Empowering th Patient

Startup/business
Frisco, Texas, United States United States
http://www.empoweringthepatient.com
  • Overview
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Company description

Hello Vator,

My name is Cheryl Taylor and below is an explanation of my new company.  I look forward to your thoughts!

Let's face it: Healthcare bills are written in a foreign language!  The average consumer doesn’t speak "healthcare billing"  and no one is translating for them. 70% of medical and hospital bills are inaccurate and 2/3 of the people in bankruptcy are there because of medical debt. It's frustrating, scary and they feel hopeless because they don't know where to turn when they need help. More importantly, accurate answers they can trust!

Health care is the only service industry that is not required to be transparent with pricing and cost prior to obtaining care, and this, in conjunction with confusing healthcare policies, is creating the out-of-control debt.

Empowering the Patient will be the patient's source of truth; where they will have revenue cycle giants in their corner. We will verify that  what was charted was billed, we will review that it was billed correctly and that the portion they are responsible for is what they truly owe.  If inaccuracies are identified, we will resolve them on the patients behalf.

An additional component to our company is educating the patient, and giving them behind the scenes information to help them truly understand the business side of medicine.  There will be blog articles, community chats, and we will interact with our audience with the Friday Five, which is a weekly Q & A, and our once a month free review and resolution of someone's medical bills.

Phase 1

1. Single/one-time medical/hospital bill review.   Medical and hospital are different in complexity and require different amounts of time in order to complete. 

2. Memberships: Our memberships will be good for a 12-month period, it will have a credit system and people can use them however they want. 

Phase 2

Providers of Healthcare: The patient’s issues are a reaction to poor processes on the front end.  I’ve solicited a contract and relationship with RCM Brain, which is an AI/RFP company that will be our partner in reducing these errors and streamlining partners. Providers will reduce their administrative costs, and patient’s will benefit with an increase in transparency and accuracy.  We will make money as consultants/process improvements from providers, in addition to money from RCM Brain for each client we bring.

Legal: Working with attorneys to be their service of choice when cases they are dealing with are needing reviewing.  We will be adding 2 MD’s to our advisory board who do utilization and a lawyer/RHIA who specializes in this.

 

My current deck:

https://drive.google.com/file/d/1l2I0WdXVyXpfplL_9jAnRy5wE7EELBns/view?usp=sharing

Cheryl


https://www.youtube.com/watch?v=LizCuehDvaQ&t=6s


Business model

Empowering the Patient is not limited to its revenue model, but we will begin with bill review in a single episode or membership.  Once these are up and running, we will add providers of healthcare and legal as a phase 2.

Phase 1

1. Single/one-time medical/hospital bill review.   Medical and hospital are different in complexity and require different amounts of time in order to complete. 

2. Memberships: Our memberships will be good for a 12-month period, it will have a credit system and people can use them however they want.  If they run out of credits, they can always reload.  We will create a dollar value for each credit and below is an example of how they can be used. We are going to add perks such as, private chat communities where people can share ideas and insights, a holistic approach to pre-planned surgeries with identifying costs before and after so there are no surprises.

Example:

Membership A: 25 credits $1200 a year

Family has 4 people, 2 adults & 2 kids

Child 1 has an ER visit: 7 credits for the bill review and telephone time to resolve inaccuracy.

Adult 1 has a physical and office visit: 2 credits to review the bill and telephone time to resolve inaccuracy.

 

Pilot: We are currently looking for 1-5 companies that will allow us to pilot for free for the next 4-6 months to obtain proof of concept, reviews and potential clients.

Phase 2

Provider’s of Healthcare: The patient’s issues are a reaction to poor processes on the front end.  I’ve solicited a contract and relationship with RCM Brain, which is an AI/RFP company that will be our partner in reducing these errors and streamlining partners. Providers will reduce their administrative costs, and patient’s will benefit with an increase in transparency and accuracy.  We will make money as consultants/process improvements from providers, in addition to money from RCM Brain for each client we bring.

Legal: Working with attorneys to be their service of choice when cases they are dealing with are needing reviewing.  We will be adding 2 MD’s to our advisory board who do utilization and a lawyer/RHIA who specializes in this.

Competitive advantage

 While there are a few companies that have some similarity in service,www.healthcpa.com & www.copatient.com, the biggest difference is our flat fees, billing and coding reviews for accuracy, blogs for self education, Friday Five ( which is submitting questions and 5 will be selected weekly and answered) and our free monthly bill review/resolution give away.  We are about empowering patients with knowledge, so, they can be more empowered when obtaining care and in order to accomplish that, we need to educate.  I want Empowering the Patient to be the beacon of hope where people can find answers and get help.

 Co-patient does provides a free high level review so that they can determine if you qualify, and if you do, they charge you 35% of what they recover.  

We believe we can do good AND make money, and offering a flat, fair rate is the right way to help.