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MyMedicalShopper’s Comparison Shopping Platform Receives Independent Program Validation from the Validation Institute

Platform Determined to Produce Measurable ROI and Significant Healthcare Cost Savings

Portsmouth, NH – August 28, 2019 – MMS Analytics, Inc. dba MyMedicalShopper, the leading provider of healthcare price transparency solutions, announced that its MyMedicalShopper™ Mobile Price Transparency solution, has been validated by the Validation Institute, an independent, objective, 3rd party organization focused on changing health care.

MyMedicalShopper is a comprehensive platform sold to employer groups that is designed to drive down the cost of healthcare while improving employee benefits. With MyMedicalShopper, employees previously unaware of the wild variations in prices for medical procedures and testing can choose care based on price, quality, and convenience with unprecedented access to the previously secretive prices negotiated between insurance carriers and providers. The company’s analysts estimate that roughly 41% of an employer’s annual healthcare spending could be saved if employees shop for their care and selected lower-cost high-quality providers.

“It’s an honor to receive this validation for MyMedicalShopper from the Validation Institute. Their independent verification of our customer’s claims gives prospective insurance brokers and employers confidence in MyMedicalShopper’s ability to generate healthcare claims savings, and further enhances our credibility in the market,” says MyMedicalShopper co-founder and CEO, Mark Galvin.

 “The Validation Institute only validates high-quality programs that deliver proven results that reduce healthcare spending. MyMedicalShopper was found to have a credible impact on healthcare costs and delivers on its claims,” says RD Whitney, CEO of Validation Institute.

MyMedicalShopper is available through benefit brokers and consultants serving both the fully insured and self-funded employer markets. The platform integrates with over 100 health plan member portals providing real-time deductible tracking, in- and out-of-network facility information, and other personalized plan details to help employees manage out-of-pocket expenses and plan for future procedures.  

MyMedicalShopper empowers employers and their employees to take control of their healthcare costs on over 10,000 medical tests and procedures by making it easy to shop for low-cost, high-quality medical care. 

About MMS Analytics, Inc. (www.MyMedicalShopper.com) 

MMS Analytics, Inc. dba MyMedicalShopper™ is a big data company on a mission to build technology, products, and services to drive meaningful savings from the cost of healthcare in the United States. The company was founded on the belief that fixing the broken healthcare marketplace required focus on the alignment of financial incentives, medical price transparency, and the reduction of administrative overhead. The company empowers employers and their employees with the ability to choose care based on price, quality, and convenience with unprecedented access to the previously secretive prices negotiated between insurance carriers and providers. Experts document that as much as $1 trillion could be slashed annually from the cost of healthcare in the United States. MyMedicalShopper aims to help transform the healthcare industry into a fair market for consumers.

To learn more or schedule a demonstration visit: https://mmsanalytics.com/about-us/contact-us/request-a-demo/.  

About Validation Institute. (www.validationinstitute.com)

Validation Institute is an independent, objective, 3rd party organization on a mission to improve the quality and cost of healthcare. Based in Portsmouth, N.H., the organization is made up of a network of health benefits purchasers, health benefits advisors, and healthcare solution providers focused on delivering better health value and stronger outcomes than conventional healthcare.

Contacts:
MyMedicalShopper

Mark Galvin

603-610-8100

mark@mymedicalshopper.com

How a price transparency tool can help maximize the value of an HSA!

Health savings accounts (HSAs) provide employees enrolled in high-deductible health plans (HDHPs), a tax-advantaged way to save and pay for out-of-pocket medical expenses. Combining a price transparency solution with an HSA account allows employees to decrease their healthcare costs by 30 to 40 percent today and maximize the value of an HSA for future medical expenses. Financial experts estimate that the average couple retiring today will need $285,000 to cover healthcare costs during retirement. An HSA combined with a price transparency solution is a powerful employee benefit that improves their lives both today and tomorrow.

The Employee Benefit Research Institute (EBRI) reported that for 2017, the average individual HSA contribution was $2,843, and distribution was $1,725, leaving a year-end balance of $1,118 for future medical expenses.

