SAN FRANCISCO, May 8, 2018 /PRNewswire/ -- Every year we waste a trillion dollars on healthcare, roughly NASA's inflation adjusted budget since inception. According to Zak Holdsworth, the co-founder and CEO of San Francisco-based Hint Health, "the solutions to this crisis exist, they just need to be scaled."
Holdsworth claims that the fixes cannot, and will not come from incrementally improving status quo insurance or carrier-led solutions whose success depends on unsustainable rising costs at the expense of patients, providers, and employers.
Instead, Hint is focused on powering provider-led solutions that are showing remarkable results in improving cost, outcomes, patient experience, and provider satisfaction. The basis of this success is rooted in price transparency, incentive alignment, and the removal of third parties (and their administrative burden) from payment and care delivery. Referred to as direct care, these doctors are paid directly by individuals or their employers, completely eliminating the insurance middleman.
"Direct care is a proven solution that is gaining momentum across the country and is the blueprint for a complete reformulation of healthcare delivery," said Holdsworth. "Our vision is to accelerate this transformation and make direct care the new standard."
Direct care models have been praised by doctors and patients alike and have even achieved rare bipartisan political support, with dozens of states enacting legislation in support of the model.
"Employers across the country are starting to realize the control they have over managing their healthcare supply chain, starting with primary care," said Clint Flanagan MD, founder and CEO of Nextera Healthcare. "Our clients are routinely showing total cost of care reduction in the 10-20% range."
Since late 2013, the Hint team has been quietly building a solution that gives these organizations the administrative power of a health plan. Now with thousands of doctors and hundreds of millions in payments running through their platform, the company announced it has secured $10 million in Series A financing to continue expanding operations. Led by AXA Venture Partners who is joining the board, investors include Webb Investment Network, Draper Associates, and healthcare funds Springrock Ventures, Meridian Street Capital, Launchpad Digital Health, and Tom Williams.
"The healthcare technology industry is for the most part irrelevant to our clients who are pioneering new care delivery and payment models - the solutions that exist today do not support them," said Mike Lubin, Vice President at Hint Health. "We are working hand in hand with these organizations to invent an entirely new category of product that is a key enabler in transforming healthcare."
Some of Hint's clients include Redirect Health, Nextera Healthcare, Wellness For Life, Peakmed, and Parsley Health which itself recently secured $10 million in Series A funding to reimagine healthcare.
Dr. David Berg, founder of Redirect Health, explained further: "We needed a new technology platform to accommodate our unique business model and delivery paradigm and it became clear from our research that the existing solutions wouldn't cut it. Hint empowers us to execute our operational model and cost structure in ways we never thought possible."
About Hint Health
Hint Health (hint.com) powers tomorrow's healthcare providers by giving them the tools they need to operate and administer their own plans, and by doing so compete directly with insurance-based models. Based in San Francisco and backed by top investors, Hint's mission is to fix the broken healthcare system by fundamentally restructuring the way that care is delivered. Hint was co-founded in 2013 by Stanford GSB alum Zak Holdsworth and CTO Graham Melcher.
Their annual conference Hint Summit brings together pioneering physicians, industry leaders, technology experts, and policy advocates who are at the forefront of healthcare reform in the US, to accelerate direct care and make it the new standard.
SOURCE Hint Health