Employee Benefits: Keeping Healthcare Accessible in the US
In this conversation, we hone in on employee financial wellbeing. I’m joined in episode 399 by Darius Chehrzad, Chief Commercial Officer at Paytient, a company focused on helping people better access affordable care.
Paytient works with employers, partners, brokers, and health systems to provide a healthier way to pay for out-of-pocket care expenses.
Questions For Darius Include:
- How does a tool like Paytient fit into an employer’s benefits offering?
- What does it mean to say affordability in healthcare has moved one step forward and two steps back?
- What is the effect of OOP increasing on our physical and financial well-being? What is the effect of members not being able to pay medical bills?
- What is the effect of this on providers?
- How does this come back in higher fees and premiums?
- What are the non-obvious implications that HR is missing?
- When employees are not getting care, what are the long-term effects?
- With this cycle of price increases and people not getting care, there seems to be a big focus on HDHP to try to keep costs down. How does Paytient help with this transition?
More About Paytient
Paytient is on a mission to help people live better lives by improving their ability to better access and afford care. Their financial technology gives Americans the funds they need to pay for the more than $400 Billion in out-of-pocket healthcare expenses (e.g., spending within deductibles, co-pays, co-insurance) that were billed last year.
For too long, there has been too much preventable financial harm and delayed or deferred care hurting patients and providers. Paytient envisions a fairer future, over the horizon, where every American can more easily pay for care and live a financially healthier life.
Founded in 2018, Paytient has raised $50 million from CoVenture and $7M from Inspired Capital, Lightbank, BoxGroup, Cultivation Capital, Crossbeam, and Lachy Groom Fund to fuel our mission and help employers, payors, providers, and patients better afford the status quo.
Solving this problem presents a generational, multi-billion-dollar opportunity to become the payments and financing layer for healthcare transactions in the US.
Related HRchat Content
Welcome to another episode of the HRchat show. In this episode, we consider tech to monitor and assess employee wellbeing.
Bill's guest this time is Dr. Don Brown, Founder, and CEO of LifeOmic, a software company that leverages the cloud, machine learning, and mobile devices to offer disruptive solutions to healthcare providers, researchers, employers, health coaches, health IT companies and individuals.
His first company was acquired by EDS in 1986. He founded Software Artistry in 1988 which became the first software company in Indiana ever to go public and was later acquired by IBM for $200 million. Don then founded and served as CEO of Interactive Intelligence which went public in 1999 and was acquired by Genesys Telecommunications Laboratories in 2016 for $1.4 billion.
Don received a bachelor’s in physics from Indiana University in 1978, a master’s in computer science from IU in 1982, an MD from the Indiana University School of Medicine in 1985, and a master’s in biotechnology from Johns Hopkins University in 2017.
Questions Include:
- LifeOmic had its start in the oncology space around healthcare data aggregation and visualization. How has this background informed your approach to corporate wellness?
- What value does a medical-grade approach to wellness have for both the employees and the employers?
- The core of the LifeOmic Precision Wellness solution is the five pillars of health – plant-based nutrition, activity, mindfulness, sleep, and intermittent fasting. Based on hundreds of scientific studies, these pillars will, your team claims, improve your employees' health. Can you tell us more about the five pillars of health and ways HR can be more mindful of each to encourage better habits in the workplace?
- Using your tools, employees can do self mini-checkups using fitness wearables, connected scales, blood pressure cuffs, spirometers and more to monitor their improvements. You support seamless connection to Fitbit, Oura and all Healthkit devices. Can you tell me more about how the tech can monitor employee health in real-time?
- Using advanced machine learning and artificial intelligence, LifeOmic Precision Wellness aims to create and deliver tailored recommendations to improve health as well as identify areas employees should proactively discuss with their doctor. Many HR pros remain skeptical about the pervasiveness of AI and machine learning as presc
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