MINNEAPOLIS--(BUSINESS WIRE)--Please replace the release with the following corrected version due to multiple revisions.
The updated release reads:
BIND PERSONALIZED HEALTH PLAN OUTPERFORMS INDUSTRY BENCHMARKS FOR TOTAL COST AS MEMBERS BUY HIGHER-QUALITY, LOWER-COST CARE
Bind Benefits, Inc. released data that shows its health plan outperformed risk-adjusted industry benchmarks for total cost by guiding members to higher-quality, lower-cost care. The results show that high member engagement and better health plan design can lower costs for employees and employers.
Benchmarks, provided by an industry-leading global consulting and actuarial firm, reveal Bind is delivering employer and member savings:
- The total cost (combined employer and employee) of Bind was 23% lower than the average benchmark and 11% lower than the highly managed benchmark on a risk-adjusted basis.
Benchmarks also show Bind members buy cost-effective health care:
- Members choose less expensive sites of care: Emergency room utilization on a Bind plan is 33% lower than benchmark. Inpatient surgeries are nearly 44% lower and cost 23% less. And hospital outpatient surgeries are nearly 20% lower and cost 22% less. Surgeries at ambulatory surgical centers are 11% higher than benchmark and cost 42% less.
- Higher use of surgical alternatives: Physical therapy, occupational therapy, and speech therapy use, among the Bind member population, is 81% higher than benchmarks and costs 26% less per visit. Chiropractic utilization is 60% higher and 31% less expensive.
- Growing families are saving: Cost per labor and delivery on the Bind plan is 28% lower than the benchmark.
“Bind was built on the belief that consumers deserve to see and compare costs in advance, so they can make informed treatment choices for their condition. And they should pay less for providers and treatments that have a greater potential to get them or keep them well,” said Bind CEO Tony Miller. “Our recent analysis demonstrates that when you provide clear pricing that reflects value, consumers on a Bind plan are more likely to consistently choose higher-value, lower-cost care compared to those on other health plans. Bind has unlocked active and informed health care consumerism, which is not only driving cost-savings for both employers and employees—it’s a monumental leap forward in the movement for quality and value in health care.”
Bind upended the traditional model of high-deductible, high-confusion health care and gives people something they have never experienced with health insurance—cost certainty and coverage flexibility. Costs are clear in advance. Treatment options are easy to compare. Savings opportunities are illuminated. And coverage is adjustable, as needs change.
“There isn’t a catch. We don’t save employers money by increasing costs to employees. And it’s not a health plan that’s only good for ‘young and healthy’ people,” added Miller. “These risk-adjusted findings show that better health plan design effectively supports utilization of the right care in the right place and helps people choose and buy better across all Bind member demographics. By giving people the freedom to choose, and the information to choose what’s best for them, employees can wisely reap the benefit of their choices in the form of lower costs. This is exactly the kind of benefit health insurance was originally intended to be.”
More than 72,000 members are currently enrolled in Bind, including employees of Medtronic, Best Buy, Cumberland School District, Culligan, and many more companies. Bind is powered by UnitedHealthcare’s proprietary networks, as well as certain of its data and analytics capabilities.
To hear more about the impact of better health insurance design, register here for an upcoming webinar with Bind CEO Tony Miller, Chief Actuary Trevor Fast and CIO Tamra Lair.
For more information about Bind, visit yourbind.com.
Bind redesigned health insurance to give employers the opportunity to offer a sustainable, attractive health benefit—without compromising coverage or quality. Members can see treatment options and compare costs before making a decision. The Bind personalized health plan delivers the freedom to choose—and the information to choose wisely. Learn more at yourbind.com.