Our analysts estimate that 30 to 40 percent of healthcare costs are shoppable. Giving employees a tool to compare price and quality before going to the doctor empowers them to make more informed care decisions, reduces healthcare costs, and allows HSA contributions to go even further.

For example, if the “average” HSA individual contributor above shopped and saved 30 percent on healthcare costs, they’d have an extra $518 in their account over someone who didn’t shop in one year alone. With tax-free growth on the HSA investment, those savings could be worth an extra $8,247 in ten years — not a bad ROI for a few minutes of comparison shopping before making an appointment.

Using a price transparency tool to shop for healthcare can reduce yearly HSA distributions and let the savings add up!

HSA Overview

Employees enrolled in a high deductible health plan (HDHP), also called an HSA Eligible Plan, are eligible* to open an HSA account. If the name “high deductible” scares you or your employees, it shouldn’t, as these accounts are a great way to lower healthcare costs.

HSAs offer a tax-advantaged way to pay for qualified medical expenses (e.g., deductibles, copayments, coinsurance, and some other costs, but not premiums). With an HDHP and HSA, employees may be able to lower their overall healthcare costs in the form of premium and out-of-pocket expense savings.

Both employers and employees can fund an HSA using pre-tax dollars. For 2019, the minimum plan deductible needed for an HDHP/HSA Eligible Plan is $1,350 for individuals and $2,700 for a family. For 2020, the minimum deductible increases to $1,400 for individuals and $2,800 for a family.

For 2019, employees/employers can contribute up to $3,500 for individual coverage and $7,000 for family coverage into their HSA. In 2020, the IRS limit increases to $3,550 for individual coverage and $7,100 for family coverage. People 55 or older are eligible to make an additional $1,000 catch-up contribution per year into their HSAs.  

HSAs roll over unspent funds to the following year and are “portable” if/when an employee changes employers. HSA contributions may earn interest or be invested (in mutual funds, etc.) where earnings and withdrawals are non-taxable when used for “qualified” expenses. There’s no tax on contributions, no tax on earnings, and no tax on qualified withdrawals…that’s a triple tax advantage!!!

Why price transparency is needed

Seeking out high-quality, lower-cost providers when non-emergent care is needed lowers overall healthcare costs and allows HSA dollars to go further. But unfortunately, healthcare prices are almost never posted anywhere, making it nearly impossible for consumers to compare provider prices and quality before making an appointment.

Massive pricing variations in healthcare are common. Secret deals between providers and insurance carriers have created a healthcare marketplace where the cost of even a routine medical procedure can vary 1,000% across providers in the same market. 

Need a lipid panel (cholesterol test)? That might cost $15 at one provider and $240 at another just a half-mile away.  Total knee arthroplasty? Would you rather pay $2,268, or $18,477? Heading to the hospital for a few stitches after accidentally testing that fillet knife on a finger? Turn left at the light, and urgent care will charge you $132 to stitch you up, or turn right and pay $1,850 at the hospital. Ouch! Without prior knowledge or price transparency, consumers remain unaware of the cost of care and can waste thousands of HSA dollars a year by overpaying for care.

With a price transparency solution like MyMedicalShopper, comparing and selecting a high-quality provider for over 10,000 unique tests and procedures is as convenient and easy as a Google search. Consumers are accustomed to shopping for everything on their phone, so why should healthcare be any different? Having real-time price and quality information helps consumers make more informed care decisions, reduce their out-of-pocket expenses, and budget for future medical expenses.  

How price transparency tools work

  • Your physician wants you to get an MRI as a result of nagging pain in your arm from playing too much dodgeball.
  • While still in the examining room, you pull up your price transparency tool on your smartphone and search for local providers.
  • In under a minute, you find multiple imaging centers in a 10-mile radius, including one that’s $1,457 less expensive than the one in the hospital your doctor recommended. 
  • You share this information with your doctor and decide that the one a mile away is just as good as the hospital, so your doctor sends you to the imaging center.
  • Congratulations, you just saved $1,457 in your HSA for a future expense and still received excellent care.

