and know where to strengthen their position with payers during contract negotiations.
“It’s time to stop wondering who is getting the best major payer rates in town,” said Ted Ferrin, Rivet co-founder and CEO. “Payer contract rates are not all created equal, and through Rivet Benchmark, you’ll know exactly where you stand compared to your competitors. No longer is this knowledge available only to the highest bidder, and we’re excited to provide the industry with the tools needed to inform decision-making, negotiate with power, and maximize revenue.”
The launch of Rivet Benchmark aligns with the current movement to promote pricing transparency in healthcare. Through the implementation of Rivet Benchmark, anyone who bills a payer, such as specialty practices and hospitals, will now have unprecedented visibility into where their rates stand compared to others in the market for improved transparency and competitive intel.
"As someone who speaks to physicians and medical providers daily around the business aspects of their practices, I can confirm there has been a long-standing need for this type of innovation in the market,” said Jill Arena, Chief Executive Officer at Health e Practices. “Rivet Benchmark will be instrumental for medical groups to level the playing field, so they can set themselves up for financial success. That way, providers can focus on what they do best – caring for patients.”
To learn how Rivet is empowering healthcare provider organizations with industry-leading revenue acceleration tools, visit www.rivethealth.com.
Rivet, healthcare's leading financial diagnostic and revenue acceleration platform, protects provider revenues while delivering industry-renowned transparency on everything from payer contracts, overturning denials, forecasting cash and net revenue, and facilitating patient cost accuracy and payments. As a purpose-built financial operating system for healthcare, Rivet empowers financial leaders with net revenue clarity for strategic management. Rivet also serves administrative staffs with sophisticated tools to manage, benchmark, and negotiate payer contracts, as well as auto-detect payment variances, handle delinquent claims, and quickly recover revenue after wrongful denials. As a partner-agnostic platform, Rivet seamlessly interacts with all EHRs to deliver HIPAA-compliant, secure good faith estimates to patients and facilitate upfront payments. Based in Salt Lake City, Utah, Rivet believes healthcare finance teams deserve more from their revenue cycle tools and is offering a platform that levels the “paying field” between providers, patients, and payers for an elevated financial experience. For more information, please visit rivethealth.com.