Credit2B's Rating System Predicts the Default Payment, Saves Possible Loss
S. Plainfield, NJ: The healthcare industry is rapidly evolving with the new government regulations, oversight, reimbursement levels, mergers and more. It is reported that many of the U.S. hospitals are losing money and have put their suppliers at the risk of loss. This tight situation led Credit2B to the development of a rating system for hospitals and medical institutions based on both quantitative and qualitative operational metrics. The trade data from Credit2B and private financials can be combined with multiple sources of medical and health data for predicting the default payment for clients.
Forbes article - Most Profitable Hospitals reports that, “the median operating margin for 200-bed hospitals and above was slightly negative (-0.7 percent) last year. That means the money that was brought in from patients fell short of what they needed to spend on staff, equipment, buildings and other items.”
Sandeep Puri, Former D&B Executive and Current CEO of Patientriciti, Patient Management Software company says,“Credit2B has built a talented team willing to quickly pull in massive data and resources to build a solution infinitely more relevant for the healthcare industry than what is available from the other credit bureaus.”
“We took millions of records from disparate sources to build a strong foundation of medical entity firmographics and trade data. Our next step was to integrate the most predictive data elements that highlight weakness in a hospital’s financial and patient quality metrics, including factors like patient feedback and Medicare data. We then sought feedback from our clients around other operating parameters that drove hospitals out of business, so we brought those in as well,” explains Irina Rabinovich, Vice President of Scoring Analytics at Credit2B.
The company plans to use this system as a framework for various industry-specific solutions heading forward, including the idea of working with independent in-person credit groups who are looking forward for a scalable technology to fulfill their needs.