By making more informed decisions and not overpaying for healthcare, HSA users have significantly more tax-free savings for future medical expenses, including retirement.

Without price transparency, a single decision on where to go for care could waste thousands of dollars and erase a significant amount of an HSA’s balance. Give your employees a benefit that they’ll appreciate today and thank you for tomorrow.  

*Check IRS eligibility guidelines

NueSynergy Partners with MyMedicalShopper to Bring Innovative Cost-Saving Tools to its Clients

MyMedicalShopper’s healthcare price transparency and cost savings tools will integrate with NueSynergy’s platform to help employers reduce healthcare costs

Portsmouth, NH and Leawood, KS – July 9, 2019 – MMS Analytics, Inc. dba MyMedicalShopper, a leading provider of healthcare price transparency solutions, and NueSynergy, an industry leader in consumer-directed healthcare solutions and employee benefits administration based in Kansas, are partnering to give consumers more choice and control with respect to their healthcare spending. Today the companies announced the partnership, making MyMedicalShopper’s advanced healthcare price transparency software and cost-saving employer tools available to NueSynergy’s clients.

NueSynergy can now offer MyMedicalShopper’s suite of products, which bring cutting-edge price transparency technology, robust claims analytics, and streamlined administration to employers and their employees. MyMedicalShopperTM, MyMedicalRewardsTM, and their powerful MyMedicalMetricsTM employer analytics package are now available to NueSynergy’s entire client base and can be integrated with their administrative platform and member portals for consumer-directed health accounts.

“We are excited to be partnering with NueSynergy to bring integrated solutions to their clients to help them take control their healthcare costs,” says MyMedicalShopper co-founder and CEO, Mark Galvin. “We look for partners who work hard to find innovative solutions for their customers’ biggest issues. By collaborating with creative third-party administrators (TPAs) like NueSynergy, we can empower consumers to reverse the trend of rising healthcare costs for businesses and their employees alike.”

For NueSynergy, this new offering is a significant step towards an improved health benefits environment for their pre-tax flexible benefit clients and a complete service offering for those clients with consumer-driven health plans (CDHP).

“We pride ourselves on taking a customer-focused, technology-driven approach for each client’s needs and bringing them customized solutions to help them control costs and reach their goals,” says Josh Collins, President of NueSynergy. “As a full-service TPA, we’re constantly looking for consumer-friendly tools to help clients make more value-driven healthcare decisions. We’re excited to combine our top-notch consumer-directed health accounts with the MyMedicalShopper solution for our benefit consulting partners and our clients.”

About MyMedicalShopper

MyMedicalShopper is a comprehensive platform for employers designed to drive down the cost of healthcare while improving employee benefits. The platform includes the nation’s leading medical price transparency tools for employees, dynamic rewards programs, and robust analytics packages for employers. With MyMedicalShopper employers can take control of their

healthcare costs and empower their employees with a tool that makes shopping for high- quality medical care as easy as a Google search. MyMedicalShopper is available through benefit brokers, consultants, and third-party administrators (TPA’s) serving both the fully insured and self-funded employer markets.

About MMS Analytics, Inc. (www.MyMedicalShopper.com)
MMS Analytics, Inc. dba MyMedicalShopperTM 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.

About NueSynergy (www.NueSynergy.com)
Since 1996, NueSynergy has been an innovative leader in providing full-service administration of consumer-driven and traditional account-based plans. NueSynergy has grown into one of the largest benefit account administrators providing Health Savings Accounts (HSA), Flexible Spending Accounts (FSA) and Health Reimbursement Arrangements (HRA); in addition
to COBRA, Direct Premiums Billing and Combined Billing services to employers of all sizes
and sectors, including state and local governments, as well as privately and publicly traded companies.

