Traditional risk adjustment methods rely on medical coders manually reviewing each patient’s medical chart. These methods often result in high error rates, high costs, incomplete and labor-intensive processes. Health plans have turned to technology such as natural language processing (NLP), however many are unsatisfied, claiming the technology returns “too much noise” due to its inability to understand the nuances of medical language.
Using proprietary advanced analytics, Magenta can comprehensively assess and identify care gaps in a population by challenging the assumption that all charts must be reviewed. Our clinically informed and statistically based engine starts with claims data, requiring minimal integration efforts. We not only provide Medicare Advantage and ACA plans with revenue and quality impacts, but also cost savings on chart retrieval costs and increased reviewer productivity.
Magenta’s analytics strike a balance between finding gaps in care and ensuring appropriate coding integrity. With an urgent focus on compliance from the OIG, our analytics help mitigate a health plan’s risk of a RADV audit. Our near real-time data and fast turnaround provides health plans an advantage when shifting to a prospective risk adjustment approach.
Based in Denver, Colorado, Magenta has received funding from top venture capital firms, including GV (formerly Google Ventures), FirstMile Ventures, and TFX Capital.
Co-founder and CEO, is a highly successful serial digital health entrepreneur. Prior to founding Magenta, Rick led Empiric Health, an analytics company spun out by Intermountain Healthcare. He has also served as CEO for Stanson Health, Recondo Technology, and New Era of Networks (NEON).
Before his career in digital health, Rick was a Partner at Goldman Sachs, where he led the IT and securities processing teams. He also has an extensive background in the military, having served in the Air Force as a launch crew officer. During the period of Apollo missions 8 through 14, he ran the Real Time Computer Centers at both the Kennedy Space Center and Vandenberg Air Force Base.
Co-founder and COO, has been a serial entrepreneur for over 30 years with a focus on healthcare technology and data science. He has led multiple teams taking point solution analytics to broader, scalable use cases. At Magenta, Justin provides strategic, organizational, and tactical leadership in defining what problems to tackle, how to approach them, and how to build strong partnerships.
Before Magenta, Justin led technology and data science teams at Empiric Health to bring analytical products to market to reduce unwarranted clinical variation in care. He also assumed P&L responsibilities for Intermedix’s practice management business unit, overseeing $40 million annually. He led the startup and operation of an analytics and data science business unit with teams of data scientists, statisticians, software engineers, analysts, sales teams, and customer success teams across the US, UK, Europe, and New Zealand.