“We could not be more honored to be awarded this funding,” said Predictive Health Partners Founder and CEO Jim Lewis. “We’re incredibly grateful for IEDA’s support of innovative businesses like ours and are excited to expand on our hard work.”
With IEDA’s support, PHP will be able to continue helping employees be better consumers and managers of their health. At a time where 63% of Americans cannot afford an unexpected medical bill, proactive healthcare could be more important than ever.
“These funds will have a profound impact on Predictive Health – and our ability to save money and change lives,” Lewis said.
Predictive Health Partners is taking part in Global Insurance Accelerator’s (GIA) InsurTech program. PHP is one of 10 startups making up the 2019
cohort in Des Moines. This year’s GIA cohort teams are developing and delivering new products and business models for buying insurance, cyber risk protection, underwriting automation, advisor services, digital transformation, claims resolution, pension planning and employee benefit management.
Mike is the founder and CEO of Case Haub Consulting, a clinical pharmacist services firm and has been in the pharmacy industry for almost 25 years. He has had a vast amount of experience in numerous different practice settings such as health system, community, managed care, research, academia, administration and also is a diabetes educator.
“I couldn’t be more thrilled to be working with a company like Predictive Health Partners,” said Mike. “I admire all of the work they have already done to open the lines of communication between patients and healthcare providers. I want to transform the way that pharmacy and medication therapy management is provided within the U.S. health care system. By getting all players in the healthcare field on the same team, we can make a significant positive difference in patients’ overall health care.”
Predictive Health Partners has long believed that solving employee health issues requires looking at all aspects of health. The perspectives of employers, physicians, insurance companies, pharmacists and the individual employees will all differ greatly – but can be combined to get a whole picture of the problem and how to solve it.
“Mike’s expertise is invaluable to the work we are doing at Predictive Health,” said Jim Lewis, Predictive Health Partners Founder and CEO. “On average, pharmacy and medication costs account for 27% of total healthcare costs, so his perspective is vital when it comes to saving our clients money – and making a significant impact on employees’ individual health. We’re excited to have Mike on our team and grow our knowledge and abilities as a company.”
Mike is passionate about addressing a problem healthcare system’s problem many pharmacists are facing: patient non-adherence to drug therapy and negative drug interactions that many patients experience. He believes that pharmacists have unique clinical skills and training that can make a significant positive difference in patients’ overall health care, and that these essential skills are often being underutilized by the current model of pharmacy practice.
“Research shows us that care adherence is about a $637 billion issue in the U.S., with around $290 billion of that spent on avoidable healthcare costs,” said Mike. “Consulting with the patient and getting them to understand and believe in the medications they are taking is the key. With tools like Predictive Health is offering, physicians and pharmacists have a much greater ability to reach these patients.”
It seems strange we allow this to be the norm for this major cost center for most companies. We would simply not survive in business if we relied on the same level of insight to track and manage customer defection for example. If we simply hoped each year that our objectives for managing customer relationships worked, we’d be operating on a decades old approach and too slow to prevent the loss.
According to the 2017 Big Data Analytics Market Study, 53% of business leaders rely heavily on predictive analytics and real-time data to run their companies. Yet only a handful are using this best practice to manage their healthcare risks.
Why is that? In the past it has been a combination of three main reasons including:
- Lack of access to real-time claims data
- Lack of the clinical knowledge necessary to act upon the data
- Lack of engagement tactics to inspire employees to change health behaviors
What employers desperately need is the ability to see claims data presented in a meaningful way. Both individual and aggregated data provides an unprecedented level of insight into a company’s healthcare risks.
Let us show you how we’ve come up with a solution that overcomes these three roadblocks and is making it possible to have the future of healthcare today.
On July 4, 1776, a group of 56 brave men became treasonous rebels — at least, in the eyes of their ruler — to fight for something we so frequently take for granted: freedom. You might understand why Americans celebrate Independence Day, but you might not know the impact this stand for freedom had on the rest of the world. That July 4th didn’t just inspire our Founding Fathers to fight for our new nation, it inspired people around the world to take their own stand for their freedom — changing the course of human history. Since then, freedom has become what we all aspire to obtain in nearly every aspect of our lives.
Freedom means many things to many different people. For some, it’s freedom from fear or persecution. For others, it’s freedom to be yourself, to speak your mind or to love who you love. For the majority of people, freedom can be described as the ability to pursue your own happiness and make your own decisions.