Contacts:
MyMedicalShopper

Mark Galvin

603-610-8100

mark@mymedicalshopper.com

NueSynergy

Josh Collins

913-653-8381

jcollins@nuesynergy.com

Five Steps to Higher Employee Engagement with Healthcare Price Transparency Tools

Combining a price transparency solution with a high-deductible health plan (HDHP) or a consumer-driven health plan (CDHP), can drive lower employee out-of-pocket (OOP) expenses, reduce overall medical costs, and lower claims costs. To capture these benefits, we recommend that companies implement programs to promote employee engagement to enable maximum savings. While it’s not complicated, shopping for healthcare is likely a new behavior for many employees that can limit savings until they’re comfortable with the process. We find that companies who implement an employee engagement plan typically experience program engagement rates at least 20% higher than those who don’t. The higher the employee engagement, the higher the savings the company can actually realize.

  1. Health Plan Design Matters – Nearly 6 in 10 people are concerned about rising healthcare costs, but if your company offers a low-deductible/PPO health plan, employees have little incentive to compare prices (or when they have $20 copays insulating them from the true cost of care). However, companies offering HDHPs or CDHP designs typically find employees have more “consumer interest” in shopping for care. Employees in these plans have a financial incentive to compare provider costs and quality to make more informed care decisions. Giving employees a price transparency solution allows them to reduce their out-of-pocket (OOP) expenses, maximize cost savings, and potentially keep some of their HSA savings for the future.
  2. Educate Employees and Assign a Program Champion – Healthcare pricing is complex, and many employees aren’t aware of the price variations in the healthcare marketplace or how to compare providers. Educating employees about how to search for and select high-quality, affordable care is an excellent step towards higher employee engagement. Following up with reminders on how to use cost comparison tools at regular intervals (at minimum every few months) will educate new employees and remind existing ones—who may not be frequent users of healthcare—of this important benefit. Designating a program champion (typically a senior HR role) to oversee the enrollment process and encourage employee participation will improve overall engagement rates and savings.
  3. Pick the Right Price Transparency Tool – Price transparency tool selection matters. Imagine you’re at your doctor’s office and are told to have a test or procedure done—how much effort would you go through to save money? Or, maybe you’re trying to financially plan for a future medical procedure for your child? Transparency tools offering 24/7 mobile access to local provider prices and quality generally have much higher employee engagement rates compared to those that require contacting a concierge service or those that only provide a rough “range” of prices. Consumers are used to comparing costs for most goods and services on their smartphones, so why should healthcare be any different? We encourage employees to install the transparency tool on their smartphone and “practice-shop” before going to the doctor. This exercise highlights market pricing variations and familiarizes them with the process before they need to shop. And don’t be surprised to find employees talking about procedure pricing variances of 1,000% or more around the office. These conversations can drive a culture of engagement and might help an employee who’s not using the tools to choose a different provider for a future procedure.
  4. Reward Use the Right Way – For companies with high-deductible health plans, rewarding shopping and savings behavior with HRA contributions reduces future employee out-of-pocket expenses, promotes medical consumer behavior, and reduces overall medical claims. This is a smarter approach over cash “spiffs” that tend to reward the wrong employee behavior by creating an incentive to go out and incur higher medical expenses, potentially driving up total claims cost in the process. Speak with your broker about plan designs that offer HSA and HRA options to offset higher deductibles. Both are powerful tools that can yield significant benefits today and act as a savings vehicle for the future with any unused funds (HSA).
  5. Use Reporting Tools to Unlock Additional Potential Savings – You’ll want to know how much your company is spending and saving on healthcare, how many employees are shopping, and also identify areas where you’re overspending. Comprehensive solutions that make it easy for you to analyze anonymized claims information can help your team discover procedures where additional savings opportunities exist.

Like any new benefit, price transparency tools will take training and time for your employees to adapt. However, it can help your employees get the most from a price transparency solution and help both them and the company to reduce healthcare costs. Price transparency empowers consumers to make more informed healthcare decisions by making it easier to compare procedure cost and quality on thousands of non-emergent medical procedures (e.g., lab tests, MRIs, x-rays, etc.) and capture significant savings in the process.

