MMS Analytics Inc. is aggregating and analyzing one of the largest medical claims datasets in the world in order to cast a light on the secretive world of healthcare pricing and empower consumers to make informed decisions about their care based on price, quality, and convenience.
Health reimbursement arrangements (HRAs) and health savings accounts (HSAs) have become popular tools for employers to reduce premium costs while still covering employee deductible expenses. Unfortunately, this strategy is only a short-term fix to a deeper systemic problem: health insurance premiums will continue to rise as long as the underlying medical claims continue to increase in cost.
MyMedicalRewards (MMR) creates an incentive system that tackles these rising costs head-on, by rewarding employees with dynamic HRA/HSA funding when they make an effort to shop responsibly for their medical care, even when they’re spending their employers’ money from an HRA/HSA.
What is MyMedicalRewards™?
MyMedicalRewards is a proprietary program that drives consumer behavior among employees, even when they are spending HRA/HSA dollars! MyMedicalRewards leverages the intuitive shopping experience of the MyMedicalShopper website and mobile apps in combination with customizable reference pricing to create a simple-to-use incentive program.
- Employers customize their MyMedicalRewards program across six parameters based on their plan needs and goals.
- Employees can earn rewards for choosing low-cost providers of medical care, which are seamlessly communicated to your company’s TPA as a contribution to an employee account, such as an HRA or HSA.
How does MyMedicalRewards work?
- Employees shop for their medical care on MyMedicalShopper
- Employees receive their medical care at a qualified low-cost provider
- MyMedicalShopper retrieves employees’ EOBs, and then verifies the reward earned and issues it to employees
MyMedicalRewards can boost consumerism and improve employee engagement for a wide variety of plan designs.