BAC Selects Mpowered Health's Solution to Meet Price Transparency Mandate Requirement
LOS ALTOS, California, May 18, 2022:
Mpowered Health, a consumer health empowerment company, today announced that Business Administrators & Consultants has selected Mpowered Health's solution for complying with the CMS Price Transparency requirements.
Mpowered Health's compliance platform enables payers and providers to comply with CMS's Patient Access & Price Transparency mandates.
CMS's Transparency in Coverage rules, which go into effect Jul 1, 2022, mandates that most group health plans and issuers of group or individual health insurance must disclose pricing information for all in-network services and allowable amounts and billed charges from out-of-network providers. They must provide an internet-based price comparison tool for 500 shoppable services and accurate cost estimates, starting Jan. 1, 2023. The Price transparency rules also apply to providers with significant penalties for non-compliance.
"Our goal is not only to comply with the mandate requirements but also to improve the members' experience in helping them to understand the cost of healthcare," says Becky Speich, CEO of BAC. "As a nationwide benefit plan administrator, our clients and their staff need information not only about the cost of care, but also where they can find high-quality cost-effective providers, and how to manage their whole healthcare experience. Mpowered Health's platform not only meets all the requirements but is very configurable and easy to deploy. Using the Mpowered Health App, our members can also now download their medical records from other organizations. We are pleased to partner with Mpowered Health in bringing this enhanced experience to our members."
"We are delighted to partner with BAC and in providing price transparency and improving the shopping experience for their members across all their networks," says Nandini Devi, Founder & CEO, Mpowered Health. "By easing the burden of compliance and delivering a personalized experience to find the right care, our solution delivers a win-win to both healthcare organizations and consumers."
Thousands of consumers today use Mpowered Health's platform to consolidate health records across hundreds of healthcare organizations, shop for health plans, get second opinions, manage medical expenses and more.
About Mpowered Health
Mpowered Health is a consumer-driven healthcare platform committed to creating a better healthcare experience for consumers and enterprises. The California-based company empowers consumers to take charge of their healthcare by providing mobile-led solutions that improve transparency, choice, access and convenience. The company's platform enables healthcare organizations to acquire, engage, and retain consumers more effectively while complying with CMS interoperability & transparency mandates.
About BAC TPA
Business Administrators & Consultants Inc. (BAC) is a professional third-party contract administrator providing a full range of administrative and claims services for health and welfare benefit plans and cafeteria plans.