David K. Young Consulting, LLC Partners with MyMedicalShopper to Empower its Clients to Reduce their Healthcare Spending

Trusted Benefit Consultant and Administrator Now Offers MyMedicalShopper’s Suite of Healthcare Cost-Saving Tools

Portsmouth, NH and San Antonio, TX – June 18, 2019 – MMS Analytics, Inc. dba MyMedicalShopper, a leading provider of healthcare price transparency solutions, and David K. Young Consulting, LLC. (DKYC), an industry leader in consumer-directed healthcare solutions and employee benefits administration based in Texas, are partnering to give consumers more choice and control with respect to their healthcare spending. Today the companies announced the partnership, making MyMedicalShopper’s advanced healthcare price transparency software and cost-saving employer tools available to DKYC’s clients.

David K. Young can now deliver MyMedicalShopper’s suite of products, which bring cutting-edge price transparency technology, robust claims analytics, and streamlined administration to employers and their employees. MyMedicalShopper™, MyMedicalRewards™, and their powerful MyMedicalMetrics™ employer analytics package are now available to DKYC’s entire client base nationwide. In addition, the MyMedicalShopper suite will be tightly integrated with DKYC’s administrative platform and member portals for consumer-directed health accounts.

“We are excited to be partnering with David K. Young to bring integrated solutions to their clients to help them control their healthcare costs,” says MyMedicalShopper co-founder and CEO, Mark Galvin. “By partnering with creative third-party administrators (TPAs) like David K. Young, we can empower consumers to collectively reverse the trend of rising healthcare costs for businesses and their employees alike.”

For DKYC, this integrated new offering is a significant step towards an improved health benefits environment for their pre-tax flexible benefit clients and a complete service offering for those clients with consumer-driven health plans (CDHP).

“We pride ourselves on offering the very best healthcare solutions for our clients to help them control costs and reach their goals,” says David K. Young, Principal & Founder of David K. Young Consulting. “As a full-service TPA we’re constantly looking for new tools and solutions to help clients make more informed, affordable healthcare decisions. We’re excited to be able to combine our top-notch consumer-directed health accounts with the MyMedicalShopper solution for our benefit consulting partners and our clients.”

MyMedicalShopper is a comprehensive platform for employers designed to drive down the cost of healthcare while improving employee benefits. The platform includes the nation’s leading medical price transparency tools for employees, dynamic rewards programs, and robust analytics packages for employer.

About MyMedicalShopper

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.

About David K. Young Consulting, LLC. (www.dkyoung.com)

Since 1992, David K. Young Consulting, LLC (DKYC) has been providing outsourced benefit consulting and administration to its clients. DKYC is a Texas based, nationally recognized retirement and benefits consulting firm providing third-party administration and consulting services for Defined Contribution and Defined Benefit Plans, Section 125/Cafeteria Plan, COBRA/HIPAA, Common Remittance and Consumer Directed Reimbursement Accounts. 

DKY provides the very best employee benefit program design, application and compliance services for the unique needs of their clients. We consistently set the standard for cutting edge, effective employee benefit program design, application and compliance services throughout the nation. 

Contacts:

MyMedicalShopper

Mark Galvin

603-610-8100

mark@mymedicalshopper.com

David K. Young Consulting, LLC

David K. Young

210-558-0999

david@dkyoung.com

NFP’s Utah Office Partners with MyMedicalShopper to Empower Its Clients to Reduce Healthcare Costs

Employee Benefits Consultant Now Offers MyMedicalShopper’s Suite of Healthcare Cost-Saving Tools to Control Healthcare Spending for Their Clients

Portsmouth, NH and Lehi, UT – June 11, 2019 – MMS Analytics, doing business as MyMedicalShopper, will partner with NFP, a leading insurance broker and consultant, through NFP’s Utah office. The partnership between NFP and this leading provider of health care transparency solutions will give consumers more choice and control with respect to their health care spending. Today the companies announced the partnership, making MyMedicalShopper’s advanced health care price transparency software and cost-saving employer tools available to NFP clients in Utah.

