Healthcare has been in a stage of rediscovery thanks to the ongoing events caused by the pandemic. Not only are people reevaluating what they expect from healthcare providers, but the ways in which people receive care have also changed significantly.
“Changing consumer preferences and behavior, the integration of life sciences and health care sector, rapidly evolving digital health technologies, new talent and care delivery models, and clinical innovation continue to be top of mind for health care executives globally,” said Stephanie Allen, a leader in Global Public Health and Social Services in a quote for Deloitte’s 2022 Global Health Care Outlook analysis.
As Healthcare tries to find symbiosis with its “new normal”, one thing remains constant. Healthcare and health insurance remain inextricably intertwined but differ drastically in their relationship from nation to nation. For example, public health insurance in the United States covers only 34% of the population, much less than the universal coverage seen in countries like Canada and the United Kingdom.
This demonstrates a huge window of opportunity for innovation in this particular niche of the healthtech sphere. Let’s take a look at the recent winner of Connect: Healthtech, Itiliti Health, and how they are helping to patch the disparities between healthcare and health insurance through technological innovation.
Finding a Cure for Insurance Delays
In the US, the American Medical Association (AMA) found that 91% of patients experience at least some delay in receiving care due to lengthy prior auth procedures. And according to an MGMA Stat poll, 94% of physicians say that prior auth can delay access to necessary care.
In the US, this is a huge and outstanding problem within the healthcare system and one that startup Itiliti Health looks to address. Their initial solutions are aimed at modernizing the processes and management of prior authorizations for payers—resulting in an improvement in patient care and a significant reduction in administrative cost.
The company uses cutting-edge technology and analytics coupled with a deep understanding of user experience to offer a platform that smooths out administrative friction and workflow for plan administrators and physicians. By helping health insurance payers streamline their prior authorization (PA) processes, they are able to make access to healthcare more efficient and approachable.
Recently announcing a partnership with Blue Cross Blue Shield of Wyoming (BCBSWY), a non-profit insurer that serves over 100,000 members and is an independent licensee of the Blue Cross and Blue Shield Association, Itiliti rolled out its latest proprietary product—the PA CheckpointTM.
This tool has shown that it can reduce overall PA submissions by 30%, call volumes by 20%, and call handle time by 15%—equipping administrators with an immediate way to reduce costs and workload by automating the first stage of the PA process. Helping to create a better symbiosis between providers and insurers, Itiliti Health will be a startup to watch as healthcare transitions into a new era.
Healthcare for All
Private health care plans are seeing an increase in popularity, with the number of people enrolled tripling since 2004.
With demand for insurance escalating, a better bridge between insurers and providers needs to be built. Itiliti Health is an experienced health plan-focused partner working towards interoperability and transparency in the healthcare space through its robust roadmap to address several existent payer challenges.
Bringing together trailblazing startups and members of the media to generate exchanges on some of the most breakthrough topics within the industry in 2022, stay tuned to Publicize’s Connect website. The next exciting competition is this Thursday, August 11th which will showcase women innovators, including an all-female panel of media judges.
Disclosure: This article mentions a client of an Espacio portfolio company.