Compass saved our members $122 million on their healthcare expenses in 2016. Here are some specific ways that Compass saved money for our members:
- Colonoscopies – The majority of these procedures were for preventive colon cancer screenings, and as a result, members paid $0 in out-of-pocket expenses and cost savings went to employer health plans instead of the member. How? By steering employees and their family members to have their colonoscopies performed at cost-effective endoscopy facilities and ambulatory surgery centers instead of at hospitals. In fact, our members can often use the same gastroenterologist at either facility.
- MRIs and CT Scans – Compass members often save money by making use of independent imaging centers, where MRIs and CT scans often cost one-third to one-fourth less than hospitals. High-end imaging is a common elective expense for employees. A frequent criticism of price transparency is that healthcare is not “shoppable.” However, imaging is a good example of where comparison shopping for healthcare is a definite reality. In addition, the image quality of these facilities is often as good or better than the hospital scanners. Plus, the image is often read by the same radiology group that reads the scans at the hospital (similar to colonoscopies.
- Prescription Medications – Compass saved members $27 million on prescription medications and incorrect medical bills. The cost of prescription medication has become a particularly hot topic for employee benefits professionals. Compass alerts our members to generic medications that are alternatives to expensive brand name medications. For more information about how this substitution process works, read ”The Truth About Generic and Brand Name Drugs.”
- Review and Resolve Problem Medical Bills – The rise of high-deductible health plans and consumer-directed health plans, employees are receiving a greater number of medical bills – many of these bills are incorrect. The cost of prescription medication has become a particularly hot topic for employee benefits professionals. Compass alerts our members to generic medications that are alternatives to expensive brand name medications. For more information about how this substitution process works, read “Problem Medical Bills: Top 4 Common Reasons for Error.”
- Repeat Use of Compass Services – Fifty-five percent of members who used Compass came back and used Compass for multiple services. When members did so, they used Compass an average of 4 times in 2016. In fact, many members used Compass in excess of 10 times in 2016. This repeat utilization shows the multiple healthcare and health insurance challenges that a single employee can encounter. It is very common for an employee to initially contact Compass to help them:
- Find a particular type of doctor
- Schedule the appointment for them
- Provide a cost-estimate for lab work, a test or a procedure that is ordered as a result of the office visit
- Assist the member with more cost-effective prescription options when they are prescribed a brand-name medication
- Review a confusing bill from the doctor, hospital or lab that may or may not be correct
- Almost 80,000 Questions Answered – Compass answered 79,127 insurance benefit questions in 2016. Many of those questions took place during open enrollment for their insurance plans. Employees need help understanding the differences between selecting a consumer-directed health plan and a traditional PPO health plan. Without this explanation, employees often feel frustrated and misled about their benefits when it comes time to use them during the plan year.
Here is how some of that savings broke down at the specific test and procedure level:
While the above statistics are a great way to measure how Compass saves our members money, personal testimonies and reviews bring us tremendous satisfaction.
For example, this note is from an employee at one of the largest companies in the travel industry:
Not only did you save us money...you gave us peace of mind. Click To Tweet
“You are AMAZING! I can hardly express how grateful I am for all your help in sorting through the pile of medical bills that my two sons recently piled up. Not only did you save us money, you helped us get onto reasonable payment plans and most importantly gave us peace of mind that in the end, the bills were correct and we could move forward with confidence that things were right.”
A HUGE thank you to our employer clients, their broker/benefit consultants and to our employees for working together to make healthcare simpler and smarter for so many people and their families.
To learn more about Compass and the success of our 2,000+ employer clients, visit www.compassphs.com