Industry leaders partner to bring price transparency to more than 30 million U.S. consumers
Portsmouth, NH – June 25, 2018 – MyMedicalShopper today announced a partnership with Alegeus, the market leader in consumer-directed healthcare (CDH) solutions. More than 300 health insurance plan and third-party administrator clients leverage the Alegeus platform to deliver benefit accounts (HSAs, FSAs, HRAs) for more than 30 million consumers.
As the cost of healthcare continues to rise, employers are left to pay an average of 82% of their employees’ healthcare plan premiums, and are seeking value-based solutions that help keep costs down. Third-party administrators that want to help employers cut costs can now look to MyMedicalShopper and Alegeus to empower consumers to take control of their healthcare spending with innovative medical price transparency tools integrated into their healthcare benefit account experience. This gives consumers the ability to compare prices across multiple providers within their geographic region and to shop using their tax-advantaged accounts.
“Consumer directed healthcare accounts are the foundation for how consumers will get more value from their healthcare dollars,” said Steven Auerbach, Alegeus CEO. “Integrating tools, such as the MyMedicalShopper cost comparison tool, expand the value of the accounts by helping consumers spend and save their healthcare dollars more wisely.”
Rates for healthcare services vary by provider, insurance coverage, and the actual service provided—among other factors. Keeping these prices inaccessible up-front hurts consumers and employers. Due to the diverse and unpredictable mix of healthcare rates, U.S. employers can expect their healthcare costs to increase by as much as 5.5% in 2018.
Mark Galvin, CEO of MyMedicalShopper, says, “Our partnership with Alegeus allows employers and their employees to compare prices for medical services while also managing their payment and spending options. It’s a solution that allows normal market forces to operate within the U.S. healthcare system. Tools like this are instrumental in initiating positive changes to reduce healthcare spending and could help save as much as $1 trillion annually. As more Americans realize the value of consumer price transparency and financial management, this type of technology will help drive cost savings.”
MyMedicalShopper is available through benefit brokers and consultants serving both the fully insured and self-funded employer markets. MyMedicalShopper provides a comprehensive platform for employers who want to take control of their healthcare costs and empower their employees with a tool that makes shopping for medical care as easy as a Google search.
MyMedicalRewards™ provides a dynamic HRA or HSA funding mechanism that drives good consumer behavior even when employees are spending employer dollars. It combines reference-pricing models with the MyMedicalShopper shopping experience to reward employees for choosing low-cost, high-quality medical care, thus reducing medical claims.
MyMedicalShopper’s Employer Dashboard provides CEOs, CFOs, and HR leadership with direct visibility into their group’s claims experience, engagement with MMS programs, and realization of savings. MyMedicalMetrics™ is an enhanced feature of this dashboard—a robust claims analytics package that shows employers exactly how their employees are victimized by hidden pricing, inadvertently driving up their own costs and overall claims experience for the group. Employers can use this new information to team up with their employees, identify specific savings opportunities, and build targeted campaigns that drive meaningful behavior change and claims reduction for their groups.
About MMS Analytics, Inc. (www.MyMedicalShopper.com)
MMS Analytics, Inc. dba MyMedicalShopper™ is a big data company on a mission to revolutionize healthcare. The company was started out of the need to bring transparency to consumers and the companies who provide healthcare benefits to their employees—providing the leverage needed to make solid decisions on their healthcare and improve their quality of life. Consumers previously unaware of price variations in procedures and testing can utilize real-time health insurance plan pricing information that makes it possible to choose care based on price, quality, and convenience. Experts document that as much as $1 trillion could be slashed annually from the cost of healthcare in the U.S. MyMedicalShopper aims to transform the healthcare industry into a fair market for consumers.