Risk Contracting Training Resources to Stem from CMR Institute and Milliman Collaboration
Transition to value-based care is driving increased focused on risk-based payment models
ROANOKE, Va., (March 14, 2016) CMR Institute—the leading provider of non-brand related education for biopharmaceutical, medical device & diagnostics (MD&D), and related life science industries—announced that they are collaborating with Milliman, Inc., the leading provider of actuarial consulting services to the healthcare industry, to create expert risk contracting training resources to be available in April 2016. CMR will be working with Milliman consultants from their New York office.
As healthcare is transitioning to value-based care and alternative payment models, risk contracting between payers and providers is becoming a common practice. Understanding how payers, providers, and manufacturers can systematically approach risk contracting is critical for commercial sales teams from biopharmaceutical and medical device companies, as they create strategies to build more meaningful partnerships with their customers.
“With increased focus on transitioning from volume to value, new business models are emerging for all stakeholders. We expect this to drive more payers and providers to increase their engagement in risk contracting with biopharmaceutical and medical device companies.” said Michelle O’Connor, President and CEO of CMR Institute. “Our collaboration with Milliman is an example of CMR Institute’s commitment to deliver relevant, real-world perspective and knowledge. With a deeper understanding of risk contracting, our clients’ commercial teams will be better prepared to have more meaningful and strategic discussions with their customers.”
Many forward-thinking biopharmaceutical and MD&D companies are piloting risk contracts with key customers. Effectively designing these contracts is essential to ensure appropriate utilization, broader patient access to the most effective therapies, and improved healthcare outcomes.
”A huge cross-section of the US healthcare system is shifting to risk, with Medicare and private payers implementing a variety of value-based systems, often through accountable care organizations,” said Bruce Pyenson, Principal and Consulting Actuary in Milliman’s New York office. “However, risk contracts are a newer and bigger challenge for biopharmaceutical and MD&D companies than for provider organizations. Our collaboration with CMR Institute will introduce the actuarial concepts and analytic rigor needed for risk contracts to these companies and will help build support for approaching risk in a systematic way.”
Prior to the launch of the risk contracting training resources, CMR Institute and Milliman will be hosting a live, interactive webinar on Monday, April 11th at noon, to discuss risk sharing across the industry and the opportunities it presents life science companies. To learn more or register, click HERE.
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CMR Institute is the leading independent provider of non-branded education for the pharmaceutical, biotech, and medical device industries and has educated more than 150,000 professionals. Founded in 1966 by physicians in response for a need to increase therapeutic knowledge through scientific education, CMR Institute offers professional development and ongoing continuing education for representatives, managers and other professionals. Its expert content is developed and updated by leading industry experts and distinguished thought leaders from prestigious universities and academic medical centers, and includes key education on science, disease management, ethics, and leadership. CMR Institute’s not-for-profit status allows it to continually invest its resources in its library of education to realize its mission, which is to advance knowledge to enhance healthcare. To learn more about CMR Institute, visit www.cmrinstitute.org.
Milliman is among the world’s largest providers of actuarial and related products and services. The firm has consulting practices in healthcare, property & casualty insurance, life insurance and financial services, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe. For further information, visit milliman.com.