The Verden Quarterly Report (Q2 2008) has been released! This is an amazing resource and the little comments about each ranking (in the blue box, off to the side of each page) are quite enlightening. And the price is right. Note that Oxford gets a most improved award, a distinct example of what I call the Verden Effect.
Make sure you have the latest copy of this guide when you do your insurance contract negotiations.
Oh, here’s the press release:
The Verden Group Releases Second Insurer Ranking Report
Nyack, NY, 07/22/08 – The Verden Group has converted its proprietary Verden Alerts data into a single, free report that assesses the financial impact of thirty four major medical insurers’ policy changing on their networked physicians and practices.
The report is available at http://www.theverdengroup.com/Reports/ManagedCareReport_Q208.pdf
The goal of the Verden Ranking system is to evaluate how insurance companies (payers) behave from the perspective of physician practice management. The data used to rank the payers comes directly from the companies themselves, as gathered by the Verden Alert subscription service. The Verden Alerts monitor insurer sites for any policy and procedure changes and alert subscribers based on their participation and specialty whenever changes are posted.
“Until now, medical practices who accept insurance have been working mainly in the dark when it comes to the policy and procedure changes insurers make,” says Susanne Madden, Verden Group CEO. “The stakes are too high to allow it to continue. Insurers make astronomical profits by not passing through premium dollars to those that render care to insurers’ members. Before we analyzed our Verden Alert data and created this report, there was no source for identifying policy modification trends – and the impact on physicians – except through anecdotal evidence.”
The Verden Group summarizes the results into five key metrics important to any medical practice: Cost to Provider, Volume of Change, Clarity of Communication, Notification Period, and Posting Integrity. Then, a score is accumulated for each insurance company depending on the severity of the issue. For example, points are added as the volume of policy changes increases or as the changes negatively impact medical practices. Ultimately, the payers with the most points are, at least, the most cumbersome with which to do business.
Madden believes that having quantifiable data about how payers treat their networked physicians is a vital piece of knowledge to any medical practice. “Physicians should use this data to help challenge policies as they are being made, rather than just letting Payers set the agenda based on their own business initiatives. Not all payers are the same. Some
networks are managed worse than others and physicians can now make strategic decisions about which ones to participate in. The Rankings are an accountability tool to help aid in that decision-making.”
For additional information on The Verden Group and the Verden Alerts, contact Susanne Madden or visit