IPG, the provider of device benefit management solutions, will collaborate with NEXGEN OsteoBiologics (NEXGEN), a medical biologics marketplace with a national distribution network.
The agreement, effective October 1, will help provide cost-efficient biologics to partnering health plans, providers and members.
Currently procedures utilizing osteobiologics materials (sports medicine, spine, dermatology, and breast reconstruction, among others) are on the rise, as are the related costs, according to a joint press release.
These cost increases are partially driven by the growing complexity of these materials, where lack of transparency often creates highly variable and unjustified pricing across the board, the companies claim.
“NEXGEN is excited to partner with IPG. As the nation’s leading device benefit management firm dedicated to improving quality of care while lowering the overall cost of care, IPG was the ideal partner for NEXGEN,” said Steve Carbonara, co-founder of NEXGEN.
“Working with healthcare facilities, health plans, and providers, we can remove a tremendous amount of cost in the healthcare supply chain while automating much of the process.”
IPG partners with all of the major national and regional health plans across the country to bring transparency and high quality, cost efficient care to their members, the company claims. As a participating manufacturer in IPG’s device benefit management program, NEXGEN will serve as a direct vendor to IPG’s partnering providers.
The relationship between IPG and NEXGEN will allow IPG to manage all aspects of the device acquisition process including purchasing and billing, which relieves the cash outlay burden among IPG’s facility customers and streamlines the overall facility process, therefore saving money and increasing facility profitability.
“IPG continues to partner with innovative companies like NEXGEN that increase value to clinicians and patients while containing escalating healthcare costs,” said Brian Holt, chief innovation officer for IPG.
Vince Coppola, president and CEO of IPG, said: “Relationships like this allow us to actively participate with our health plan partners to truly deliver value-based healthcare to their members. We are unique in that our solutions help align health plans, providers, facilities, members and manufacturers in the delivery of high quality and cost efficient care. We are proud of the network we’ve built together to deliver on our mission.”
IPG, US, NEXGEN OsteoBiologics, Healthcare, Biologics, Risk management, M&A, Steve Carbonara, Brian Holt