Iowa Spring Manufacturing of Adel, Iowa and its subsidiary, Southern Atlantic Spring of North Carolina, are launching an innovative initiative to help employees save on their healthcare costs. With the help of Predictive Health Partners of West Des Moines, they are providing employees with a virtual healthcare concierge on their smartphones to help them be better consumers of health insurance and better managers of their health.
“Helping our employees and their families save significant money is the right thing to do, especially if a lot of those costs are avoidable,” said Iowa Spring Manufacturing CEO Tim Bianco. “If it helps take a big financial burden off their family’s shoulders, then we all win in the process.”
The solution includes an easy-to-use smartphone app that integrates all of an employee’s health insurance information and benefits including dental, vision, and health savings accounts in one convenient place. It even shows employees and their spouses the amount of their annual deductible paid and health savings balances within two days of a claim.
“We wanted to provide our employees with a very convenient way for them to keep more of their money in their pockets while making sure they get the healthcare they need,” said Bianco. “Let’s face it, it’s not simple for most people to navigate their health insurance and benefits. We think it’s critical to empower our employees with a tool on their mobile phones – it’s where and how they live most of their lives today.”
The app provides 24/7 free telemedicine, helps find the best healthcare providers and facilities for the employee, schedules appointments according to preferences, and finds significant savings on prescriptions and even reviews confusing medical bills.
“The app is free to employees and there’s really nothing else like it in healthcare,” said Predictive Health Partners Founder and CEO Jim Lewis. “It’s like having a virtual health concierge team that is always looking to help you live a healthier life and save time and money.”
Results for other clients have been impressive. Based on a 2017 study of 30,000 users, 85% of insured employees including spouses download and use the app and 96% are satisfied resulting in an average annual savings of over $378. For a company in Kansas with 1,500 employees, the same solution had 246 provider recommendations, hundreds of telemedicine consultations and reviewed 723 prescriptions, all resulting in more than $115,000 in measurable savings in just the first six weeks of implementation.
“We’re always looking for new ways to save money and be more efficient and our healthcare expenses are a major cost center,” said Bianco. “It seems like a logical step for artificial intelligence and mobile apps to help in this area the way they are helping in every other major cost center like manufacturing, distribution and customer satisfaction. The fact that it is now so affordable and simple to implement is a breakthrough we were willing to invest in for our mutual benefit.”