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How to Slash Your Company’s Healthcare Costs – Guaranteed
- 1. Copyright 2015 © MyMedicalShopperCopyright 2015 © MyMedicalShopper 1 How to Slash Your Company’s Healthcare Costs – Guaranteed David Shiang, VP Sales and Marketing Chris Matrumalo, Director Marketing
- 2. Agenda “Making Healthcare Great Again” • Problems with Healthcare Today • How You Can Bend Your Company’s Healthcare Cost Curve • Making it Work • A Special Holiday Offer • Q & A Copyright 2015 © MyMedicalShopper 2
- 3. MyMedicalShopper enables true comparison shopping for medical procedures by shining a light on the secretive world of healthcare pricing. We can save small to midsize employers more than 33% on health insurance premiums while improving employee benefits. Become an empowered consumer and never overpay for healthcare again. Based in Portsmouth at New England Innovation Center. Never Overpay for Healthcare Again. Be Healthy, Grow Wealthy™ Copyright 2015 © MyMedicalShopper 3 Who is MyMedicalShopper?
- 4. Patient Pain Points Rising premiums Higher deductibles Increasing out-of-pocket costs Deliberately obscure pricing Unnecessary services Copyright 2015 © MyMedicalShopper Healthcare Costs Growing Four Times Faster Than Workers’ Earnings Source: Kaiser Family Foundation 4
- 5. Healthcare Costs – Outrageous but Stabilizing • US Spending on healthcare – 15x growth in 35 years – 1980, $253 billion – 2008, $2.3 trillion – 2015, $3.8 trillion • 4% of GDP in 1965, today approaching 20% of GDP • Forbes: Healthcare "Tax" Has Crushed Nest Eggs By $1,000,000 Per Household Runaway healthcare costs are killing us! Copyright 2015 © MyMedicalShopper 5
- 6. New Hampshire Employers – Spend an average of $11,000 per employee on healthcare – Increasing drag on P&L – Cost-sharing (aka cost-shifting) on the rise • Deductibles and out-of-pockets rising • Employees and families feeling the burden – Growing use of HSAs and other Tax-Advantaged Accounts to offset employee costs Copyright 2015 © MyMedicalShopper 6
- 7. Bending Your Healthcare Cost Curve It Starts with Healthcare Consumerism • A culture of shared responsibility and ownership • Have you had your “adult conversation” yet? Copyright 2015 © MyMedicalShopper 7
- 8. Consumerism Leads to Lower Healthcare Costs Copyright 2015 © MyMedicalShopper 8 Consumerism Claims and Premiums
- 9. We Can’t Promise This … but We’ve Got “the Missing Link” Copyright 2015 © MyMedicalShopper 9
- 10. Bending Your Healthcare Cost Curve – Step 1 Making it Work Step 1. The Right Tool – the Missing Link Copyright 2015 © MyMedicalShopper 10
- 11. Copyright 2015 © MyMedicalShopper • Saves money and time • Freedom to choose • Over 9,000 tests and procedures, and more than 800 providers • Convenient website and mobile apps • Employee Access to EOBs, Proactive Cost Recovery • Continuous automated EOB monitoring • Proprietary algorithms work continuously to identify EOB overcharges, mistakes, and fraud • Provides peace of mind • Simplifies and Automates Administrative Tasks • At-a-glance status of tax- advantaged accounts such as HSAs, HRAs, and FSAs Comparison shopping tool WealthCare Automated EOB Monitoring, Overbilling, and Fraud Detection MyMedicalShopper Product Overview Providing Benefits All the Way from Pre-care to Post-care 11
- 12. MMS Comparison Shopping Tool “Power to the Patient” Copyright 2015 © MyMedicalShopper 12 • Shopping for medical care now as easy as a Google search • Personal health plan integration for real-time deductible tracking and in-/out-of-network provider guidance • Informed healthcare decisions lead to significantly lower costs
