National Healthcare spending (Figure 1) for the US is at an all-time high at $3.7T and is expected to increase to $5.5T by 2026, almost 20% of GDP (Gross Domestic Product). This increase in healthcare spending has significant impact on consumers and their employers to cope with raising healthcare costs. According to Miliman Medical Index (Figure 2), the cost of healthcare for a typical family of four covered by an average employer sponsored preferred provider organization (PPO) plan is $28,166 in 2018 as compared to $15,609 in 2008. Another key finding from this study is that while employers are paying more, consumers are paying even more (Figure 3).
Medical prices, redundant services and healthcare administrative costs are among the key drivers for the increase in healthcare spending (Figure 4) in addition to several other factors including cost of specialty drugs.
Another key contributor to the increase in healthcare spending is lack of a consumer driven market place. Consumers are responsible for more than 41% of decisions in healthcare. However, they are not making informed decisions due to the lack of proper tools and access to information which leaves them feeling not empowered.
myElth Value Proposition:
myElth is a healthcare collaboration platform, built to engage and empower consumers to take control of their health information and costs. Using myElth, consumers are able to access their real-time coverage from across a number of healthcare plans (currently from 730 health plans) , and aggregate their electronic health records from hospital visits (1500 hospitals to date). Consumers can share their health information with their family caregivers or with their doctors. myElth platform enables trusted collaboration between consumer and other stake holders of healthcare including doctors, hospitals, family caregivers and health plans thereby eliminating the redundant services and reducing the administrative cost. myElth platform is a cloud based platform that leverages blockchain technology to securely store and exchange information. The platform is HIPAA certified and it’s EHR module is ONC HIT 2015 certified.
myElth’s direct to consumer product includes the above features along with a search for care module which allows consumers to search for quality care at lower cost. Consumers who are enrolled into a PPO plan or a High Deductible plan can save on their out-of-pocket costs by using these features. myElth app is available for download today on iOS and Android devices for free.
An industry first and unique shared incentive model is available for employers. This feature enables partnership between employees (consumers) and their employers to lower healthcare spending. In the shared incentive model, employees have the freedom to make best choices with respect to care selection. Employers with self-funded health insurance plans will realize direct savings in their healthcare costs as a result of employee’s selection of quality care at lower cost. The platform allows employers to share those savings with employees in the form of incentives.
myElth’s approach to empowering consumers is to provide them with a consistent, personalized and integrated experience for managing all of their healthcare needs including medical, dental, vision and pharmacy. The future roadmap for myElth includes focusing on consumer wellness and connecting consumers digitally for healthcare administrative and financial transactions with other stake holders.