The Results Are In: Real Change Is Possible

The January 2023 Centiments newsletter highlights our 2022 savings results and proof that achieving healthcare affordability is truly possible.?

Inertia by the numbers

There hasn’t been a lot of inspiring news about healthcare affordability in the past year. For instance:

• A study published December 27 in the Journal of the American Medical Association found that over the past 20 years, a growing number of Americans with job-based health insurance have been skipping medical care due to costs.
• A recent Gallup poll says those postponing treatments rose 12 points to 38%, the highest in the Gallup’s 22-year trend.
• A JAMA article published this week highlights the impacts of delaying or foregoing care, particularly for asymptomatic but costly conditions such as diabetes.?
• Healthcare costs increased 3.2% in 2022, and employers are bracing for an even bigger increase at 5.4%.
• Around 91% of Americans are worried about increasing health care costs.

And while most agree change is needed, inertia is a tough thing to tackle. As our CEO Ashok Subramanian posted on LinkedIn this week, “Change must come from outside established industry players. While some may be well-intentioned, most incumbents are simply not sufficiently focused or incentivized to address the cost problems of the average American or their employers.”

Ensuring everyone has access to high-quality, affordable healthcare is the driving force behind everything Centivo does for its clients, members and provider partners. The results of our 2022 healthcare spend analysis validate our model’s ability to provide and deliver a first-of-its-kind health benefit plan that workers across the country, and in companies of all sizes, can actually afford to better their health and quality of life. - Ashok Subramanian, CEO, Centivo

Proof of the possibilities: The right care at the right time can fuel savings

Despite the concerning headlines capturing today's news cycle, change IS possible – and our 2022 results, published this week, prove that. The 2022 healthcare spend analysis, derived from our flagship Partnership Plan offering, reveals dramatic healthcare cost savings for Centivo’s employer clients (21 to 33 percent) compared to widely recognized industry benchmarks.

Beyond the significant employer cost savings, the plan savings for members is comparable to an annual increase in take-home pay: Members on Centivo’s standard Partnership Plan paid an average of only $409 per year in out-of-pocket costs, compared to the national average of over $1,600 per year.

These savings were driven, in part, by Centivo’s no-deductible, free primary care plan design. Putting?primary care at the center of the patient journey incentivizes the right care and prevents downstream, often more expensive services. With our signature plan, members had higher primary care visits (+30 percent) but also fewer emergency room visits (-15 percent) and inpatient admits (-13 percent).

How we got here: Our founding principles

In his LinkedIn post, Ashok reflected on the founding principles of our company, which drive our healthcare model and sustain our mission to foster change:

• Design for healthcare affordability as the primary goal – without compromising on quality. Challenge the perceptions and myths of the status quo that harm the pursuit of affordability for the average American.
• Confront the fact that care avoidance due to high deductibles is part of the problem, not a solution to financing rampant healthcare inflation.
• Anchor the solution on providers with a demonstrable multi-year track record of value-based, coordinated care centered around the patient.
• Focus every patient journey around advanced primary care – either in-person or virtually – as the North Star of a differentiated healthcare experience.
• Conduct our business in a way that is transparent and accountable to all of our stakeholders.

Prioritizing employee health and wellness

The first?Centivo?stat of the month for 2023 reflects the shifting focus on employee health and well-being. According to the Business Group on Health , "employers show an increasing awareness that employee health and well-being have a positive effect on workforce strategy, with 65% of employers reporting employee health and well-being are pivotal compared to 27% of employers five years ago. Read more.

Ready to realize your own savings?

Are you ready to see what’s possible for your company, but not sure where to start??Download our free guide, “How Healthy is Your Health Plan?”?It walks through seven key areas for evaluating your current health plan and identifying changes you can start making now or in the months ahead.

Find out more

Want to learn more about Centivo? Join our next online 20-minute live demo on February 15 or March 15, both at 2 pm ET. Register here.