Hartford HealthCare’s Heart & Vascular Institute Becomes National Leader on the Scalable Utilization of Value-Based Contracts for Medical Devices
Hartford HealthCare implements automated value-based contract monitoring using Mondopoint technology platform.
Chicago, IL, November 29, 2021 --(PR.com)-- Mondopoint, LLC, a health tech company focused on enabling value-based contracts between healthcare providers and medical device suppliers, today announced the successful implementation of their technology platform at Hartford HealthCare. The implementation was completed in collaboration with the Heart & Vascular Institute at Hartford HealthCare and under the sponsorship of Steven Zweibel, MD, System Director of Electrophysiology at the Heart & Vascular Institute.
This accomplishment allows Hartford HealthCare to automatically identify eligible rebates for specific cardiac devices in real-time and facilitate their electronic submission back to the supplier. These rebates are governed by an active, value-based contract that was negotiated by Hartford HealthCare with a major medical device company.
Prior to the implementation with Mondopoint, identifying potential rebates for these devices would have required the Hartford team to spend hundreds of labor hours manually reviewing patient records, physicians’ orders, and even handwritten notes. Additionally, Hartford now receives timely intelligence they can use to support care pathway improvements and, most importantly, better health outcomes for recipients of these devices.
“We’re thrilled to partner with a medical device company that understands the win-win potential of value-based contracts for our patient population and who is willing to stand behind their products when it comes to achieving better patient outcomes,” said Dr. Zweibel. “When Hartford HealthCare first decided to take the lead in working with value-based contracts, we were surprised by how difficult they are to operationalize. Quite frankly, it was unclear whether we could feasibly scale the use of value-based contracts across our network given the amount of time our staff would need to identify the possible rebate opportunities. With the implementation of Mondopoint’s technology, that dynamic has fundamentally shifted, and we’re pleased to confirm the real-world viability of value-based contracts for our organization.”
“Hartford HealthCare is a leader in the use of value-based contracting for medical devices,” said Jim Ivers, CEO, Mondopoint. “We look forward to supporting their expansion in this important area of clinical care as we continue to build similar capabilities for other like-minded healthcare organizations nationwide.”
The Mondopoint implementation at Hartford includes new modules added to the health tech company’s existing SaaS platform. Through their continued partnership, Hartford and Mondopoint will explore opportunities in additional clinical areas such as orthopedics, wound care, and robotic surgery.
About Hartford HealthCare
With 33,000 colleagues and total operating revenue of $4.9 billion, Hartford HealthCare has cultivated a strong, unified culture of accountability and innovation. Its care-delivery system, with more than 400 locations serving 185 towns and cities, includes two tertiary-level teaching hospitals, an acute-care community teaching hospital, an acute-care hospital and trauma center, three community hospitals, the state’s most extensive behavioral health network, a large multispecialty physician group, a clinical care organization, a regional home care system, an array of senior care services, and a large physical therapy and rehabilitation network. Hartford HealthCare’s unique, system-wide Institute Model offers a single, high standard of care in crucial specialties at hospital and ambulatory sites across Connecticut. The institutes include: Cancer, Heart and Vascular, Ayer Neuroscience, Orthopedics and Tallwood Urology. Visit Hartford HealthCare at www.hartfordhealthcare.org
About Mondopoint, LLC
Mondopoint is a Chicago-based, health tech company that offers a technology platform enabling automated risk-sharing contracts between healthcare providers and suppliers based on the clinical performance of medical products. As value-based contracts are negotiated, Mondopoint’s technology platform allows these types of agreements to be implemented at scale by automating the ongoing monitoring and enforcement of their performance-based terms. Mondopoint operates as an honest broker to both parties, providing mutual transparency into item-level cost, quality, and outcomes data on a real-time basis. Visit Mondopoint at https://www.mondopoint.com.
This accomplishment allows Hartford HealthCare to automatically identify eligible rebates for specific cardiac devices in real-time and facilitate their electronic submission back to the supplier. These rebates are governed by an active, value-based contract that was negotiated by Hartford HealthCare with a major medical device company.
Prior to the implementation with Mondopoint, identifying potential rebates for these devices would have required the Hartford team to spend hundreds of labor hours manually reviewing patient records, physicians’ orders, and even handwritten notes. Additionally, Hartford now receives timely intelligence they can use to support care pathway improvements and, most importantly, better health outcomes for recipients of these devices.
“We’re thrilled to partner with a medical device company that understands the win-win potential of value-based contracts for our patient population and who is willing to stand behind their products when it comes to achieving better patient outcomes,” said Dr. Zweibel. “When Hartford HealthCare first decided to take the lead in working with value-based contracts, we were surprised by how difficult they are to operationalize. Quite frankly, it was unclear whether we could feasibly scale the use of value-based contracts across our network given the amount of time our staff would need to identify the possible rebate opportunities. With the implementation of Mondopoint’s technology, that dynamic has fundamentally shifted, and we’re pleased to confirm the real-world viability of value-based contracts for our organization.”
“Hartford HealthCare is a leader in the use of value-based contracting for medical devices,” said Jim Ivers, CEO, Mondopoint. “We look forward to supporting their expansion in this important area of clinical care as we continue to build similar capabilities for other like-minded healthcare organizations nationwide.”
The Mondopoint implementation at Hartford includes new modules added to the health tech company’s existing SaaS platform. Through their continued partnership, Hartford and Mondopoint will explore opportunities in additional clinical areas such as orthopedics, wound care, and robotic surgery.
About Hartford HealthCare
With 33,000 colleagues and total operating revenue of $4.9 billion, Hartford HealthCare has cultivated a strong, unified culture of accountability and innovation. Its care-delivery system, with more than 400 locations serving 185 towns and cities, includes two tertiary-level teaching hospitals, an acute-care community teaching hospital, an acute-care hospital and trauma center, three community hospitals, the state’s most extensive behavioral health network, a large multispecialty physician group, a clinical care organization, a regional home care system, an array of senior care services, and a large physical therapy and rehabilitation network. Hartford HealthCare’s unique, system-wide Institute Model offers a single, high standard of care in crucial specialties at hospital and ambulatory sites across Connecticut. The institutes include: Cancer, Heart and Vascular, Ayer Neuroscience, Orthopedics and Tallwood Urology. Visit Hartford HealthCare at www.hartfordhealthcare.org
About Mondopoint, LLC
Mondopoint is a Chicago-based, health tech company that offers a technology platform enabling automated risk-sharing contracts between healthcare providers and suppliers based on the clinical performance of medical products. As value-based contracts are negotiated, Mondopoint’s technology platform allows these types of agreements to be implemented at scale by automating the ongoing monitoring and enforcement of their performance-based terms. Mondopoint operates as an honest broker to both parties, providing mutual transparency into item-level cost, quality, and outcomes data on a real-time basis. Visit Mondopoint at https://www.mondopoint.com.
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Mondopoint
Matt Groch
312-448-6555
https://www.mondopoint.com
Matt Groch
312-448-6555
https://www.mondopoint.com
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