Strategic Partnership Delivers Healthcare Price Transparency to Consumers and Helps Medical Providers Comply with the Price Transparency Rule
FRISCO, Texas, June 10, 2022 /PRNewswire-PRWeb/ -- BioDatAi, the healthcare subsidiary of Dallas-based Economic Transformation Technologies (ETT), an accelerator and integrator of innovative technologies, announced it has launched its Intelligent Interoperability Platform (PaaS) and a new strategic partnership with Self Pay Medical to provide a platform for healthcare price transparency that is intuitive for the consumer to use and easy for healthcare providers to openly share pricing for their services.
"In the U.S., the cost of healthcare has been growing exponentially, with the average expenditure on health-related services increasing at twice the rate of household income," stated Kelly Cook, CEO of BioDatAi, which is focused on delivering new, innovative healthcare services and solutions that address the ever-changing needs of the global healthcare marketplace.
"Unlike most markets, healthcare has not been transparent with consumer price prior to services being rendered. As many Americans are funding healthcare out of their own pocket, they deserve to have price transparency," added Cook. "The partnership between Self Pay Medical and BioDatAi will enable us to effectively capture and curate price data through the utilization of our Healthcare Intelligent Interoperability Platform and provide consumers with information they need to make educated medical purchasing decisions."
Over the last five years, Self Pay Medical has been determined to put the power back in the hands of the consumer by providing easy access to medical pricing at the provider level. With a comprehensive system that has now captured over five million procedural price points, covering over 45,000 unique providers, consumers can now compare medical providers in their area by procedure and cost in order to assist in deciding where to receive the care that they need.
"Integrating our Healthcare Pricing Database and Portal into BioDatAi's Intelligent Interoperability Platform will not only enhance our ability to service the immediate needs of Self Pay consumers across the U.S. but will also uniquely position our Partnership to help Hospitals comply with the Hospital Price Transparency Rule that took effect in January of 2021, in which only 14% of hospitals are in compliance with," said Dr. Ken Steiner of Self Pay Medical.
BOLD Capital Group, LLC, an investment and advisory firm in Charleston, South Carolina, served as Advisor for BioDatAi.
BioDatAi, Inc. is a full ecosystem technology platform company designed to solve the greatest problems in healthcare today of Access, Integration, and Interoperability. Utilizing its state-of-the-art Intelligent Interoperability Platform, BioDatAi capitalizes on its strengths of advanced data technologies such as AI, Machine Learning, and Data Sciences to lead the market in terms of healthcare standards for security, interoperability and speed to innovate. For more information, please visit http://www.biodatai.com.
About Self Pay Medical
Self Pay Medical delivers transparency and access medical costs through a disruptive consumer-driven platform along with providing consumers additional services that include patient concierge/advocate services, as well as telemedicine, medical financing, and a host of additional patient resources that empowering consumers like never before with a reach is unmatched in the industry. For more information, please visit http://www.selfpaymedical.com.
Doug Coupe, BioDatAi, 843.568.2455, [email protected]