Category: Press Releases

**NOTE: Ideon is the company formerly known as Vericred. Vericred began operating as Ideon on May 18, 2022.**

NEW YORK–(BUSINESS WIRE)–Vericred, a data services platform powering the digital distribution of health insurance and employee benefits, announced today a Medicare Advantage rating API enabling InsurTech and digital health companies to build innovative solutions that serve the fast-growing Medicare-eligible population.

Using Vericred as their data foundation, technology companies building Medicare Advantage plan search and quoting solutions can now do so without acquiring and maintaining the necessary underlying data and logic. Vericred’s Medicare Advantage API returns detailed information for all relevant Medicare Advantage plans, including plan type, star rating, premiums, and cost sharing for in-network and out-of-network services. Further, the API enables powerful plan search functionality including shop-by-doctor and shop-by-drug, delivering actionable insights into provider and drug coverage of each plan.

“There are more coverage options in the Medicare space than ever before, and as a result, plan choice can be a particularly complex and daunting process for seniors and brokers alike,” said Michael W. Levin, Vericred’s co-founder and CEO. “Vericred’s Medicare Advantage API enables InsurTech platforms, online brokers and other innovators to develop solutions for this growing and intricate market. This data infrastructure, upon which our customers build their consumer and broker-facing products, will open new opportunities and functionality for our wide-ranging roster of clients.”

Medicare Advantage – also known as Medicare Part C – is a program in which individuals who qualify for Medicare enroll in certified health plans offered by private insurance companies, instead of the government-run Medicare plan. By providing supplemental, flexible benefits and low premiums, Medicare Advantage plans have proven increasingly attractive to Medicare enrollees. Nationwide, according to the Centers for Medicare & Medicaid Services (CMS), the number of Medicare Advantage enrollees has expanded this year to an all-time high of about 22 million, a 32 percent increase since 2015, and 91 percent of Medicare beneficiaries have access to 10 or more Medicare Advantage plans.

Additional plan options have generated a diverse, competitive over-65 insurance market where insurance carriers now vie for enrollees by offering differentiated benefits, such as vision and dental coverage, in-home support services and wellness programs. Vericred’s comprehensive Medicare Advantage API supports technology companies with the critical data required to serve seniors, employers and brokers in this burgeoning market.

About Vericred

Vericred (www.vericred.com) is a data services platform powering the digital distribution of health insurance and employee benefits. Vericred serves as a data translation layer between insurance carriers and technology companies that are transforming the way health insurance and employee benefits are quoted, sold, enrolled and managed. Vericred offers robust solutions for technology companies focused on the under 65 individual, Medicaid and Medicare markets, as well as the group market. For more information visit www.vericred.com or interact with us on Twitter, Facebook and LinkedIn.

**NOTE: Ideon is the company formerly known as Vericred. Vericred began operating as Ideon on May 18, 2022.**

Extending Medical Rating API to Dental, Vision and Beyond

NEW YORK–(BUSINESS WIRE)–Today, Vericred, Inc., a data services company building digital distribution infrastructure for health insurance and employee benefits, introduced a new Multi-Line Rating API that enables insurtech companies and carriers to expand their distribution of ancillary and voluntary products.

For insurtech companies offering health insurance and employee benefit quoting functionality, the Multi-Line Rating API provides a single point of access to plan availability, benefits and rates for multiple lines of coverage. This eliminates the substantial engineering otherwise required to accurately rate and present these products.

Carriers are able to expand their membership through the Multi-Line Rating API by quickly and easily gaining representation on today’s digital platforms and maintaining visibility of quote activity on each platform through Vericred’s analytics.

The Multi-Line Rating API leverages Vericred’s plan design and rate, provider-network, and formulary data. Building on its Group Rating API, which delivers group medical insurance benefit and premium data, the Multi-Line Rating API delivers major medical, vision and dental plan availability, rates and benefit descriptions. It will expand further to include short term medical, cancer, disability, life, pet, accident, critical illness, GAP, hospital indemnity, legal, hearing and other lines of coverage.

