Keyark Announces the Launch of Its MRF Explorer as the Leading Tool for Healthcare Price Transparency
San Mateo, California--(Newsfile Corp. - February 8, 2023) - Silicon Valley software and technology development firm, Keyark, announces the launch of its MRF (Machine-Readable File) data explorer. MRF Explorer is an online service that makes healthcare price-transparency data accessible to everyone. This self-service facility helps consumers, self-insured employers and industry analysts better understand the costs associated with healthcare. This is the first time all stakeholders in the medical industry get access to contractual rates for medical services and drug pricing that until recently was hidden in secret contracts. By providing this unique data service, Keyark seeks to address the price transparency issues in the United States healthcare sector which accounts for 18% of the economy.
In July 2022, Medical insurance companies in the United States were mandated by CMS (Centers for Medicare & Medicaid Services) to be transparent to the general public with the contract rate negotiated between the insurance company and medical providers, which include facilities, medical groups, and individual physicians. In early 2023, self-insured employers and third party administrators (TPAs) were additionally required to follow the rule, for the 500 most shoppable items and services, enforced with a heavy fine for violators. However, the pricing information is enormous in volume and in a format too complex to be readily understood. In addition, this information is delivered in Machine Readable Files (MRF) that cannot be viewed with office software. In order to make this complex data accessible for consumers and experts alike, Keyark developed a custom-built web application called MRF Explorer that assists users in querying MRFs and provides a quick and affordable solution.
MRF Explorer can be accessed through a web browser without requiring the user to install any extra software. The user can access the required pricing data by specifying the health plan MRF and billing codes of interest. The search can be narrowed by EIN (Employer Identification Number) for a hospital, clinic or medical provider group and/or individual provider NPI (National Provider Identifier), with name lookup guidance by MRF Explorer. The required data will be available within a few minutes and can be viewed and analyzed through Excel.
"MRF Explorer is the first of its kind tool that enables easy and affordable access to complex healthcare price transparency data. Our aim is to use the enormous and complicated pricing information published by insurance companies to help drive down the cost of healthcare. For the first time self-insured employers have a tool to understand the prices in their ever increasing health insurance outlays, to measure the true cost of their TPAs, and to make an accurate comparison among plans available in the market. And just as important, physicians can see whether they are fairly compensated, and consumers with significant medical concerns can compare plans and coverage before selection. Users can access the MRF Explorer free of cost. We also provide a set of free practice MRFs to get acquainted with the tool," says Mikhail Gilula, President and CEO of Keyark.
Keyark is a software development company headquartered in San Mateo, California, United States, and was founded in 2019. Keyark develops KeySQL technology enabling a productivity breakthrough in NoSQL data analytics. According to the company, this is the most significant innovation in data management since the introduction of relational databases and the SQL language over 50 years ago.
Name: David Golden
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/154085