Mike Reier, Founder & CEOWith the increasing costs of healthcare seemingly never coming to an end, the delivery of health insurance is changing dramatically. Even with the rapid adoption of patient collaboration solutions, there is still no unified solution that tackles all areas of health management. The bottom line is: healthcare providers need to do more. “By truly engaging patients in the management of their own care, Benovate is changing the current paradigm of healthcare,” asserts Mike Reier, Founder and CEO, Benovate. “Our combination of data integration, healthcare analytics, and targeted incentives can help consumers become healthier and happier while driving down healthcare costs.”
By tapping into health data profile of each patient, the company’s intuitive platform, Benovate Connect, identifies individuals that are at risk based on their lifestyle, stress, and disease states and then provides a solution within the healthcare market that can address those risks. Its unique learning algorithms factor in datasets about the user’s likes and dislikes, geographical information, as well as their communities resources, and lifestyle as they build a unified view of their health. The HIPAA-compliant platform is interoperable with most wellness, EMR, claims management, and analytics platforms and third-party apps. Utilizing this enormous pool of data, it can constantly measure and manage what the user is undergoing at any given time.
Instead of patient engagement, Reier emphasizes their focus on “activating” the patient. Benovate Connect’s unique approach to risk assessment leads consumers to proactively “work” on improving their health and reducing risk factors through a social media-like app. A built-in incentives module integrates post- and pre-tax dollars from their health savings accounts as part of the incentives. A predictive analytics mechanism then creates individualized short activities which drive users to regularly use the app and earn a portion of their health plan budget while addressing their unique health risks and mitigating them before it is too late.
While most social media apps look at metrics over a longer time span, “we focus on daily engagement,” states Reier.
By truly engaging patients in the management of their own care, Benovate is changing the current paradigm of healthcare
“If the patient is using our app every day, it helps us maintain a real-time Health Risk Assessment of that individual, versus what most people solutions do which is taking the HRA once a year.” This gives hospitals and insurance providers a way to manage risk and health much more efficiently as opposed to just responding to patients when they are sick. “We create the transparency and activate the patients so they can gain access to healthcare resources that will help them actually manage their health risks vs. only receive treatment for a disease. Providing a hospital a way to imbed a health management fee into an insurance premium creates an additional revenue stream than fee-for-service.”
What is more, if hospitals, insurance payers, or even brokers want to set up their own care clinics to take on the role of risk mitigation, Benovate Connect provides that opportunity. Supported by a Minnesota Government Agency, the National Joint Powers Alliance (NJPA), the platform allows communities to come together and build their own self-funded risk pools, bringing a major potential disruption to the market.
In the future, Reier reveals plans to include the social aspect to enable users from the same demographic or community to make better health decisions by evaluating and following each other’s lifestyles. Through such a forward-thinking platform, with all its underlying mechanisms, Benovate is certainly creating a pathway to the future of health insurance―one which provides unlimited opportunities to bring consumer-specific health solutions across communities.