COLUMBUS, Ohio, May 9, 2019 /PRNewswire/ -- Quantum Health, the healthcare industry's first and leading consumer navigation company, today released the results of its tenth independent actuarial review of the company's entire book of business. The review, conducted by industry expert Dale H. Yamamoto, FCA, MAAA, validates that Quantum Health clients experience significant and consistent cost savings: an average cost reduction of 5.2 percent in the first year, cumulative average savings of 10.8 percent over three years and 17.5 percent over 5 years. For a company with projected annual claims costs of $100,000,000, this equates to $5,200,000 savings in the first year alone.
These results are significant, and even more so because no other company in the industry consistently measures—and delivers—multi-year cost savings across its entire book of business.
"Since founding the navigation services space in 1999, we have continuously optimized our approach to anticipating and solving the healthcare and benefits needs of self-funded employers," says Quantum Health Founder and CEO Kara Trott. "Despite continuous changes in the marketplace, this year's actuarial review once again validates our effectiveness at reducing healthcare costs for our clients and members, year after year."
Methodology for the review analyzed annual claims and membership between the years 2001 and 2017 for 136 Quantum Health clients. Each year's results compared Quantum Health's actual trend, which was weighted based on claims Per Member Per Year (PMPY) and member lives, versus industry average trend. Adjustments for plan design changes and provider network changes were made in order to evaluate Quantum Health's true impact.
In addition, the review analyzed claims data for clients implemented between 2013 and 2017, in order to account for changes in benefit plan designs, delivery and lower market cost trends over the past 17 years. Despite these changes, the review concluded that Quantum Health clients experienced the same magnitude of financial results, and that Quantum Health clients successfully bend the healthcare trend, with cumulative average growth rates of costs at just 1.7 percent, compared to the industry average of 5.8 percent, which equates to cumulative average savings of 11.1 percent over the first three years.
The two analyses demonstrate that Quantum Health's results are sustainable, repeatable and consistent across industries, benefit plan structures and demographics year after year.
"Our research-based, consumer-centric model delivers unparalleled ROI for our clients," continued Trott. "As healthcare continues to get more and more complex and costly, we are unwavering in our mission to simplify and optimize the consumer experience. By helping our members understand and use healthcare and benefits more effectively, we also help our clients and their providers solve their most critical challenges and significantly reduce their costs."
About Quantum Health
Quantum Health is the healthcare industry's leading consumer navigation and care coordination company, delivering an unparalleled consumer experience based on empathy and trust. This enables employers to achieve industry-leading satisfaction rates and independently validated claim savings. Launched in 1999, Quantum Health's model is based on years of deep consumer research and the insights learned from working with over 170 companies, guiding millions of consumers and their providers through the healthcare and benefits journey.
Based in Columbus, Ohio, Quantum Health has earned numerous awards, including Entrepreneur of the Year by Ernst & Young and Fastest-Growing Privately Held Company for 10 years by Inc. 5000. FORTUNE and Entrepreneur magazines have recognized the company as a Great Place to Work® Best Small & Medium Workplace. The Women Presidents' Organization has ranked Quantum Health as one the 50 Fastest-Growing Women-Owned/Led Companies for the past five years, and Columbus Business First has honored Quantum Health as a Best Place to Work for the past twelve years. To learn more about the company, visit Quantum-Health.com, and connect with us on LinkedIn and Twitter.
Contact: Cynthia Henry
SOURCE Quantum Health