Baird Capital portfolio company Apervita today announced the acquisition of Boston-based Qcentive. The combined Apervita-Qcentive solutions will integrate clinical and financial insights into a single, secure platform to enable healthcare organizations to create value-based contracts that drive greater efficiency and quality of care.
Here the press-release:
Combined company to provide performance measurement, performance improvement and value-based contract administrative solutions to more than 1 in 5 U.S. hospitals and leading insurers
CHICAGO, August 13, 2019 – Apervita, the leading platform for performance-based collaboration in healthcare, today announced the acquisition of Boston-based Qcentive, a leader in value-based contract and alternative payment administration solutions for healthcare organizations. The combined Apervita-Qcentive solutions will integrate clinical and financial insights into a single, secure platform to enable healthcare organizations to create value-based contracts that drive greater efficiency and quality of care.
“Qcentive is the perfect complement to Apervita,” said Paul Magelli, CEO of Apervita. “Apervita has focused on performance measurement and improvement for providers and plans, including the ability to engage providers directly in their workflow. Qcentive’s focus on performance-based contracts between plans and providers and their associated economics is a natural extension.”
“Value-based relationships are critical building blocks to changing the way we buy and sell healthcare,” said Christopher Pilkington, co-founder and CEO of Qcentive. “Linking plans and providers through a trusted secure platform that aligns incentives across quality, efficiency and consumer satisfaction is absolutely essential. The Apervita-Qcentive combination is the first healthcare industry platform with the ingredients to make that happen at scale.”
Qcentive was launched in 2016 by Blue Cross Blue Shield of Massachusetts, a nationally recognized leader for value-based payment innovation. BCBSMA has engaged Apervita and will continue to be a customer of Qcentive technologies.
“Several years ago, we realized we needed a cloud-based analytics solution to make it easier to navigate the complex demands of a new generation of value-based contracts,” said Patrick Gilligan, executive vice president of sales, marketing and product for BCBSMA and CEO of its venture investment subsidiary, Zaffre Investments. “Not finding a solution in the market, we incubated Qcentive with the intent of sharing its innovations with the broader market. The combination of Apervita and Qcentive makes this vision a reality.”
Value-based contracts align financial and clinical quality incentives between healthcare insurance plans and hospitals, physicians, and other clinicians. These contracts establish metrics to measure the quality of care that consumers receive. BCBSMA’s Alternative Quality Contract, one of the largest and longest-running value-based models in the country, has substantially moderated cost growth while producing significant improvements in the quality of patient care, a recent Harvard Medical School study found.
Qcentive was designed to allow other healthcare organizations to create their own value-based models. It provides detailed insights into the quality of clinical care and financial results to both payers and providers on a continuous, year-round basis.
The combined Apervita and Qcentive entity will operate under the Apervita brand with offices in Chicago and Boston.
Apervita, Inc. is the first platform-as-a-service (PaaS) for the healthcare industry that enables providers, payers and their stakeholders to easily connect, build and share critical applications that lower costs, improve consumer and clinician experience, and improve healthcare outcomes. With Apervita, health enterprises can collaborate freely and securely within and outside of their organizations, streamlining, standardizing and auditing quality measures, operational metrics and care pathways. Apervita is used by approximately 1,000 U.S. hospitals.
Founded in 2016 and based in Boston, Qcentive is the nation’s leading platform for streamlining the administration of value-based contracts and payment relationships in healthcare. The company’s cloud tools support the end-to-end lifecycle of value contract operations, including collaborative modeling and negotiation, rolling financial/clinical performance calculations and reports, actionable insight tied to actual financial rewards, and accurate final settlement/reconciliation.
About Blue Cross Blue Shield of Massachusetts
Blue Cross Blue Shield of Massachusetts is a community-focused, tax-paying, not-for-profit health plan headquartered in Boston. Blue Cross Blue Shield of Massachusetts is committed to the relentless pursuit of quality, affordable healthcare with an unparalleled consumer experience. Consistent with its promise to always put its members first, the company is rated among the nation’s best health plans for member satisfaction and quality.
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