Technology: The missing link for Coca-Cola, American Express and Verizon to cut healthcare costs
Forty of the biggest names in corporate America have teamed up to form the Healthcare Transformation Alliance (HTA). American Express, IBM, Coca-Cola, Verizon, Johnson & Johnson and many other large companies comprising the HTA are fed up with healthcare costs rising to the stratosphere. They have decided that strength in numbers will help them lower healthcare costs for their companies and employees. What started as a group of 20 companies in 2016 has doubled in size in just a year. The overwhelming response and growth reveals just how broken the current healthcare system is.
Sally Pipes, in an article for Forbes, pulled together statistics from the Kaiser Family Foundation Survey as well as the Congressional Budget office to reveal the bleak future facing corporations unless something changes:
- Employers spend an average of $12,591 for family coverage.
- Premiums for employer-based family insurance have increased 27% over the last five years – and 61% over the last ten.
- The Congressional Budget Office estimates that average premiums for employer-based family coverage will reach $24,500 in 2025 – a 60% increase over premiums today.
A press release issued by HTA this past March discussed the group’s three-pronged approach to curbing costs: partnerships for prescription drugs, predictive analytics and creating medical networks. We hope this works for these companies and perhaps more will join them. But we believe there is still a missing link, and that’s a consumer-based, e-commerce model tying it all together.
When you look at the economics of American business, the consumer is always at the heart of supply and demand. And people vote with their wallets when they know their choices. That’s one of the main reasons healthcare costs haven’t gone down: there’s no tool for consumers to become fully engaged in identifying the costs and finding the choices. If the wallet is the greatest change agent in healthcare economics, then give people the tools they need to make better, healthier, and lower-cost choices. HTA members would be well-advised to provide their employees a navigation tool that helps them shop for, and select, the lowest cost services and procedures.
HealthQRS has developed the necessary tool
HealthQRS has created an e-commerce strategy that allows employees to shop, schedule and pay for procedures and services. HealthQRS’ system can be programmed to navigate users to the lowest cost procedures and service providers from smartphones, tablets or computers. We meet people where they are, and help them find healthcare services they can afford. Once they select their procedure, they can schedule it and pay for it all from the same app. Our powerful algorithms calculate the exact, true amount, not just estimates, that they will owe. HealthQRS’ unprecedented, cutting edge technology combines metrics from provider contract rates with payers, insurance verification, patient financial responsibility, payer claims adjudication logic, and in a millisecond, calculates the patient’s exact out-of-pocket expense. No one else is doing this.
Imagine if HTA and Salesforce, Workday, SAP or Oracle partnered with HealthQRS
By partnering with HTA and HealthQRS, companies such as Salesforce, Workday, SAP, or Oracle could substantially drive healthcare costs down. This can be accomplished by implementing a medical e-commerce platform for their employees, such as the one HealthQRS has created. Gather the players together: the employers (HTA members) and employees and you have a powerful engine that can truly drive down healthcare costs because healthcare service providers will have to follow suit. Add to the mix a company such as Salesforce, Workday, SAP or Oracle and you’ll dramatically increase the engine’s horsepower. Companies like Salesforce already have the infrastructure in place to reach their customers and the customers’ employees. Blend in HealthQRS’ medical e-commerce platform, and you’ve really got the makings of a market change in healthcare.
Pricing transparency solutions that just give estimates aren’t creating a marketplace. We need a quantum leap towards providing the same type of shopping experience in healthcare that people expect for just about everything else they purchase. For HTA and companies such as Salesforce, Workday, SAP and Oracle, this a huge opportunity to play in the largest market in the world and a chance to take advantage of dramatically increased growth and revenues. If they partner with HealthQRS, they would have a solution to solve the biggest problem in healthcare.
Consumerism is here. Isn’t it time for you to take advantage of this reality? We invite you to learn more. We have over 12 years of experience developing healthcare retail experiences for consumers and our founders have over 50 combined years of e-commerce experience. We can have providers, payers or facilities set up in a matter of weeks at the point-of-service and online. And because we are a software as a service (SaaS), our customers don’t incur any capital expenses, only a low monthly fee. Why not contact us right now for more information or click here to schedule a demo? Or click here for a quick, 6-minute video about our e-commerce strategy.
 David McCann, “40 Companies Unite to Rein in Health Costs,” CFO, May 19, 2017, http://ww2.cfo.com/health-benefits/2017/05/40-companies-unite-rein-health-costs/
 Sally Pipes, “To Cut Healthcare Costs, Companies Find Safety in Numbers,” Forbes, Apr. 4, 2016, https://www.forbes.com/sites/sallypipes/2016/04/04/to-cut-healthcare-costs-companies-find-safety-in-numbers/#38d6a86d7e9c
 “One Year Later, a Group of Leading Private Sector Companies Is Working to Fix a Broken Health Care System,” Health Transformation Alliance, http://www.htahealth.com/wp-content/uploads/2017/07/Private_Sector_Health_Care_Reform_Moves_Ahead.pdf