SeeChange Health has won a Red Herring Top 100 North America Award. The award recognizes private companies from North America for innovation and new technology in their respective industries.
SeeChange Health offers Health Insurance and Health Solutions while encouraging people to keep an active role in managing their health. In addition to paying customers’ medical bills, SeeChange gives financial incentives to members who improve and manage their health. The company offers fully insured plans for groups of 2 to 200 or more employees and self-insured programs for groups of 100 to 1,000 or more employees.
The company calls its clinical behavioral economic technology FlyWheel. The software processes over 200 million facts about individual members every day, including eligibility, health assessments, biometrics, medical claims, pharmacy, lab, bio-fit devices and data from fitness and health programs.
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Last year the company did a study of 120,000 employees enrolled in its program over a 3-year period. SeeChange reported these results:
- Close to 80% of the incentive program members earned points, with slightly increased and sustained engagement levels in the second and third year.
- During the 3-year period, there was an increase in wellness/preventive visits, compliance with obtaining healthy biometric measurements and taking actions to control unhealthy biometric measurement results.
- Hospital utilization showed a decreased trend averaging 10-20% in hospital admissions, bed days and ER visits over year 1. Hospital readmission rates had a 50% reduction by year 3, while length of stay slightly decreased, reflecting that the right care was provided in the right setting.
Download the research paper here.
On top of the Red Herring Top 100 North America win, SeeChange Health has also been recognized by Goldman Sachs for Entrepreneurship in 2013, placed number 20 on Fast Company’s “World’s 50 Most Innovative Companies 2013, and ranked 857th on the Inc. 5000 list.
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CEO of the company, Martin Watson, expects continued growth in coming years. He says,
“SeeChange Health Solutions will leverage our experience to expand into emerging markets. SeeChange Health Insurance will build on their success offering full-insured health plans in California and Colorado and will launch a portfolio of creative self-insured products in 2014.”
Other healthcare winners include:
