Chesterfield, Missouri-based Mercy and Danvers, Massachusetts-based HealthView Services, which provides retirement healthcare cost data, have created a joint venture.
Called HealthyCapital, the JV utilizes data to help individuals and employers reduce healthcare costs.
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Headquartered in Massachusetts, the organization came about after two years of discussion and collaboration between Mercy and HealthView Services. Mercy is investing $2 million in the launch of HealthyCapital, according to the St. Louis Business Journal.
Digging deeper, its platform combines the best of Mercy and the best of HealthView.
It makes use of basic data (like age and weight) as well as behavioral information (like tobacco use) to project an individual’s likelihood of getting various conditions, such as prediabetes, high blood pressure and others.
Then the product shows how lifestyle modifications can boost the person’s life expectancy and increase their disposable income. Users get virtual health coaches to assist them, and the platform allows them to track their financial goals.
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“Until now we haven’t had access to actuarial data that shows individual patients the financial benefits of health condition management and changes,” Raymond Weick, HealthyCapital CMO and Mercy’s vice president of physician growth and business development, said in a statement. “HealthyCapital addresses this need.”
The JV also came out with a new white paper addressing its goals. The document includes a case study about a 45-year-old male who has had high blood pressure for five years. By exercising five days a week, taking his medications and limiting his salt intake, HealthyCapital found the man could increase his life expectancy by three years. He could also pay approximately $65,697 less in pre-retirement, out-of-pocket healthcare costs.
“This innovative approach of using savings and life expectancy to motivate better behavior has the potential to reduce costs at a time when rising medical expenses are increasing pressure on families, companies and the economy,” the white paper concludes. “Educating individuals on the financial impact of their current and future well-being is the first step to a healthier and wealthier population.”
Photo: 9amstock, Getty Images
