We’re seeing a wide gap in our healthcare system due to a lack of transparency.
Both employers and employees – the consumers of healthcare – don’t actually have any insights into the actual value of what they’re paying for.
Healthcare providers, on the other hand, couldn’t tell patients how much the service actually costs. Then they have to justify their actions so they can get paid for the work done. They have to relay the information through codes to the third party that holds all the money, but it’s not really present.
Clearly, it’s a triad that is systemically difficult, if not broken.
Seeing this gap, Dr. Jawad Arshad found an opportunity to fix this through WoW Health Solutions, a platform that brings together healthcare providers to create an innovative healthcare solution.
Consumers are The Losers in This Game
- Every year, the premium goes up and consumers have no minimal insight into how their money is being spent. They know they need to provide a benefit, they just don’t know what the value of that benefit is.
- The insurance carrier is paying for that office visit or for that lab so they are going to want to have a say.
- Employers are consistently putting more money per employee every year towards their remuneration. The problem is that all of that money that they allocate towards going to their paychecks gets eaten up by the increase in healthcare costs.
- Most employees don’t have much insight into the cost of that care. They feel like they had no wage increase, without realizing that their wage has been increasing. It’s just that all of that increase keeps getting siphoned off toward health care.
The Shift in Consumer Mentality Post-Pandemic
- Medical expenses are now a primary cost driver for hiring new employees.
- More employees are very cognizant now of their coverage. They go through and read the fine print as to what their coverage entails. And they look at optional plans. But there aren’t too many to choose from in today’s landscape.
Leveraging the Healthcare Infrastructure
- 85% to 90% of events in healthcare fall into the category of maintenance care and only a maximum of 15% of the events fall into what would be considered large medical needs (ex. ER, surgery, hospitalization)
- There is an amazing community of medical providers across the board that’s also looking to break away completely from that third-party reimbursement model.
- WoW Health Solutions is not reinventing the wheel. Instead, it’s just taking the existing infrastructure and leveraging it.
The end goal is to provide transparent and affordable healthcare, giving the power back to the people so they have access to the kind of care they really need. If you want to learn more about how Dr. Jawad Arshad is disrupting the healthcare landscape, check out https://alexatwood.co/podcast/episode035