The API serves rating engines, benefits administration platforms, private exchanges, insurance sales and enrollment applications, and WBEs.

“Accurate and comprehensive multi-line quoting is critical to meeting the needs of the market,” said Michael W. Levin, Vericred’s co-founder and CEO. “With this API we are offering a solution that allows insurtech companies, and carriers, to present brokers, employers and individuals with a broad array of coverage options without the substantial engineering and operations burden of maintaining numerous different rating methodologies and schemas.”

Interested insurtech companies can learn more in Vericred’s API Documentation or by emailing sales@vericred.com.

About Vericred

Vericred (www.vericred.com) is a healthcare data services company that enables innovation, efficiency and transparency in the health and benefits industry. The company serves as a data translation layer between insurance carriers and insurtech companies to deliver structured health insurance data to insurtech platforms that are transforming the way health insurance is quoted, sold, enrolled and used. Today, the company delivers plan design and rate, provider network and formulary data for major medical insurance product lines. For more information visit www.vericred.com or interact with us on Twitter, Facebook and LinkedIn.

**NOTE: Ideon is the company formerly known as Vericred. Vericred began operating as Ideon on May 18, 2022.**

NEW YORK–(BUSINESS WIRE)–Today, Vericred, Inc., a data services company building digital distribution infrastructure for health insurance and employee benefits, introduced its new Network Analytics Suite to deliver to health insurance carriers actionable metrics and deep insights into their own and competing provider networks. Vericred introduced the product at the annual AHIP Institute & Expo gathering of U.S. health insurance carriers in San Diego.

“Vericred’s new provider network analytics suite offers a graphical, 360 degree view of a carrier’s own networks and those of their competitors,” said Michael W. Levin, Vericred’s co-founder and CEO. “Networks, broad and narrow, are a key health insurance product differentiator. Our network analytics suite, developed based on feedback from carrier partners, helps carriers identify competitive advantages and weaknesses and to curate their networks to strengthen their product offerings.”

The Network Analytics Suite provides dynamic dashboards that allow for views of markets by provider specialty and geography at the state, county and zip code level. Features include overlap analysis which allows the user to compare any two networks showing those providers in common to both networks and those providers unique to each network. Users can identify weaknesses, and analyze lists of individual providers. Network penetration is measured by the percentage of available providers by specialty within a given geography and can be compared between networks.

The relative strength of networks can be measured and visualized by specialty. Provider density can be viewed against various population models to determine under and over saturation of provider specialties. Network sufficiency can be benchmarked using standards from the Centers for Medicare and Medicaid Services (CMS) or the carrier, and measured against other networks. Passing and failing regions can be identified graphically.

The Network Analytics Suite supports individual-under-65 and small group networks, as well as Medicare Advantage networks. Interested carriers may learn more by emailing sales@vericred.com.

About Vericred

Vericred (www.vericred.com) is a healthcare data services company that enables innovation, efficiency and transparency in the health and benefits industry. The company serves as a data translation layer between insurance carriers and insurtech companies to deliver structured health insurance data to insurtech platforms that are transforming the way health insurance is quoted, sold, enrolled and used. Today, the company delivers plan design and rate, provider network and formulary data for major medical insurance product lines. For more information visit www.vericred.com or interact with us on Twitter, Facebook and LinkedIn.

**NOTE: Ideon is the company formerly known as Vericred. Vericred began operating as Ideon on May 18, 2022.**

NEW YORK–(BUSINESS WIRE)–Today, Vericred, a leading healthcare data services company, introduced its new Group Rating API, which delivers group medical insurance benefit and premium data to insurtech platforms through a REST API. This new API allows insurtech companies to build innovative group quoting platforms without undertaking the substantial engineering required to accurately represent plan availability, benefits and rates, all while delivering the analytics health insurance carriers need. Vericred’s new Group Rating API furthers the company’s vision of becoming the digital distribution infrastructure for the health insurance and employee benefits industry.

With Vericred’s Group Rating API, insurtech platforms no longer need to build and maintain their own rating engines to deliver accurate quotes to their customers. This aids new entrants to the market, as well as existing platforms which can now shed the overhead of maintaining their own rating engine.

