Online Marketplace Expected to Transform Health Care
SpendWell introduces a new way for people to purchase services
JUNE 20, 2014 — New company SpendWell Health, Inc.TM has a vision: to transform how people shop and pay for health care services. How will they accomplish this vision? They’re building an e-commerce platform that gives people the power to purchase health care services at known prices.
Consider that today, according to The Commonwealth Fund, 38 percent of the roughly 156 million Americans receiving health insurance through the workplace have a high-deductible health plan. That’s a 20 percent increase from 2006. And this number is expected to continue to grow. This leaves employers with a responsibility to provide tools that help their employees save money as employees look for ways to spend their dollars wisely.
Cambia Health Solutions, Inc., which as a company has a 75 percent adoption rate for high-deductible health plans combined with a health savings account, knows a lot about creating smarter health care consumers. The key to smarter health care is to provide tools people can use to maximize their health care dollars.
“Cambia is committed to offering solutions that empower people and encourage smart decisions when it comes to health care,” said Dudley Slater, President of Direct Health Solutions, a Cambia company. “We invested in SpendWell because it presents a paradigm shift, exactly what we’re trying to do in all areas of health care.”
Using SpendWell is simple. Consumers can search for health care providers and services, see reviews from other patients, determine their out-of-pocket costs for services, and pay online for selected services prior to the appointment. Examples of health care services that will be available on SpendWell include provider office visits, laboratory tests, outpatient procedures and specialty services such as imaging, chiropractors and acupuncturists as well as speech, occupational and physical therapists.
“The health care industry right now is in need of some serious solutions as people look for ways to slow the rapid growth of health care costs. SpendWell is a solution that benefits employers, their employees and providers,” said Marcee Chmait, SpendWell President. “SpendWell is taking standard retail principles and applying them to health care. Accessing and buying routine care under one’s deductible should be a simple transaction that leaves no surprises to consumers or providers. It is going to transform the way people shop and pay for health care services similar to how the ATM transformed the banking industry.”
SpendWell is currently building its provider base prior to offering the service to employer groups nationwide. The SpendWell service is expected to launch at the end of 2014. For more information about SpendWell, visit SpendWellHealth.com.
SpendWell is building an online marketplace where employees on high-deductible health plans can shop and buy health care services directly from providers. With clear pricing on everything from routine wellness exams and preventive care to screenings and urgent care, employees will be able to maximize the health care dollars they have to spend. And caring for direct-pay patients will give providers more time to focus on people, not paperwork. Shop Smart. SpendWell.TM SpendWell is a wholly owned subsidiary of Cambia Health Solutions, Inc. Learn more at CambiaHealth.com. For more information about SpendWell, visit SpendWellHealth.com.
SOURCE: Cambia Health Solutions, Inc.