NFP’s Utah office can now deliver MyMedicalShopper’s entire suite of products, bringing cutting-edge price transparency technology, patent-pending rewards programs, and robust claims analytics to employers and their employees. MyMedicalShopper, MyMedicalRewards, and their powerful MyMedicalMetrics employer analytics package are now available to NFP’s Utah client base.

“NFP demonstrates all of the most important qualities that we look for in a partner,” says MyMedicalShopper co-founder and CEO, Mark Galvin. “We are particularly impressed with NFP’s commitment to thinking outside the box to find creative and cost-effective benefits solutions to problems employers are facing. We’re excited to be teaming up with the NFP team in Utah in pursuit of our shared goal to reverse the trend of rising health care costs for individuals and businesses alike.”

As one of the largest benefits broker in Utah, and with offices across the United States, NFP expects this new offering to significantly improve their clients’ ability to offer improved health benefits to their employees.

“Our team has consistently sought out, vetted and invested in technology to increase the value of our employee benefit offerings,” said David Jackson, managing director, Corporate Services in NFP’s West region. “We take a strategic approach to help each client proactively align their benefits program with their long-term business mission, always aiming to contain costs without sacrificing the value of benefits to employees. We’re very excited to be able to incorporate MyMedicalShopper into our expert solutions for employee benefits and health plan design.”

MyMedicalShopper is a comprehensive platform for employers designed to drive down the cost of health care while improving employee benefits. The platform includes the nation’s leading medical price transparency tools for employees, dynamic, patent-pending rewards programs and robust analytics packages for employers.

About MyMedicalShopper

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.

About NFP (https://www.nfp.com)

NFP is a leading insurance broker and consultant providing customized property and casualty, corporate benefits, retirement, and individual solutions through its licensed subsidiaries and affiliates. NFP enables client success through the expertise of over 5,100 global employees, investments in innovative technologies, and enduring relationships with highly rated insurers, vendors, and financial institutions. NFP is the 5th largest US-based privately owned broker, 6th largest benefits broker by global revenue and 7th best place to work in insurance (Business Insurance); 10th largest property and casualty agency (Insurance Journal); and 12th largest global insurance broker (Best’s Review).

Visit NFP.com to discover how NFP empowers clients to meet their goals.

Contacts:

MyMedicalShopper

Mark Galvin

603-610-8100

mark@mymedicalshopper.com

NFP – Utah Office

Kirk Benson

385-352-9401

kirk.benson@nfp.com

Your employees are wasting $12.49 a day by not shopping for healthcare

Let’s face it, we’re all frustrated by increasing out-of-pocket healthcare expenses. We spend more on premiums, for less coverage, and hope that an unexpected medical claim doesn’t financially ruin us. 

Pricing in healthcare is not transparent like other markets where consumers can easily determine the price of something before they buy it. It would be like buying a car without any idea of the final cost until the bill arrives months later and you have to pay for it. And unlike a car, you can’t return your healthcare procedure or sell it elsewhere to recoup some of your money.

In a market without “transparent pricing” and price variations that exceed 1,000% on the same procedure for patients with the exact same insurance coverage, you can be sure that your employees are overpaying for common medical procedures.


Provider pricing variations by market for common medical procedures

By analyzing billions of post-adjudicated medical claims, MyMedicalShopper estimates that employees who do not use a price transparency tool to shop for care are overspending by at least $12.49 per day on healthcare in 2019. That’s an estimated $4,559 per employee per year, wasted by not shopping for routine medical procedures (e.g. blood tests, MRIs, x-rays and immunizations). For a typical company with 100 enrolled employees, that could mean a potential savings of $455,900 per year that could be otherwise invested to drive growth elsewhere.

Getting accurate medical procedure price information is not easy, which is why many in Washington are calling for increased healthcare price transparency. Secret deals between insurance carriers and medical providers are responsible for the dramatic pricing variances above and have made it nearly impossible for patients to determine a medical procedure’s price beforehand.

