Bind released data that illustrates the impact better health insurance design is having on consumers and employers. The new data shows improved insurance design allows consumers to choose more effective, efficient healthcare treatments and spend less annually.
Results from Bind:
- For a wide range of planned procedures, people select the most cost-efficient providers 80% of the time.
- People choose more cost-effective pharmacies. Nearly 70% of prescriptions are filled at lower-cost pharmacies.
- Members spend $448 in out-of-pocket expenses per year, on average, compared to the national average of $943.
- Members get more use out of their pharmacy benefit, yet Bind members spend $49 per month, compared to the national average of $78 per month.
- Employers are saving up to 20% compared to what they were previously spending on healthcare.
- For renewing clients, employee enrollment in the Bind plan increased by 48%.
Bind gives people something they have never experienced with health insurance—cost certainty and coverage flexibility. Costs are clear in advance. Treatment options are easy to compare. Savings opportunities are illuminated. And certain coverage is adjustable.
The condition-first, personalized health plan design uses data and analytics to help consumers find effective, efficient treatment for them and incentivizes the most efficient treatments with lower prices.
As a result of lower annual healthcare costs, Bind customers are redirecting spend in ways that enrich employees’ total benefit. For example, a Wisconsin school district gave its teachers salary increases, and a Fortune 100 company was able to fund free insulin for its employees.
EndoVantage, a medtech company that develops computational tools for personalized endovascular treatment, was acquired by RapidAI this week for an undisclosed amount. The technology behind EndoVantage, which is designed to help clinicians evaluate different treatment strategies, was invented at Mayo Clinic and Arizona State University, according to EndoVantage’s website. Click here to read more.
Cue Health, a startup developing a connected testing device, closed a $100 million funding round. Decheng Capital, Foresite Capital, Madrone Capital Partners, Johnson & Johnson Innovation and ACME Capital participated in Cue’s Series C round. Click here to read more.
Conversa Health, a virtual care platform, has raised $12 million in a Series B round. Northwell Ventures, the investment arm of Northwell Health, co-led the funding round with Builders VC. Other investors providing fresh capital to the business included P5 Health Ventures, Nassau Street Ventures and UH Ventures, the venture arm of Ohio-based health system University Hospitals. Click here to read more.
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