Health Start-ups Are More Inclined Towards Serving Medicare & Medicaid Patients

Posted: May 5 2018, 1:22am CDT | by , in Technology News

 
Health Start-ups are more Inclined Towards serving Medicare & Medicaid Patients

That future is less about expensive tests and procedures but on keeping people healthy for longer.

New health start-ups are shifting away from health products that cater to the urban and rich population. They are shifting their focus towards serving older and low-income people who fall under Medicare and Medicaid insurance, according to a CNBC report. The main reason behind this is the attractive rewards programs offered by Federal and State governments.

The healthcare start-ups with their innovations are more inclined to tie up with Medicare and Medicaid as they think they can make more money serving these patients. The Centers for Medicaid and Medicare pay good rewards and incentives to companies whose innovations and services help in providing better healthcare for these underserved people.

On the contrast, big hospitals are not interested in health start-ups that offer innovative and preventive solutions that can save costs; they are more inclined towards getting more and more patients to get hospitalized, and then charge them for different tests and procedures.

Rushika Fernandopulle, who has doctor’s degree from Harvard, started Iora in 2010. Instead of targeting wealthy, young and urban population, they intended to serve the elderly and underprivileged people who were on Medicare and Medicaid plans.

Iora Healthcare focused on providing medical treatment to those who needed it the most, people who had low income, and those who suffered from serious medical conditions.

Iora’s innovative individual patient health coaching strategy resulted in reduced costs, more satisfaction, and better health conditions among their patients. Patients served by Iora Healthcare have 24x7 access to their doctors and health coaches through text messaging & video chats, they even have free access to the clinic’s yoga studios.

Since their inception in 2010, Iora has expanded into seven different states, and have managed to receive more than $120 million from venture capital firms.

Another such start-up is Cyft which was started by D’Avolio, this group worked on building a system that can prioritize and predict which patient needs immediate help, their technology is meant to save lives by acting on time and by taking preventive measures.

After trying to work with some big hospitals, and disappointed about their approach, Cyft chose to work with insurers who served Medicaid patients, over the past few years they have helped more than 20 government-sponsored health plans identify those in need of additional care and secure the appropriate resources for them.

"Innovation in health care proceeds when there are true incentives," said D'Avolio. "And Medicaid is where you're seeing those incentives."

Some other start-ups shifting to Medicare and Medicaid include Clover Health, CityBlock Health, Bright Health, and Devoted Health, etc.

Even big giants like Lyft and Uber have partnered with these insurances companies to provide transport services for their clients.

This story may contain affiliate links.

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<a href="/latest_stories/all/all/71" rel="author">Neetu Singh</a>
With over 10 years of experience, Shalini passionately covers the tech industry.

 

 

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