SpendWell Announces Strategic Alignment with HealthCare Executive Group
HCEG accelerates health care transformation by supporting consumer and retail movements with leading health care e-commerce solution provider
SpendWell HealthTM, the leading health care e-commerce solution, has signed on to sponsor the HealthCare Executive Group (HCEG), a nationwide network of select executives and thought leaders. Previously the Managed Care Executive Group, the recently relaunched HCEG has expanded its charter to provide a comprehensive focus on the industry as a whole, allowing sponsor organizations like SpendWell the opportunity to collectively navigate the tactical and strategic issues facing the industry by providing a platform that promotes health care innovation and positive industry transformation.
SpendWell is a nationwide online marketplace that enables consumers who have health insurance with a deductible to shop for and purchase quality routine health care services while viewing their out-of-pocket cost share, consumer reviews and actual “buy now” prices from providers. Putting consumers directly in touch with a comprehensive catalog of routine health providers creates an actionable consumer shopping culture and an engaged community of health consumers (locally and nationally), sharing experiences and best practices needed for a trusted health care e-commerce experience. The Advisory Board Company recently estimated the market size for shoppable health procedures at $700 billion.
“We are excited to welcome SpendWell Health to the HCEG community,” notes Tom Carleton, HCEG Chairman of the Board. “Their e-commerce solution addresses 8 out of 10 critical industry issues identified by our members in our HCEG Top 10 List, a keystone for industry-wide analysis developed through an extensive collaborative process amongst HCEG members.”
HCEG’s Top 10 provides extensive insight into the industry, encouraging continuous and evolving dialogue on the main issues and concerns facing health care, while promoting industry-wide transformation. SpendWell’s unique marketplace, dedicated to transforming how people shop and pay for health care, aligns directly with HCEG’s drive toward innovation by combining e-commerce, consumerism and real-time services (e.g., eligibility and claims adjudication).
“We continually scan the industry for organizations committed to resolving systemic health care improvement barriers and promoting innovation through thought leadership,” said Marcee Chmait, President of SpendWell. “HCEG stood out due to their focus on health care consumerism initiatives and the interoperability needed to better activate and enable consumers, whose cost share continues to increase, to achieve better health status and health value.”
As high-deductible health plan adoption continues to grow, consumers bear more responsibility for their health care costs. Out-of-pocket expenses for insured patients are expected to grow to $420 billion in 2015, yet 66% of Americans are consistently surprised by their medical bills. SpendWell empowers shoppers with real-time price information with the ability to purchase health care services upfront.
Shopping with SpendWell is simple. Consumers search for health care providers and services, determine their out-of-pocket costs for services and pay online for selected services prior to their appointment. After the patient’s appointment, providers simply click to verify services and SpendWell releases the patient’s payment.