Vitals offers the SmartShopper initiative, an incentive and engagement program designed to generate healthcare savings by giving consumers access to cost and quality transparency tools. Additionally, the program uses cash incentives to motivate consumers to switch to high-quality, lower-cost facilities.
The company released its “Book of Business Vitals SmartShopper 2016 Report,” detailing the savings the program helped employers and consumers achieve last year. Here are five findings from the report.
1. The report covers SmartShopper’s eight health plans and their employer clients. In 2015, employers saved $7 for every $1 they spent on incentives.
2. Collectively, consumers earned $1.46 million in incentives and generated approximately $12 million in savings.
3. Through the program, each shopped-for procedure resulted in $625 in savings.
4. The following 10 procedures generated the most in total savings:
• Colonoscopy: $1.81 million
• Remicade therapy: $1.72 million
• MRI: $1.6 million
• Physical therapy: $1.46 million
• Lab/blood work: $1.15 million
• CT scan: $598,403
• Upper GI: $383,918
• Mammogram: $250,108
• Knee surgery: $245,319
• Bariatric surgery: $178,297
5. If the healthcare consumerism supported by the SmartShopper program were to become widespread, savings could be significant. Here are the potential savings for four common procedures:
• CT scan: $40.6 billion (80 million cases per year)
• MRI: $20.3 billion (34.76 million cases per year)
• Colonoscopy: $16.6 billion (14.2 million cases per year)
• Mammogram: $2.4 billion (39.21 million cases per year)
More articles on finance issues:
CMS proposes new Medicare drug payment model: 8 things to know
HomeTown Health’s new RCM training program targets Iowa hospitals: 8 things to know
Ohio radiology group signs Zotec for practice management services
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.