Without pricing information many consumers overspend on healthcare and fear “surprise bills” they can’t afford showing up months after leaving the doctor. CNBC reported that the high cost of healthcare contributes to two-thirds of personal bankruptcies. And who knows how many patients forego needed care out of fear they can’t pay for it?  This is why price transparency solutions are needed to help consumers compare pricing and quality information to find affordable care.  

Healthcare price transparency might not cure diseases, but it can cure over-charging for care and help consumers make more informed healthcare decisions.

As we wait to see what our lawmakers in D.C. are going to do to solve the problem, price transparency solutions like MyMedicalShopper give employers and employees the necessary tools to navigate healthcare marketplace pricing and make better-informed care decisions. This empowers everyone to plan for future expenses, reduce out-of-pocket medical costs, and promote access to affordable, high-quality care creating a “win-win” for both employees and employers. After all, who wouldn’t want all their employees to save $12.49 per day on their medical expenses?

Advanced Benefit Strategies, Inc. Partners with MyMedicalShopper to Empower its Clients to Reduce their Healthcare Spending

Trusted Pre-Tax Employee Benefits Administrator Now Offers MyMedicalShopper’s Suite of Healthcare Cost-Saving Tools

Portsmouth, NH and Unionville, CT – May 7, 2019 – MMS Analytics, Inc. dba MyMedicalShopper, a leading provider of healthcare price transparency solutions, and Advanced Benefit Strategies, Inc. (ABS), an industry leader in pre-tax employee benefits administration based in Connecticut, are partnering to give consumers more choice and control with respect to their healthcare spending. Today the companies announced the partnership, making MyMedicalShopper’s advanced healthcare price transparency software and cost-saving employer tools available to Advanced Benefit Strategies clients.

ABS can now deliver MyMedicalShopper’s suite of products, which bring cutting-edge price transparency technology, robust claims analytics, and streamlined administration to employers and their employees. MyMedicalShopper™, MyMedicalRewards™, and their powerful MyMedicalMetrics™ employer analytics package are now available to ABS’s entire client base. In addition, with ClaimsFlow™, the MyMedicalShopper suite will be tightly integrated with ABS’s administrative platform for those clients who leverage their benefit administration services.

“We are excited to be partnering with Advanced Benefit Strategies to bring integrated solutions to their clients to help them control their healthcare costs,” says MyMedicalShopper co-founder and CEO, Mark Galvin. “We look for partners who work hard to find creative solutions to address their customers’ pain points. By partnering with progressive benefit advisors and administrators, we can collectively reverse the trend of rising healthcare costs for businesses and their employees alike.”

For ABS, this integrated new offering is a significant step towards an improved health benefits environment for their pre-tax flexible benefit clients and a complete service offering for those clients with consumer-driven health plans (CDHP).

“We are always trying to look at employee benefits from our clients’ perspective,” says Steve Repka, President of Advanced Benefit Services. “We have been administering pre-tax employee benefits for more than 25 years, and we’ve seen first-hand how the healthcare landscape has changed. Today’s consumers need better information and tools to help them reduce healthcare costs. We’re excited to be pairing our consumer-directed health accounts with the MyMedicalShopper solution for our clients and their employees.”

MyMedicalShopper is a comprehensive platform for employers designed to drive down the cost of healthcare while improving employee benefits. The platform includes the nation’s leading medical price transparency tools for employees, dynamic rewards programs, and robust analytics packages for employers.

About MyMedicalShopper

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.

ClaimsFlow automates much of the administrative burden and error-prone human processes involved in adjudicating employee reimbursements for CDH accounts. Participants can leverage connections to more than 100 insurance carrier and health plan member portals to facilitate rapid adjudication of claim reimbursements and automatic substantiation of debit card transactions.

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.

