Nearly 75% of all healthcare costs are associated with chronic diseases, most of which are preventable. One way to mitigate these costs is with the utilization of digital-first care vendors, sometimes referred to as point solutions.
Point solutions are often focused on improving specific areas of care ranging from primary care to mental health — even to fertility support. They are becoming a popular cost-mitigation strategy. In fact, plan sponsors today offer an average of nine point solutions.
Unfortunately as the number and variety of points solutions increases, it can be difficult for your clients to know which areas to focus on. Here are five areas in which investing in point solutions can drive significant cost savings.
Offer virtual primary care to contain costs
Virtual primary care ensures that members are connected with cost-efficient, high-quality, and in-network care. This will help contain costs and bridge the gap for members utilizing other health benefits your clients provide.
When implementing virtual primary care, there can be about a 20% decrease in unit costs including provider salaries and equipment needed for calls. Teladoc Health is a virtual primary solution that addresses a full range of health and well-being needs. Their goals are to:
- Increase the value you provide your clients
- Improve clinical outcomes
- Boost engagement and satisfaction
- Accommodate the diverse populations you serve
Focus on diabetes care to contain costs
Members with diagnosed diabetes incur average medical expenses over $16,000 per year. Of that, almost $10,000 is directly related to their diabetes. Typically, this demographic has medical expenditures approximately 2.3 times higher than those that do not have diabetes.
Preventing the onset of type 2 diabetes can reduce annual healthcare costs by thousands of dollars per patient. By addressing this population, health systems, insurers, and your clients can generate large positive returns on investment because currently, $1 out of every $4 spent in U.S. healthcare costs is going towards helping care for people with diabetes.
Livongo is a point solution that provides smart devices, expert support, and health management strategies to members with type 1 and 2 diabetes. Their goals are to:
- Improve members’ habits to lower the risk of developing type 2 diabetes
- Mitigate members’ risk of high blood pressure
- Provide tools to help members manage their weight
Offer MSK care to contain costs
Musculoskeletal (MSK) issues can greatly impact the quality of life and work performance of members. More than half of American adults suffer from MSK issues, and more than one in five miss work due to these conditions — as it’s the leading cause of chronic pain and disability.
Hinge Health, a point solution for joint and muscle care, makes access to quality MSK care easier while reducing medical claims for health plans at the same time. They provide members with access to personalized exercise programs and their own care team. This solution can significantly impact members by reducing their:
- Pain
- Number of surgeries
- Depression and anxiety
Provide women’s healthcare to contain costs
The average annual health spending for women ages 19 to 34 in 2019 was $4,709 which is more than double the men’s spending in the same age range — $2,261 per year.
Point solutions that specifically address women’s healthcare needs contest this. Maven is a point solution that offers an inclusive platform that supports members with personalized, holistic care for every step of their reproductive and family health journey. Their goals are to:
- Offer a proactive and clinically-driven model that improves outcomes
- Combat health inequity
- Extend the reach and impact of your health plan
Support mental healthcare to contain costs
Nearly one in five Americans have some type of mental health condition. That’s costly for your clients — on average, they spend over $15,000 per year on members who experience mental distress.
Headspace Health is a solution that drives better mental health outcomes with their on-demand mental healthcare platform. They offer:
- Easy access to care with their in-house coaches, therapists, and psychiatrists
- Collaborative and comprehensive care that’s personalized and high-quality
- Innovative payment models to ensure your clients only pay for engagement and better mental health outcomes
Point solutions contain costs
Point solutions help drive better outcomes and contain costs through addressing targeted needs. However, the wide variety of offerings can add a layer of complexity for members trying to understand their health benefits.
Healthcare navigation solutions have emerged as a way to address this complexity. Amino Health integrates with the point solutions that plan sponsors have already invested in and will surface them for any relevant query. Partnering with Amino Health will maximize the value of the point solutions, help you contain costs for your clients, and improve overall outcomes.
Are you interested in learning more? Download Discover the best way to contain costs for your clients eBook today.
