51% employer premium increase since 20061
49% employee deductible increase since 201122
$50 Billion wasted each year because employees choose expensive facilities3
Healthcare costs continue to rise. Employers are fighting this trend.
You know this already.
The most prevalent solution is having employees contribute more to the cost of health insurance and care in general - to make them true consumers.
Unsurprisingly, most employees are not thrilled by this development. They feel like they are getting less and having to spend more. Even with reasonable incentives (i.e. high deductibles and HSAs) to shop for cost-effective care, few are doing so.
Understanding healthcare and insurance remains a time-consuming and challenging task. This is not to say that employer efforts to place more responsibility on employees are misguided. It is to say that for something as complex as healthcare, some expert hand-holding is needed.
There is nothing ambiguous about what CaredUp provides. Each employee who contacts us is more likely to access cost-effective in-network care. In-network prices for hundreds of “shoppable” procedures vary considerably. By illuminating this reality, an employee is empowered to make a smart decision. This saves the employee and employer money.
Fighting through long telephone holds and antiquated websites to find cost answers is often an underwhelming and time-consuming process. Meanwhile, 97% of Americans send at least one text message every day for a total of six billion daily messages. Texting is faster, easier and more in sync with our busy lives. CaredUp communicates with people in the way they prefer to communicate.
Co-insurance? Co-pay? Deductible? In-network? HSA? HRA? FSA? The world of health insurance is so confusing that 86% of people don’t understand even the most basic elements. Handing out a few pamphlets during open enrollment isn’t enough. Arming employees with an advocate who can break it all down in simple terms is essential.
Patient texts CaredUp a healthcare navigation question like: How much is this going to cost? Can you find me an in-network podiatrist? What is co-insurance? Is a colonoscopy covered? What does this medical bill mean?
By utilizing a wide range of informational resources, CaredUp provides personalized answers based on a patient's specific insurance plan.
Patient now knows, before treatment, how much a procedure is going to cost, what the insurance plan covers and where to access the most cost-effective provider. CaredUp can even set the appointment.
When employees choose cost-effective options, employers win. From a direct dollar value perspective, this is especially true in self-funded arrangements.
Given this reality, CaredUp will also run a program that further incentivizes efficient use of healthcare through cash rewards. If an employee chooses providers prudently, an employer pays out less in claims, and then shares some of those savings with the employee. It's a virtuous system that works for everyone except overpriced providers.