Once integrated, the insurtech platform will simply pass group and census information to the API, and the API will respond back with all available health insurance plans, benefits and premium data. The response includes age-banded and composite group premiums as well as member-level premiums for both the employee and dependents. Business rules governing plan availability and rating methodologies have been implemented.

“Rating engines are complex to build and maintain. Further, we believe that regulatory changes will result in a more complex rating environment, with more state-to-state variation,” says Michael W. Levin, Vericred’s co-founder and CEO. “Our new Group Rating API allows insurtech companies to focus on building their user experiences instead of the underlying rating engine.”

Vericred’s Group Rating API will also generate reporting and analytics for carrier partners.

Levin continues, “Carriers seek visibility on quote activity. Our Group Rating API delivers this, with metrics on insurtech quote activity by platform and broker so that carriers can better manage their distribution.”

The Group Rating API initially supports community rated (ACA) small group medical products but will expand to include ancillary, level-funded and association products. Interested tech companies can learn more in Vericred’s API Documentation or by emailing sales@vericred.com.

About Vericred

Vericred (www.vericred.com) is a healthcare data services company that enables innovation, efficiency and transparency in the health and benefits industry. The company serves as a data translation layer between insurance carriers and insurtech companies to deliver structured health insurance data to insurtech platforms that are transforming the way health insurance is quoted, sold, enrolled and used. Today, the company delivers plan design and rate, provider network and formulary data for major medical insurance product lines. For more information visit www.vericred.com or interact with us on Twitter, Facebook and LinkedIn.

Proceeds to Fund Expansion of Health and Benefits Data Platform

NEW YORK, May 22, 2017 /PRNewswire/ — Vericred, a healthcare data services company, today announced the closing of a $5.5 million Series A funding round led by Nashville-based FCA Venture Partners, with participation from existing and new investors. The Series A funding brings Vericred’s total funding to just under $10 Million. The company will use the capital to accelerate sales growth and product development to advance its position as the enabling data layer to the health insurance and employee benefit industry. FCA’s co-managing partner Matthew King has joined Vericred’s Board of Directors.

Technology companies are looking to build robust solutions that help individuals and businesses enroll, understand, and use their health insurance and employee benefits. The lack of a centralized data platform providing reliable, structured data had historically inhibited the building of such solutions. Vericred enables innovation by solving the data problem so that technology companies can focus their resources on creating modern user experiences. Vericred’s health insurance data platform, comprised of health plan design and rate, provider-network and formulary data, is the solution to an industry otherwise plagued by highly fragmented, rapidly changing data.

“Vericred is an infrastructure company. Our role is to enable innovation in health and benefits by delivering the data and services that all industry innovators need, but which doesn’t make sense for each to build on their own,” says Michael W. Levin, Vericred’s co-founder and CEO. “We are thrilled to partner with FCA to leverage their deep domain knowledge and network. With their investment, we will have the resources necessary to scale our sales team, expand the breadth and depth of our datasets and to introduce related services to enable important new functionality.”

“Vericred’s centralized data platform is unique and highly scalable. With its combination of a strong management team and great technology, Vericred is positioning itself to power health insurance and employee benefit related applications, transactions and insights across the industry,” says Matthew King, co-managing partner at FCA Venture Partners.

Since the launch of Vericred’s first API in September 2015, the company has enjoyed 165% compound quarterly revenue growth. Clients include GetInsured, EaseCentral, Maestro Health, Decisely, Wellthie, Maxwell Health and the Robert Wood Johnson Foundation.  For more information visit www.vericred.com.

About Vericred:
Vericred, a leading healthcare data services company, partners with carriers across the nation to deliver structured health insurance data to insurtech platforms that are transforming today’s healthcare industry. With a mission to drive innovation in healthcare through data, Vericred’s data solutions enable functionality, speed deployment and reduce costs for health and insurtech companies, while its modern API allows for hassle-free data delivery for insurance carriers. Learn more at www.vericred.com

About FCA Venture Partners:
FCA Venture Partners, a family of funds founded in 1997, is located in Nashville, Tennessee. FCA Venture Partners focuses on early and growth stage Healthcare IT, Digital Health and Technology companies. The fund is positioned to take advantage of the multiple opportunities provided by current disruptions in the economy and efforts by the healthcare industry to reduce costs and become more efficient in this changing marketplace. Learn more at www.claytonassociates.com/fca-venture-partners.

