NH Healthcare Price Transparency Company Will Work with Behavioral Economics Firm to Introduce and Drive Consumerism in Healthcare
Portsmouth, NH—October 22, 2020—MyMedicalShopper, creator of the price transparency platform of the same name, has partnered with Silicon Valley-based Irrational Labs to develop, implement, and execute initiatives focused on introducing and driving consumerism in the healthcare marketplace.
“To change people’s behavior, we need to understand people’s behavior,” said Mark Galvin, co-founder and CEO of MyMedicalShopper. “With the MyMedicalShopper platform, we have the necessary tools to bring about that change. Teaming up with Irrational Labs will help us understand how to bring those changes to life.”
Irrational Labs, whose past clients include Microsoft, Google, Aetna, and Fidelity among others, will leverage its expertise in consumer behavior and personal motivation alongside MyMedicalShopper’s healthcare consumerism tools to build a roadmap towards a free and fair healthcare marketplace.
Both firms recognize that is going to take time, education, and patience, but Irrational Labs co-founder Kristen Berman believes that the time is right to bring about change.
“Healthcare is a market run by incentives, but sadly those incentives are typically not in line with the consumer’s best interest,” said Berman. “Most attempts at solving the healthcare crisis fall short. They lack core insights on how the system works but most importantly lack insights on human behavior. To drive systematic change in healthcare, we need to re-design the way people engage with it. And that starts with changing incentives and designing ways to make costs more and more salient. Working alongside MyMedicalShopper is a big step forward in making these systematic changes.”
About MMS Analytics, Inc. (www.MyMedicalShopper.com)
MMS Analytics, Inc. dba MyMedicalShopper™ delivers technology, products, and services to produce meaningful savings to group health plans and their participants from the overall cost of their healthcare benefits. The company was founded on the belief that fixing the broken healthcare marketplace required the combination of alignment of financial incentives, medical price transparency and the reduction of administrative overhead with employer group knowledge and change management. The company empowers employers and their employees with the ability to choose care based on price, quality, and convenience with unprecedented access to the secretive prices negotiated between insurance networks and medical facilities. Using big data, machine learning, deep analytics and intuitive user experiences, MyMedicalShopper arms group health plans with the tools and teaching necessary to recapture a meaningful portion of the 41% average over-spend wasted on vendors of overpriced tests and procedures.
About Irrational Labs
Irrational Labs (IL) is a leading behavioral economics consulting firm, founded by Professor Dan Ariely and Kristen Berman. IL helps organizations design products and services that make their customers happier, healthier and wealthier. Their clients have included Google, Lyft, Fidelity, Microsoft, Kiva, Indeed and hundreds of other innovative organizations. They use behavioral insights to design new products and improve existing ones, always finding the simple and low-cost route to improved customer and business outcomes.