BLOOMINGTON, Minn.--(BUSINESS WIRE)--HealthEZ is pleased to announce the hiring of Jim Wachtel as Chief Revenue Officer. Jim will lead the sales, account management and marketing teams as the company continues to build upon strong 2022 performance and momentum.
With an impressive track record leading teams and growing businesses, Jim will contribute with his knowledge of sales and client management, cost containment, wellness and medical management to HealthEZ’s accelerating growth.
“I’m excited to join a great leadership team and dynamic company as it enters its next stage of growth. With a strong background in health and benefits, I’m ready to jump in to lead and coach the growth teams at HealthEZ,” says Jim Wachtel, HealthEZ Chief Revenue Officer. In addition to his successful business endeavors, Jim is a patent holder, 16-year U.S. Army veteran, father of three and husband.
“Adding Jim to our high-powered executive team feels like putting an exclamation point on the success we experienced in our 40th year in business,” says Jeff Bakke, HealthEZ Chief Executive Officer. “As we look ahead, Jim will help deepen our relationships with clients and brokers and accelerate what is already shaping up to be a strong 2023.”
2022 business performance was strong with 22% YOY revenue growth driven by new clients and members as well as adoption of its proprietary consumer payment platform, EZPay. 2023 is benefiting from last year’s investments in training, staffing, and technology for a standout member experience, with the HealthEZ Member Experience team earning an aggregate member satisfaction score of 9.6 out of 10, a rare mark in the health benefits and insurance industry.
Product performance and development are leading the way to provide clients and their advisors with the tools required to design self-funded plans that bend the cost curve.
“The key to our success in cost containment is our comprehensive methodology and robust point solutions wrapped with best-in-class member advocacy,” says Karla Lord, HealthEZ Director of Cost Containment. “Again in 2022, HealthEZ’s total book of business member healthcare costs were more than 20% below the industry cost benchmark.”
In 2023, HealthEZ is building upon its cost containment track record by guiding plans to new strategies and solutions:
- Biosimilar formulary: HealthEZ is creating formulary options that favor biosimilars rather than branded drugs, which can save 30–50% off retail, branded prices. These solutions in conjunction with other specialty pharmacy cost management programs have a tremendous impact on lowering pharmacy spend.
- Three-tier network solutions: HealthEZ’s fully integrated three-tier network solution provides a superior member experience, including a narrow network of high value providers, broad PPO access and out-of-network benefits, these plans guide employees through incentives to high quality and lower cost.
- EZchoice™ cost comparison tool: Rather than require clients to purchase a third-party app or website to comply with the NSA (No Surprises Act), HealthEZ invested significantly to develop their new EZchoice™ cost comparison tool built directly into its existing member app. EZchoice™ enables members to search and compare costs 500 common medical procedures and services. EZchoice™ puts control in the hands of members, provides a better experience and adds a powerful tool in the fight to reduce claims costs.
HealthEZ has assembled the products, resources, expertise and team to wrap 2023 ahead of plan and in a great position to help our broker partners and clients succeed with self-funding.
Based in Bloomington, Minnesota, HealthEZ is a national independent third-party health benefits administrator of employer-sponsored, self-funded medical plans and America’s PPO, the nation’s first preferred provider organization. On a mission to make health insurance easy to understand and more efficient from provider to patient and the employers who fund their plans. The company partners with employers throughout the United States to deliver better access to healthcare for their employees while ensuring value and improving outcomes. More information about HealthEZ can be found at www.healthez.com.