Employers are working hard to better manage their health care costs. Medical providers and health systems want to help. Intermountain Healthcare (IHC) – one of the largest health systems in the country – is widely regarded as the most progressive and successful Integrated Delivery Networks among other leading health systems. IHC certainly hasn’t changed this perspective with the release of details of their new health plan – SelectHealth Share. Under SelectHealth Share, IHC is guaranteeing to hold yearly rate increases to approximately 4%, which is particularly attractive to employers because providing – and paying for – health care coverage becomes a much more predictable expense. IHC has developed a shared risk program that is not unlike an ACO, where IHC is seeking to manage the care for its most costly patients with chronic conditions like diabetes (mostly through separate, special clinics within the health system). As part of the deal, IHC is asking its employer partners to contribute at least 70% of the cost of the health plan for employees, and also to make contributions to account-based plans such as an HSA.
These employer requirements make sense because (1) it will ensure that employees will be able to afford their health insurance coverage and (2) it will allow employees to have surplus funds to pay out-of-pocket expenses like deductibles, so as to cut down on any uncompensated care that often times arises with high-deductible health plan (HDHP) coverage, explains Chris Condeluci, a former Senate Finance Committee Tax Counsel who participated in developing portions of the ACA, and now Principal at CC Law & Policy.
As novel as SelectHealth Share is, an additional step beyond requiring employers to fund a savings account would be offering a financing program like MyLoans. As more and more costs are shifted to employees, some employees forego needed medical services for fear of not being able to cover their out-of-pocket expenses. MyLoans gives these employees piece-of-mind when it comes to covering these costs, and MyLoans will allow employees to get the medical attention that they need (especially in the case of preventive services). IHC will also benefit from MyLoans because offering this type of program will ensure that its doctors can take care of patients without worrying about whether patients will skip out on medical services because of their HDHP coverage.
By providing patients with fast access to medical loans at a fair and unchanging interest rate, the MyLoans™ software by Epic River enables financial institutions to ease the financial stress of health care through collaboration with medical providers. Not only can medical providers offer patient financing for medical care needs, but doctors and hospitals alike can finally get immediate funding of their patient’s outstanding balances. Additionally, financial institutions gain new customers and interest income with little administrative overhead in exchange for servicing the loan. For more information, visit www.myloans.co.
About Epic River, LLC
Since its inception in 2005, Epic River has been providing high quality software services aimed at solving process-intensive problems. With a focus on high quality and rapid delivery, Epic River’s methodology accelerates the process of innovation while keeping a firm grasp on the business case behind the application, enabling our partners to grow their market leadership. The company’s unique approach to the agile methodology and user experience ensures both parties work closely together every step of the way. Whether you’re looking to expand into new technologies or markets, need a custom internal tool, assistance with architecture, or simply need someone you can trust to make technology decisions, Epic River is at your service. For more information, visit www.epicriver.com.