Among the most desired freedoms in America? Financial independence. It’s no wonder many feel like it is unattainable in today’s world. According to a recent study, 63% of Americans are unable to pay for an unexpected $500 medical bill. Freedom from financial burdens or dependence on others quickly becomes the most amazing tool you can give your employees to change their life.
Here at Predictive Health, we think there is nothing more inspirational than freedom. When you empower someone to make their own decisions and give them the tools they need to be informed and healthy, amazing things can happen. People feel inspired to take a stand for their health; to declare independence from passivity and reactivity.
No matter what it means to you, there is one thing we can all agree on: amazing things happen when people get a taste of freedom. We invite you to join us and reflect on the incredible gift of freedom our Founding Fathers gave us. More importantly, join us as we ask ourselves: what impact can we make by giving the gift of freedom to others?
Every year, the friends and families of hundreds of thousands of fallen soldiers use this day to remember these heroes. These Gold Star families spend their holidays at the cemetery, honoring the memory of their loved ones who paid the ultimate sacrifice for our freedom. It is not a simple, relaxing day filled with barbecue. Instead, Memorial Day is a solemn, somber and heavy holiday.
However, Gold Star families have found support and a sense of community in each other. It’s a family no one plans to join or wants to be a member of, but the Gold Star community is truly inspirational. Members band together to lift one another up, make sense of their loss and navigate the lengthy and painful grieving process. Each Memorial Day, cemeteries will be filled with Gold Star families remembering their loved ones, supporting one another and healing together.
Community wellbeing can mean many things, but generally refers to living well, both as a community as a whole and as an individual within it. When community wellbeing is high, all members benefit. While it is more obviously socially and emotionally beneficial, community wellbeing has been found to have significant impacts on all aspects of wellbeing, even one’s physical health.
Having a sense of community pride, joy and belonging is incredibly important to humans, becoming invaluable after suffering tragedies or in times of hardship. This is why the community Gold Star families have built is not only meaningful, but crucial to their wellbeing. Predictive Health Partners applauds this community, the sacrifices they have made for our freedom and their dedication to caring for one another.
This Memorial Day, Predictive Health remembers the men and women who have died in service to our country, as well as the families who they left behind. Join us in a moment of reflection on their sacrifices this Memorial Day with the video below. We also invite you to join us in donating to the Fallen and Wounded Soldiers Fund, which uses 97% of its donations to help the families of severely wounded or fallen soldiers with living expenses and provide other forms of assistance. Donate here to support these heroes and their families.
First, if you feel overwhelmed or uneasy about today’s healthcare industry, you’re not alone. When asking U.S. adults what they believed to be the most important problem facing the country, Gallup found healthcare among their top two concerns. This should tell you a lot. Employees are as concerned as employers about the healthcare problem, which may surprise some executives.
If we shifted the perspective on our employees as if they were our customers, we’d discover a key missing piece to the puzzle — and a motivation to communicate like best-in-class product marketers like Amazon, Uber or Airbnb. These capabilities are already available, and leaders need to harness the full predictive potential of big data and analytics. You no longer need to rely on your insurance company or TPA to provide you reports or insight to manage health risk.
Building a data-driven culture is not only important for predicting your business outcomes, but also for the health of those you insure. It may seem like a daunting task, but thanks to innovators helping employers access their health analytics, it can now be implemented affordably, without any internal technology or data resources. Still not sure how to begin creating a data-driven culture in your company? Gallup provided some tips. Their first and most important piece of advice? Build your analytics platform today.
According to Gallup, with endless quantities of healthcare data, leaders need to carefully select an analytics partner that will enable them to predict what matters for improved patient and business outcomes. Predictive Health Partners knows how to harvest and analyze it to identify the 5% of your employees that cost you nearly 50% of your healthcare spending. We can make sense of your data using our best-of-class claims analytics platform used by more than 1,500 companies to predict your source of future costs and apply prescriptive strategies in real time. It’s all about helping your employees save their money, manage their health and improve their quality of life – and your company’s bottom line.
