Benefits Science Technologies Acquired by MultiPlan, Expanding Opportunities for Innovative Health Benefits Solutions
- June 19, 2023
Benefits Science Technologies (“BST”), a next-generation data and advanced analytics company that combines modern data science, including machine learning and artificial intelligence (“AI”) with a deep expertise in health benefits solutions, is thrilled to announce its acquisition by MultiPlan, a trusted healthcare cost management company. This strategic acquisition marks a significant milestone in BST’s journey, giving us access to resources that make us even better equipped to continue to innovate and quickly deliver solutions.
MultiPlan’s acquisition of BST is the union of two industry pioneers committed to transforming the healthcare and health benefits solutions landscape. Together, BST and MultiPlan can provide you with more data and actionable intelligence faster, with more expanded capabilities to help solve your problems.
Through a combination with MultiPlan, BST will have direct access to a deep distribution platform providing instant access to the majority of the nation’s payors and a wealth of claims data. With MultiPlan’s extensive experience and robust network, BST can now leverage its cutting-edge technology to deliver even greater value to employers, payers, and providers.
This collaboration combines BST’s expertise, known for its advanced predictive modeling and data analytics, with MultiPlan’s deep industry knowledge and vast market reach. By joining forces, the combined will be able to tackle the complex challenges of healthcare cost management and provide comprehensive solutions that empower organizations to optimize their health benefits solutions and strategies.
“We are excited to join with MultiPlan to drive deployment of data-driven solutions more broadly to the industry,” said Stephen Sofoul, CEO and President of BST. “BST was founded on the belief that data science advancements will increasingly influence decisions made by employers and other risk bearers. Over the past decade, we’ve developed a product portfolio driven by advanced analytics including machine learning algorithms for predicting future risk and artificial intelligence software for managing health plan decisions. Combined now with MultiPlan, we are even better equipped to help our customers improve the quality of care at a lower overall cost.”
The acquisition will empower employers and payers to make more informed decisions, resulting in better health outcomes for their members while controlling costs. BST will bring its key products to MultiPlan’s new Data & Decision Science service line, including:
- Price Transparency – a modern self-service software platform jointly developed with MultiPlan that provides prescriptive analytics and applications to help customers benchmark network performance, optimize network design, and improve competitive positioning. In less than a second, the solution can query over 500 billion records of machine-readable payor and provider pricing data now required by regulation to be made public. The solution will aggregate this vast contracted rate information and enrich it with MultiPlan’s extensive proprietary demographic and affiliate data on 1.3 million contracted providers, pricing technology, and deep clinical billing expertise.
- BenInsights – a modern software platform for employers and their consultants that quickly and accurately aggregates a plan’s data and provides highly flexible financial and clinical reporting and decision tools through a self-service software platform. BenInsights also integrates predictive risk modeling and prescriptive analytics and value-added services, such as benefit plan design and optimization.
- Risk Analytics & Insights – solutions that complement existing actuarial-based modeling by applying interpretable risk models, risk scoring, and prescriptive analytics for commercial and government health plans. Among other services, risk scoring can seamlessly attach to MultiPlan’s prepayment claims flows to help identify emergent risks by individual, group, or condition, and prescribe financial and clinical program enhancements across a plan sponsor’s organization.
- Other Market Solutions – a group of software solutions for supplemental insurance carriers and stop loss carriers, including digital claiming, digital underwriting, and targeted selling tools, that help improve plan performance and competitive positioning.
MultiPlan is an ideal home for BST. Not only do we have a shared vision of the importance of advanced analytics in healthcare, but MultiPlan has a track record of successfully integrating companies it acquires in a way that facilitates expansion and encourages continued market leadership.
“This is a tremendous milestone for MultiPlan. This transaction brings together two leading healthcare technology companies that share a vision of solving healthcare’s most pressing problems,” said Dale White, CEO and President of MultiPlan. “BST’s platform, products and intellectual capital, combined with MultiPlan’s customer reach and expansive claims data will deliver rich, actionable data rapidly and prescriptively to health plans and employers seeking to improve care, avoid cost, and achieve greater return on investment. I am very excited about the significant growth opportunities our new Data & Decision Science service line will generate for MultiPlan.”
BST customers will benefit from the enhanced capabilities and resources from collaborating with MultiPlan, ensuring continued excellence in optimizing health benefits solutions. BST and MultiPlan will be able to make a significant impact and support payors in reducing cost and improving outcomes to deliver fairness, efficiency and affordability more broadly.
About MultiPlan
MultiPlan is committed to delivering affordability, efficiency and fairness to the US healthcare system by helping healthcare payors manage the cost of care, improve their competitiveness and inspire positive change. Leveraging sophisticated technology, data analytics and a team rich with industry experience, MultiPlan interprets customers’ needs and customizes innovative solutions that combine its payment and revenue integrity, network-based and analytics-based services. MultiPlan is a trusted partner to over 700 healthcare payors in the commercial health, government and property and casualty markets. For more information, visit multiplan.com.
About BST
Founded in 2012 in Boston, MA by MIT-trained data scientists, BST combines world-class technical knowledge and practical experience to harness powerful data-driven insights for the healthcare industry. Their experts have extensive industry experience and unique backgrounds at the intersection of analytics, healthcare and software development. BST is unique in the market in its ability to describe what has occurred, predict what’s likely to occur, and prescribe the next best action designed to mitigate future risks. For more information, visit www.benefitsscience.com