Columbus based company, Quantum Health, announces it has achieved unprecedented results in lowering healthcare costs for employers during the previous fifteen years across 147 employers and 485,000 member lives. According to a recent independent actuarial study conducted by Michael Taggart, F.S.A., M.A.A.A., employers who partnered with Quantum Health saw a 3-year trend from 2012-2014 that resulted in an average cost increase of only 0.2% per year, compared to the industry-average 4% annual increase, according to the S&P Healthcare Index of Self-Insured Companies.
As for long-term results, the study proves that over the past fourteen years, Quantum Health clients would have recognized an average annual increase of 3.5% for healthcare claims compared to industry averages of 6.5%-7% for the market.
In dollar terms, $100 of average claims for a Quantum Health client would have only grown to $100.49 at the end of the three-year period, while the same $100 of average claims would have reached $113.67 with costs increasing at the market trend.
Michael Taggart's findings demonstrate Quantum Health is an industry leader in cost savings. "When compared to results in the industry, Quantum Health exceeded the savings of other claims administrators and health insurers," Taggart reported. The reduction over time in healthcare costs to an employer plan sponsor was significant, averaging between one-half and one-third of the market average trend. In the first year of the Quantum Health program there was an average 8.6% cost deflection from market trends.
As the innovator of health care coordination, Quantum Health has revolutionized the way consumers interact and navigate the healthcare system. Quantum Health helps self-funded employers provide an exceptional healthcare experience to their employees while saving the company significantly on their healthcare costs.
With the cost of healthcare on the rise, employers now seek a financial solution that does not compromise quality of care. "The Quantum Health model, built upon years of consumer behavior and journey mapping research, stands alone as the only program to establish not only direct communication with employees and their family members, but also with healthcare providers and carriers. We find that such communication is imperative to provide more efficient utilization of healthcare services, reduction in severity of claims and improved network utilization, and an overall better experience for the patient," says Quantum Health CEO and Founder Kara Trott. Quantum Health's proprietary Real Time Intercept™ (RTI™) model, Quantum Health is able to identify and engage individuals earlier in their healthcare journey and guide them to the appropriate care. In year one, Quantum Health clients can expect reductions of 20% for readmissions, 6.8% for inpatient days and 3.8% for emergency room visits, as well as an increase of 14.5% in utilizing preventative care.
"The results are tremendous, especially because unlike so many others, Quantum Health measures the entire population not just a subset," Deb Gold, Senior Vice President of Strategy and Consultant Relations said about the study.