Gallup also identified the reality of changing demographics as a megatrend challenge employers are facing. America has an aging population, but millennials are disrupting the healthcare industry. The millennial generation selects and interacts with healthcare providers differently than older generations. Young people are living their entire lives on their phones according to a 2017 study, prioritizing online reviews, technological innovation, fast care, telemedicine and consumer-oriented service in their healthcare. Cost of care is also a significant factor in healthcare decision, with 21% of millennials unable to afford routine healthcare expenses.
Employers cannot expect millennials to interact with their healthcare providers and use their benefits in the same way as their older coworkers. Instead, we need to update healthcare delivery models and communication tactics. If millennials prefer technology and telemedicine, employers can only truly engage them with a tool like Predictive Health’s smartphone app. We are able to deliver the consumer-oriented service this cohort craves, while also providing telemedicine, provider recommendations, all benefits information in one easy location, and numerous ways to save money on prescriptions and medical services or procedures.
The next megatrend Gallup identified is the chronically sick – specifically the rising diabetes epidemic. Research has made one thing clear: diabetes in America is getting worse, not better. Diabetes costs the U.S. economy an estimated $266 billion annually, and the rates of the disease occurrence continue to rise. The disease is linked to increased workplace absenteeism and medical costs, but many diagnosed with diabetes struggle to manage their health or adhere to care standards.
The key is to use proven metrics to understand and optimize patient experiences and help them build engaging, profitable, long-lasting relationships with their healthcare providers. Tackling chronic health issues in your company’s health population may start with helping a patient simply find a provider, but Predictive Health Partners can ensure care adherence through features like actionable push notifications individualized to each employee’s real-time health data. Imagine the impact harvesting this data will have on your relationship with your employees, and your employees’ relationships with their healthcare providers.
If you want to successfully navigate these healthcare trends, it is vital to surround yourself with forward-thinking builders and industry leaders. Anyone can become a leader of change – you can be proactive and take advantage of the solutions to the problems that are available now. Predictive Health Partners is on the cutting edge of the healthcare industry. Not only can we can help you navigate these healthcare trends, but we can measurably impact your company’s healthcare landscape – saving you money and helping your employees live healthier lives in the process.
According to a recent UnitedHealthcare study, only 9% of consumers understand the most basic details of their health insurance plan. This shouldn’t be as shocking as it is, especially when considering that 56% spend less than 30 minutes researching and selecting their health plan. What’s even more troubling is that once employees have chosen their plan, their spouse is unlikely to understand the benefits. Often these are the real decision-makers are when it comes to who, what, when, where and how for the care, providers, prescriptions and bills that follow.
This results in poor decisions being made and perhaps as high as 50% of avoidable costs incurred due to poor consumerism. Educating each individual employee on all of their plan options and how to use them for their unique situation is a nearly impossible task for HR professionals. Even if they could, employees’ insurance information is often forgotten as soon as enrollment documents are completed – we are an “out of sight, out of mind” culture.
Unfortunately, employers rarely consider their employees as the customer when it comes to healthcare. Each of the products offered (benefits) are thought of independently, as if they were not related. No single resource existed to conveniently help employees organize all of their benefits, not just health insurance, in one location. But that is what we would expect or need if we were a customer using products — convenience.
The solution? Well-known product innovation company IDEO coined the phrase in their best-seller The Art of Innovation: Lessons of Creativity as “behavioral archaeology.” IDEO defines it as digging deeper into the customer lifestyle, habits, priorities and values to understand how and why customers behaved and used a product.
Predictive Health Partners is determined to do just that. Utilizing over 30 years of deep experience helping many of the nation’s most innovative in customer and employee behavior, we look more closely at how, where and when healthcare is consumed (or not consumed when it should be). When looking at daily life and how individuals consume other services, it becomes clear that the key to engagement is integration into a convenient location — on their smartphones.
What many don’t realize is this technology is already available. Predictive Health Partners is able to measurably improve your employees’ health and lower your company’s healthcare costs. A recent user study showed 85% of employees voluntarily download and use the app, with 96% of its users reporting complete satisfaction. Even better? Savings average $378 per employee, with the average savings expected to reach $1,000 per employee when tied to our real-time claims analytics to identify and close the gaps in care.
These savings are climbing due to a unique combination of predictive analytics and artificial intelligence now connected via our mobile app to help your “consumers” be better managers of their health. We are pleased to be helping our clients benefit from this first-in-the-nation solution that has integrated the best of both worlds (real time data and mobile engagement) to solve the worst of both worlds (poor consumerism and reactive healthcare).