BOSTON, Jan. 15, 2020 /PRNewswire/ -- ConsumerMedical, a clinical advocacy, decision support and expert second opinion company, announced this week at a company-wide meeting the addition of 43 new clients and the expansion of programs with some 25 percent of new annual recurring revenue from its current customer base for 2020. The milestone marks the best growth year in the 24-year history of ConsumerMedical.
The company is one of the leading providers in the $3.6 billion and growing patient advocacy industry. New clients added include Mattress Firm, Teacher's Health Trust, and Farm Credit Foundation. In total the new clients, as well as growth from existing customers, will bring on more than 793,000 covered lives, for a total of more than 4 million-plus lives covered in 2020. Additionally, the company reported a customer retention rate of 95 percent.
"Our product and service suites continue to grow, driven by the voices of our customers and partners in the marketplace," says Kevin Kickhaefer, President of ConsumerMedical. "Finding ways to help employees and plan members better understand their healthcare benefit and making it convenient and easy for them to get the help needed, while optimizing their healthcare outcomes, is important to our clients. We will continue to invest in technology as well as people to ensure we provide the solutions and services today's consumers need."
Factors driving growth include greater interest in virtual services, such as second opinions, and clinical consulting via telehealth technologies. High member satisfaction rates as well as benefit navigation that makes it easier for consumers to access information, optimize their network of physicians and facilities, track status and communicate directly with ConsumerMedical providers were also noted as factors.
"As an employer in a competitive marketplace, it's important for us to have a robust benefit program," says Cindy Rippel, Director of Benefits and Wellbeing for Mattress Firm. "Plus, we want our healthcare benefit program to offer real value to our associates and their families when they need it most. ConsumerMedical's approach to providing high-tech yet high-touch care, designed to meet Mattress Firm's unique needs, assures us that we are going to make a real difference for our associates and their families while also helping to manage our costs."
Plan sponsors also report they chose ConsumerMedical because of the highly personalized approach to care programs offered to people with complex and often frightening diagnoses like cancer or heart disease. ConsumerMedical's Ally Total Support™ program provides guidance from a compassionate clinical team to bring peace of mind and address any healthcare questions at any point in the healthcare journey.
ConsumerMedical's focus is on bringing deep clinical expertise and the latest evidence-based information to ensure a highly personalized and satisfying member experience. The company's objectives include providing independent support that improves clinical outcomes and quality of care, increases member satisfaction and reduces overall medical expenditures. More than 80 percent of consumers experience better clinical outcomes after using the company's market-leading services. Independent research also consistently shows that ConsumerMedical offerings deliver customers with an average return of $4 saved for every $1 invested in the program.
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About ConsumerMedical ConsumerMedical is a leading clinical advocacy, decision support and expert second opinion company serving more than 4 individuals and growing through some of the nation's largest employers, health plans and private exchanges. The company has been serving patients and payers for more than 24 years. As a Medical Ally, ConsumerMedical guides participants throughout their healthcare journey with compassionate, high-touch support and deep clinical expertise. ConsumerMedical offers a fully integrated suite of solutions including Medical Decision Support®, Surgery Decision Support®, Expert Medical Opinion, Claims Advocacy and more, helping individuals and families navigate the healthcare system while improving outcomes and reducing costs. ConsumerMedical's results have been validated continuously by independent actuaries. www.consumermedical.com