New researcher initiative enables valuable insight into healthcare marketplace

NEW YORK, March 21, 2017 /PRNewswire/ — Vericred, a healthcare data services company, announced today that it will provide qualified non-commercial researchers across the country access to new high-value health insurance datasets, at no cost, with the goal of enabling analysis and insights into the health insurance market. This work was made possible with support from the Robert Wood Johnson Foundation (RWJF).

The newly available datasets are comprised of Vericred’s proprietary provider-network and formulary data. Vericred’s provider-network data represents hundreds of millions of plan-provider relationships with details on which doctors and facilities participate in specific networks, bringing transparency to the network component. The formulary dataset provides information on which drugs are covered by which plans in addition to their tier level and restrictions.

“The network and formulary datasets add important depth to what is currently available to researchers, providing endless potential for analysis and new understanding of how the health insurance market is evolving,” said Katherine Hempstead, senior adviser at the Robert Wood Johnson Foundation.

“Vericred shares the Robert Wood Johnson Foundation’s goal of increased transparency across all sectors of healthcare,” explains Michael Levin, Vericred’s co-founder and CEO.  “These datasets will enable researchers to investigate aspects of health insurance that would otherwise be impractical if not impossible to do. We look forward to seeing research results that come from this initiative.”

Many analysts have already used these data, including government agencies, academic researchers, and analysts from the private sector.  Just recently, University of Pennsylvania’s Leonard Davis Institute for Health Economics performed a study using Vericred’s network data to analyze the “narrowness” of regional provider-networks. The study provided invaluable insights into geographic shifts toward narrow networks, something that might not have been possible without the data. Through this initiative, however, Vericred and RWJF hope to introduce these data resources to a wider community of researchers.

Researchers with non-commercial interests can apply for access using an online form at Vericred.com/researchers.

About Vericred:
Vericred (www.vericred.com) is a healthcare data services company whose health insurance data platform enables innovative solutions in healthcare. Its platform, comprised of plan design and rate data, provider-network data and formulary data, offers a solution to an industry plagued by highly fragmented, rapidly changing data that currently exists in non-standard and non-structured formats. Vericred aggregates data from thousands of sources, which it then normalizes, structures and delivers through a modern API. Vericred is the only company offering access to all three datasets through a single integration point. Vericred’s data solutions benefit companies looking to transform today’s healthcare industry though enhanced tools and applications that provide transparency and choice. For more information visit www.vericred.com or interact with us on Twitter, Facebook and LinkedIn.

About Robert Wood Johnson Foundation
For more than 40 years the Robert Wood Johnson Foundation has worked to improve health and health care. We are working with others to build a national Culture of Health enabling everyone in America to live longer, healthier lives. For more information, visit www.rwjf.org. Follow the Foundation on Twitter at www.rwjf.org/twitter or on Facebook at www.rwjf.org/facebook.

Offers healthcare innovators an edge as Private Exchange Markets Heat Up

NEW YORK, Oct. 5, 2016 /PRNewswire/ —  Vericred, a healthcare data services company whose health insurance data platform enables innovative solutions in healthcare, is today announcing large group provider-network data. This dataset expands the company’s already extensive individual under 65 and small group provider networks. Vericred’s provider-network data together with its plan design and rate and formulary datasets, forms the basis of its health insurance data platform. 

The large group market, which includes companies with more than 50 or 100 employees depending on the state, is shifting to multi-carrier private exchanges, which offer employees multiple plans from which to choose. The demand is growing to create an online experience that is more intuitive and employee friendly. Vericred’s large group provider-networks and previously announced formularies, enable such experiences.

