Co-Incubated by IntuitiveX & Prota Labs
The current state of the healthcare industry is cause for alarm. Due to lack of price and data transparency, people are forced to make blind decisions. Out of fear and uncertainty of cost, people too often forego preventative and diagnostic services. For providers, service reimbursements by insurance companies are decreasing every year, all the while, costs continue to skyrocket for patients in conjunction with fewer services being covered. Decisions made to save today often result in the long-term cost of health, and in some cases, even lifespan.
Transpara Health empowers individuals to take control of their own health through a robust and easy-to-use software solution for patients to quickly find and connect with top-notch healthcare professionals that meet their search criteria. Quality patient care is our focus, as evident through Transparency: Patients receive full transparency to pricing, relevant data, and the provider’s background before committing to an appointment. We believe that transparency builds trust, which builds closer patient-physician relationships, and ultimately enables patients to receive the most appropriate and personalized treatment and care.
The out-of-pocket spend in the U.S. for health services was $365 billion in 2017, up 3.6% from 2016 and will continue to rise as people continue to move to higher deductible plans. Almost 43 percent of U.S. healthcare spending— representing $222.9 billion—is on services that can be considered “shoppable,” allowing consumers to sift through choices for the best bargains just like any other service or product. Patients are eager to take more control over their healthcare and as much as 89% of patients want to know their medical costs before they receive any care. Our platform, Transpara Health, has landed just-in-time to not only address this demand, but to change the rules of the game entirely.
2014, 26 percent of American adults said they had contacted different doctors or medical facilities about prices. One year later, that number had climbed to 30 percent. INTEGRIS Health System published accurate quotes using their Priceline tool for about 240,000 outpatient procedures. The system’s price transparency efforts have paid o in higher revenues. In 2008, INTEGRIS collected $1 million at the point-of-service, and in 2015, point-of-service collections had risen to $18 million Researchers of Johns Hopkins University did a study of six ambulatory surgical centers across the country and found the following 1 year after implementing price transparency:
* 5 centers reported a median patient volume increase of 50%
* 4 centers reported a 30% median revenue increase
* 5 centers reported an increase in patient satisfaction and patient engagement
CEO: Susan Kataoka
CMO: Jeffrey Roh, MD
Strategy: Wilson Fong
Technology: William Little
Strategic: Connie Bourassa-Shaw
Strategic: Gregor Purdy
Medical: Dr. George Min