HealthEngine Releases Value Marketplace

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HealthEngine's Value Marketplace allows facilities to compete against each other in real time on cost and quality to win patient choice. Over a limited release this summer, HeathEngine was able to achieve prices which averaged 53% below the rates that health plans negotiated.

“The increasing cost of medical care is an overwhelming problem facing patients today. HealthEngine is delivering a game-changing and disruptive product at a time when such innovation is desperately needed." - Tim Zoph

HealthEngine LLC, an innovative healthcare technology company based in Chicago today announced the release of its Value Marketplace. The HealthEngine Value Marketplace incorporates the profiles of every medical professional and medical facility in the United States, including hospitals, surgery centers, outpatient clinics, and diagnostic groups. In addition to providing transparency information on cost, quality, and patient satisfaction metrics across a range of medical services, HealthEngine's Value Marketplace engages healthcare facilities to compete in real-time. Providers can lower prices, showcase validated data on clinical quality and - above all - to provide stakeholders with a platform through which they can attract patient and physician choice by continually improving their overall healthcare value proposition. Uniquely, patients, physicians, and third-party payers share in the savings that result as providers compete to lower their prices.

During a limited release earlier this summer, patients using HealthEngine’s Value Marketplace were able to obtain prices which averaged 53% (around $1400.00) below the negotiated rates their health plan established for a given service at the same provider. In quite a few circumstances, patients actually ended up getting paid in the event that the person’s allocation of savings exceeded their deductibles and other cost-sharing responsibilities.

Following a recent demonstration Tim Zoph, former Chief Information Officer of the top-ranked hospital in Illinois, stated “The increasing cost of medical care is an overwhelming problem facing patients today. HealthEngine is delivering a game-changing and disruptive product at a time when such innovation is desperately needed. HealthEngine’s Value Marketplace has the potential to not only radically reduce costs for patients, but to also fundamentally alter how medical providers manage their organizations and remain attractive to patients and their physicians.”

Physician response to HealthEngine’s Value Marketplace has been extremely positive. Dr. Jason Koh - Chairman of both NorthShore University HealthSystem’s Department of Orthopaedic Surgery and HealthEngine’s Clinical Orthopedic Advisory Board - stated, “HealthEngine has offered my practice a tremendously powerful tool in addressing patient concerns around the cost and quality of medical care. By using HealthEngine's Value Marketplace, I can serve my patients’ best interests both clinically and financially.” Dr. Dominic Patawaran, a primary care physician at the Raby Institute for Integrative Medicine, echoed, “HealthEngine not only offers technology to empower my patients financially, but I also quite frequently hear from patients that HealthEngine's concierge service is invaluable in assisting them to identify and understand their potential choices. Patients feel that HealthEngine’s team is a guiding resource in helping them to make the most informed healthcare decisions possible.”

Unsurprisingly however, those most excited in having used HealthEngine’s Value Marketplace tended to be patients themselves, "Not too long after the procedure was completed I received a check in the amount of $334.00, just for getting an MRI that I needed and for which I would have ended up being out of pocket over $500.00 had I not gone through HealthEngine,” said Sam Watson. Another patient, Victor Brown added, "Getting surgery is not fun. I used HealthEngine to not only select my doctor, but also to choose where he would perform the operation based on where I could save the most money through the Value Marketplace. HealthEngine took care of scheduling of my appointment, and in the end allowed me to save $2340.00 on my procedure.”

Currently scaling throughout Illinois, Indiana, and Wisconsin, as of mid-October, more than 560 physicians and 115 healthcare facilities were actively participating throughout Illinois, Indiana, and Wisconsin, and the company estimates that the Value Marketplace will be fully implemented alongside HealthEngine’s already-established platform no later than December, 2017.

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Melissa Eckl
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