About Advanced Benefit Strategies, Inc (www.abs125.com)

Since 1993, Advanced Benefit Strategies (ABS) has been an industry leader in Section 125 Flexible Spending Account administration, Cafeteria Plans, Transit & Commuter Tax Benefits, Section 105 Health Reimbursement Arrangements, and COBRA administration.  Located in Unionville, CT, Advanced Benefit Strategies (ABS), is a third-party administrator of pre-tax employee benefits focused on delivering hassle-free, Section 125 cafeteria, flexible benefit administration for over 700 employers across the country and 14,000+ plan participants. Every year, businesses, associations, municipalities, and non-profits look to ABS for impartial, confidential pre-tax, flexible benefit plan administration services. Give your employees a raise and your company a tax break, with a no-hassle Flex Plan from ABS.

Contacts:

MyMedicalShopper

Mark Galvin

(603) 610-8100

mark@mymedicalshopper.com

Advanced Benefit Strategies

Stephen J. Repka, II
(860) 675-2261

steverepka@abs125.com  

Baystate Benefit Services Partners with MyMedicalShopper to Empower its Clients to Reduce their Healthcare Spending

Trusted Employee Benefits Consultant and Administrator Now Offers MyMedicalShopper’s Suite of Healthcare Cost-Saving Tools

Portsmouth, NH and Braintree, MA – April 17, 2019 – MMS Analytics, Inc. dba MyMedicalShopper, a leading provider of healthcare price transparency solutions, and Baystate Benefit Services, an employee benefits consulting firm and third-party administrator based in Massachusetts, are partnering to give consumers more choice and control with respect to their healthcare spending. Today the companies announced the partnership, making MyMedicalShopper’s advanced healthcare price transparency software and cost-saving employer tools available to Baystate clients.

Baystate can now deliver MyMedicalShopper’s suite of products, which bring cutting-edge price transparency technology, robust claims analytics, and streamlined administration to employers and their employees. MyMedicalShopper™, MyMedicalRewards™, and their powerful MyMedicalMetrics™ employer analytics package are now available to Baystate’s entire client base. In addition, the MyMedicalShopper suite will be tightly integrated with Baystate’s administrative platform for those clients who leverage Baystate’s administrative services for consumer-directed health accounts.

“We are excited to be partnering with Baystate Benefit Services to bring integrated solutions to their clients to help them control their healthcare costs,” says MyMedicalShopper co-founder and CEO, Mark Galvin. “We look for partners who work hard to find creative solutions to address their customers’ pain points. By partnering with progressive benefits advisors and administrators, we can collectively reverse the trend of rising healthcare costs for businesses and their employees alike.”

For Baystate, an employee benefits consulting firm that offers a broad range of administrative solutions to employers, this new offering is a significant step towards an improved health benefits environment for its clients.

“We are constantly looking at the employee benefits landscape through our clients’ eyes,” says Chad DiBonaventura, Managing Director of Baystate Benefit Services. “It has become obvious that one of the biggest pain points that our customers face is rising health insurance costs and a total lack of medical price transparency. We are convinced that MyMedicalShopper has built the best platform for empowering the medical consumer. We are excited about our new partnership with MMS and eager to share this new technology with our clients to help them control their costs.”

MyMedicalShopper is a comprehensive platform for employers designed to drive down the cost of healthcare while improving employee benefits. The platform includes the nation’s leading medical price transparency tools for employees, dynamic rewards programs, and robust analytics packages for employers.

About MyMedicalShopper

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.

About Baystate Benefit Services (www.baystatebenefits.com)

Baystate Benefit Services, Inc. (BBS) was founded in 1990 and is headquartered in Braintree, MA. Baystate’s consulting practices are structured around the health and welfare needs of their clients, business retirement plans, risk management insurance and executive compensation. BBS is resourced to provide expertise in benefits plan design and administration, claims administration, compliance, employee health & wellness strategies, Cobra administration, flexible spending account administration and health reimbursement account administration. Finding the best and most cost effective solutions has been BBS’s objective since 1990.


Contacts:

MyMedicalShopper

Mark Galvin

(603) 610-810

mark@mymedicalshopper.com

Baystate Benefit Services

Chad DiBonaventura

(781) 356-0717

chad@baystatebenefits.com