- 13. Procedure Portsmouth (30-Mile Radius) Low High Difference (in $) Variation Chest X-ray $58 $293 $235 5x Cholesterol Screening $12 $129 $117 11x Emergency Dept. Visit $79 $915 $836 12x Mammography $166 $403 $237 2x MRI Lower Joint $415 $1,786 $1,371 4x Rotator Cuff Repair $2,502 $8,797 $6,295 4x Thyroid Stimulating Hormone $15 $149 $134 10x Ultrasound $87 $454 $367 5x Medical Procedure Price Variation (Last 12 Months) Prices are for procedures only. Source: NH Insurance Claims Data, MMS Proprietary AlgorithmsCopyright 2015 © MyMedicalShopper 13
- 14. Massive Potential Savings Opportunity from Engaged Healthcare Consumers Copyright 2015 © MyMedicalShopper *Excluding office and emergency room visits, savings potential across all procedures in NH exceeds $600 million. 14
- 15. MMS WealthCare Payment and Administration Copyright 2015 © MyMedicalShopper 15 • Minimize HR overhead by automating administration of HSAs, HRAs, and FSAs • Makes it easy for employees to embrace Consumer Directed Health Plans and Tax-Advantaged Accounts • Connects a single debit card to multiple accounts • No on-the-spot cash outlay or waiting for reimbursement • Online and mobile access to see real-time account balances; enables better claims management
- 16. Copyright 2015 © MyMedicalShopper 16
- 17. MMS Overbilling and Fraud Detection Copyright 2015 © MyMedicalShopper 17 • MMS algorithms continuously audit and parse EOBs for overbilling, fraud, and errors that are the source of inflated and incorrect medical bills • Industry experts indicate that up to 80% of medical bills have overcharges. Harvard authority estimates fraud alone at $270 billion annually. • MMS can proactively notify employees of irregularities on full privacy-protected basis. No need for employee to lift a finger • Multiple options for remedy and recovery • Money saved (recovered, adjudicated, removed from bill) can be significant and result in positive outcomes for both employee AND employer
- 18. MyMedicalShopper Employer Dashboard Employers Can Influence Employee Behavior and Make Better Decisions Copyright 2015 © MyMedicalShopper 18 • Empowers administrators to analyze, interpret, and take action – Tracks aggregate and de- identified medical care consumption – Monitors trends to identify opportunities to educate employees and drive behavior change – Use data analytics for planning and informed decision-making
- 19. Bending Your Healthcare Cost Curve – Step 2 Making it Work Step 2. The Right Incentives Copyright 2015 © MyMedicalShopper 19
- 20. Bending Your Healthcare Cost Curve 2. The Right Incentives • Plan Design: Raise Deductibles But Keep Out-of-Pocket Exposure the Same • Use Premium Savings to Fund Tax-Advantaged Accounts that Build Wealth Copyright 2015 © MyMedicalShopper 20
- 21. Massive HSA Savings Opportunity for Your Employees Copyright 2015 © MyMedicalShopper 21 • Expected value of employee- owned health savings accounts (HSAs) after 25 years of employment • $212,000 individual • $342,000 family
- 22. MMS Pricing • MMS Comparison Shopping Tool, Insurance Integration, In- Network/Out-of-Network, EOB Fraud Identification and Detection, Employer Dashboard with Analytics – $7.50 pepm – No additional charge for employee’s spouse and dependents – Nominal set-up fee for integration – Workshops for engagement, change management priced separately • Above plus WealthCare – $10.00 pepm ($2.50 pepm additional) • Billed annually Copyright 2015 © MyMedicalShopper 22
- 23. Red December Holiday Promotion • Give Your Employees a Gift They Will Treasure All Year Long • Slash Your Healthcare Costs • Your ROI could be 1000% or more – License Six Months of MyMedicalShopper, Get Additional Six Months Free – Program Expires 12/31/15 – Implementation Begins on Your Schedule Want more information? Copyright 2015 © MyMedicalShopper 23
- 24. Contact Information Copyright 2015 © MyMedicalShopper 24 MyMedicalShopper 75 Congress Street Portsmouth, NH 03801 David Shiang VP Sales and Marketing (603) 292-3019 david@mymedicalshopper.com Christopher Matrumalo Director of Marketing (603) 292-3043 chris@mymedicalshopper.com www.mymedicalshopper.com
- 25. Copyright 2015 © MyMedicalShopper 25 Thank you!