How to Slash Your Company’s Healthcare Costs – Guaranteed

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How to Slash Your Company’s Healthcare Costs – Guaranteed

David Shiang, VP Sales and MarketingChris Matrumalo, Director Marketing

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

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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

Who is MyMedicalShopper?

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Patient Pain Points

Rising premiums

Higher deductibles

Increasing out-of-pocket costs

Deliberately obscure pricing

Unnecessary services

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Healthcare Costs Growing Four Times Faster Than Workers’ Earnings

Source: Kaiser Family Foundation


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!


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


Bending Your Healthcare Cost Curve

It Starts with Healthcare Consumerism

• A culture of shared responsibility and ownership• Have you had your “adult conversation” yet?

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Consumerism Leads to Lower Healthcare Costs


Consumerism Claims and Premiums


We Can’t Promise This … but We’ve Got “the Missing Link”


Bending Your Healthcare Cost Curve – Step 1

Making it Work

Step 1. The Right Tool – the Missing Link

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• 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 OverviewProviding Benefits All the Way from Pre-care to Post-care

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MMS Comparison Shopping Tool“Power to the Patient”


• 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

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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 Algorithms


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Massive Potential Savings Opportunity fromEngaged Healthcare Consumers


*Excluding office and emergency room visits, savings potential across all procedures in NH exceeds $600 million.

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MMS WealthCare Payment and Administration


• 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


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MMS Overbilling and Fraud Detection


• 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

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MyMedicalShopper Employer DashboardEmployers Can Influence Employee Behavior and Make Better Decisions


• 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

Bending Your Healthcare Cost Curve – Step 2

Making it Work

Step 2. The Right Incentives


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


Massive HSA Savings Opportunity for Your Employees


• Expected value of employee-owned health savings accounts (HSAs) after 25 years of employment• $212,000 individual• $342,000 family

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


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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?


https://mymedicalshopper.com/offers

https://mymedicalshopper.com/offers

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Contact Information


MyMedicalShopper75 Congress StreetPortsmouth, NH 03801 David ShiangVP Sales and Marketing(603) [email protected] Christopher MatrumaloDirector of Marketing(603) [email protected] www.mymedicalshopper.com

mailto:[email protected]

mailto:[email protected]

http://www.mymedicalshopper.com/

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Thank you!