Reconstructing Healthcare: Innovative Solutions For Employers To Lower Their Healthcare Costs - Reconstructing Healthcare: Innovative Solutions For Employers To Lower Their Healthcare Costs EPISODE 56, 14th November 2019
In this episode, Michael introduces Shane Foss, the founder and CEO of Hooray Health. Hooray Health leverages an Urgent Care and Retail Clinic National Provider Network built for Individual and Group limited medical insurance plans. Shane has over twenty years of tenure as an executive in the medical industry and it was through this work that he became frustrated with the healthcare options in America.
When Shane injured his back and needed medical care, he experienced the shortcomings of the healthcare delivery system first-hand when he received a balance bill from an urgent care center. He was able to negotiate down his bill, but the experience left him wondering what other Americans do in similar scenarios. This led to his discovery that many Americans are “functionally uninsured” and there’s no standardization of cost or transparency in the healthcare system.
Shane was thus inspired to create a new platform that filled a gap in the market: affordable basic healthcare. Through this inspiration, Hooray Heath was born. Hooray Heath offers a low-cost, practical healthcare plan that is supported by technology and a robust provider network of Urgent Care and Retail Clinics. It is unconventional - which is exactly what Shane wanted. In a country where 75% of the population makes less than $50,000 a year (and many work part-time), Hooray Health offers peace of mind, basic healthcare, no surprise bills, and a fixed price that starts at only $99.
The member experience through Hooray Health is simple and centralized through their mobile app, where they offer “telemedicine”, a 24/7 bilingual medical concierge, pharmacy discounts, and more. It’s a fixed indemnity plan but feels like a regular PPO for basic coverage - and is 30% less than other similar plans on average.
They offer two plans: a basic plan and a “plus” plan. The basic plan covers a wellness visit, five annual visits to the retail clinic or urgent care, and a $5,000 accident policy. The “plus” option includes everything in the basic plan plus a hospital indemnity buy-up for an additional $60. Hooray Health is easy to deploy and makes joining a seamless experience for both individuals and large corporations.
Hooray Health has an exciting road ahead. Next year’s version of the mobile app will be even more integrated and supportive, and they’re working on formulating supplemental alternatives for high-deductible health plans. Hooray Health focuses on a segment of the population that is often overlooked when it comes to healthcare - part-time employees and low-income earners - and makes it so basic coverage is accessible, affordable, and easy for employers and employees alike.
Here’s a glance at what we discuss in this episode:
00:30 - Introducing Shane and Hooray Health
02:00 - Shane’s previous work in the industry and what inspired Hooray Health
05:45 - Why Shane believes we’re “functionally uninsured” as a country
08:00 - Employers need to manage their healthcare expenses like any other expense
09:30 - How Hooray Health works and who they serve
14:30 - The difference between Hooray Health indemnity plans and regular benefit plans
16:00 - The difference between the basic and “plus” plan
18:00 - How the Hooray Health concierge service works
20:20 - Information about their medical bill negotiation platform
21:30 - Pricing, how they track consumer satisfaction, and their growth since launching
24:45 - Who Hooray Health is for, how it can help reduce turnover, and where they provide coverage
29:30 - How Hooray Health connects and communicates with its members
31:00 - What to expect next year and why Hooray Health beats out the competition