As healthcare costs continue to escalate employers are readily looking for innovative ways to provide affordable health insurance coverage. Historically, one underlying issue recurs. Employees have difficulty navigating the healthcare maze – to receive both quality and cost effective care – especially determining the true cost of the medical services. Additionally, if individuals had a set copayment amount or had already met their deductible and out-of-pocket maximum, they may not have had financial interest to receive cost effective care.
One company recognized the lack of transparency for medical services and created an innovative solution. MPower 360 uses technology and location services from the user’s cell phone to solve this problem. This technology recognizes if the user is visiting a medical provider and will proactively reach out to see if assistance is needed.
Say, for example, you visit an orthopedist for knee pain and the doctor recommends you receive an MRI. MPower 360 would be alerted of the visit and contact you to see if they could assist in scheduling the MRI. MPower 360 would then offer a list of quality providers along with the charges associated with each provider. In addition to providing cost transparency, they also provide a financial reward to those employees that select the cost efficient provider.
The employee still has the option to go to the higher cost provider, but is financially rewarded to visit a quality provider that charges less. The financial rewards are determined and funded by the employer.
This innovative solution breaks the status quo, takes a new approach to managing healthcare costs, and in turn, offers a win-win scenario. The employee wins because they are receiving quality care and a financial reward for choosing a lower cost medical provider and the employer also wins because the total underlying cost is decreased, which will lead to lower premiums for both the employer and employees in the future.