Vericred’s provider-network data, which is comprised of hundreds of millions of plan-provider relationships, brings transparency to this critical health plan component.  This dataset is being used to power group disruption analysis – the ability for an employer to compare networks based on all of its employees’ doctors and facilities – to determine which carriers and networks provide the best fit.  And, Vericred’s provider-network data is being used to power provider-centric plan search, through which an employee enters their doctors and preferred facilities as part of the shopping experience to see “who’s in and who’s out” of each available plan. Finally, the company’s data powers universal provider directories so that employees do not have to leave their employee portal to search for a new doctor that participates in their plan.

“As employers rollout private exchanges and benefit administration systems, delivering a consistent, high quality user experience is critical to the success of the initiative,” says Michael Levin, Vericred’s co-founder and CEO. “Provider-networks along with formularies and plan design data, provide the foundation for sophisticated decision support to help employees find the right plan.  And the ability for an employee to search for a new doctor without leaving the employer’s portal is beneficial to all.”

“As we sought to build our Shop by Doc™ solution for maestroEDGE, Vericred was the clear choice for a data partner,” explains Tony Dillon, CTO for Maestro Health™. “Their data solutions are comprehensive and easy to integrate, allowing us to focus our resources on building a consistent and personalized shopping experience.”

Vericred delivers its comprehensive data solutions through a modern API that provides a single point of integration. The API Documentation can be found at http://docs.vericred.apiary.io/#. For pricing and terms of use, interested parties should contact Michael W. Levin, CEO, at mlevin@vericred.com.

About Vericred:

Vericred (www.vericred.com) is a healthcare data services company whose health insurance data platform enables innovative solutions in healthcare. Its platform, comprised of plan design and rate data, provider-network data and formulary data, offers a solution to an industry plagued by highly fragmented, rapidly changing data that currently exists in non-standard and non-structured formats. Vericred aggregates data from thousands of sources, which it then normalizes, structures and delivers through a modern API. Vericred is the only company offering access to all three datasets through a single integration point. Vericred’s data solutions benefit companies looking to transform today’s healthcare industry though enhanced tools and applications that provide transparency and choice. For more information visit www.vericred.com or interact with us on Twitter, Facebook and LinkedIn.

NEW YORK, May 18, 2016 /PRNewswire/ — Vericred (www.vericred.com), a healthcare technology startup delivering data solutions to the health insurance industry, has announced the immediate availability of formulary datasets for the individual under 65, small group and large group health insurance markets.   

The datasets being made available today include formularies for all individual and small group health plans in all 50 states, on- and off-marketplace, and most large group health plans. Formularies are available through Vericred’s REST application programming interface (API), mapped at the plan level, allowing for easy integration into health insurance sales and utilization platforms. In addition to drug tiers, the API returns data on prior authorizations, step therapies and quantity limits. Later this summer, therapeutic alternatives will also be returned by the API.

“With patients bearing more out-of-pocket costs for prescription drugs, the new personal health economics are compelling patients to become informed health consumers. These consumers need transparent, easy-to-use, helpful information on the price of prescription drugs and therapeutic alternatives,” said Jane Sarasohn-Kahn, health economist at THINK-Health LLC and blogger at Health Populi.

“With over sixty percent of adults taking one or more prescription drugs, there is a deep need to bring transparency to this complex coverage element,” said Michael W. Levin, Vericred’s co-founder and CEO. “Our formulary data enables our partners to develop solutions to help individuals and groups better shop for, and utilize, their health plans.”

Vericred is launching its formularies with software development kits (SDKs) in ten languages, facilitating the development of formulary-related features and functionality. API documentation can be found at www.docs.vericred.apiary.io. For pricing and terms of use, interested parties should contact Michael W. Levin, CEO, at mlevin@vericred.com. 

About Vericred
Vericred, Inc. is a healthcare technology company enabling the transformation of the health insurance shopping experience. Its provider-network, formulary, and plan design and rate data for the individual and small group markets form the basis of decision-support functionality that brings transparency to the health plan search and selection process. Vericred’s data are available through a REST API in formats easily ingestible into health insurance search, quoting, and sales technology platforms, including private exchanges and marketplaces. Follow Vericred on Twitter, Facebook and LinkedIn.