Hari Makkala, CEO and CTO, myElth
Innovation in the financial world has been nothing short of extraordinary in the past few years. With a surge in the popularity of smart phones in the last decade, traditional banking and financial services have become an act of the past. People from anywhere on the globe can use apps for online banking, checking their transactional history, and even seamlessly communicating with their bank representatives.
Although such innovation had initially been difficult to adopt for the fintech market, translating this underlying technology to other, more complex industries has always proven to be a challenge to many organizations. The healthcare industry, for example, is riddled with compliance and regulatory concerns, in addition to their reliance on legacy systems. Patients don’t have control over their healthcare regime and are often oblivious to better quality treatments.
Aiming to provide healthcare at our fingertips using similar technologies that put banking in the same reach, myElth has engineered solutions that provide customers with a clear overview of the healthcare space. Using a platform and a mobile app that creates personalized digital experiences, myElth aims to engage and empower its consumers to manage their healthcare needs.
"Our Platform Enables Collaboration Of Providers, Payers, Employers, And Other Stakeholders To Create A Holistic And Transparent Healthcare Service For Users"
Instead of visiting several healthcare portals searching for treatment within their budgets, customers can use the myElth app to choose the closest healthcare providers who offer better services at lower costs. Consumers can reap the benefits of having an integrated view of their health information, including their medical, dental, vision and pharmaceutical records. Patients may even use the app to consult doctors via video call from the convenience of their homes. The solution can scan through the profiles of over one million doctors and 10,000 medical facilities, including hospitals, ambulatory surgical centers and clinics across the US, to find the most appropriate one for the patient. It is also connected with over 800 health insurers, enabling users to view their eligibility and benefits in real time. Additionally, patients with multiple coverages and dependents can access all their relevant information from the same screen.
myElth also helps patients estimate the total expense of their treatment, ranging from the cost of visiting a physician and even the facility costs, such that they have a clear overview of the entire process. The solution’s algorithms factor in the users’ benefits information to give them a highly personalized out-of-pocket estimate, which prevents them from being blindsided by surprised billing. This allows the patient to choose a more affordable hospital or clinic and potentially save up to 40 percent in healthcare costs. “Our goal is to educate the consumer about healthcare and assist them in making informed choices,” continues Makkala.
An Easily Accessible Cloud Platform
myElth’s platform integrates healthcare information across patients, carriers, employers, and hospitals from several locations, designed to create a frictionless digital experience between the consumer and all relevant healthcare parties.
The myElth platform allows the consumer to store electronic health records from their hospital visits and makes it readily available for new healthcare practitioners and family caregivers.
Our goal is to educate the consumer about healthcare and assist them in making informed choices
This eliminates the hassle of having to log on to separate hospital portals for a patient’s medical history. Additionally, users can also upload images, files, and IoT data to the app to manage their information from one central location. Since the platform is also connected to various health insurers, patients are also saved from the aggravation of visiting multiple websites/portals to stay updated with any changes in their coverage information. With this technology opening the doors for non-intrusive, large-scale health plan integrations, doctors can streamline their patient intake process by quickly accessing their enrollment information in real-time. “With over 1500 connections to hospitals, myElth saves consumers time which is usually spent reaching out to different hospitals when retrieving health records,” says Makkala.
myElth’s ability to relay medical information quickly between hospitals was highlighted in an incident where a client who has cancer had to visit hospitals in two different cities over a thousand miles apart, frequently. These healthcare facilities use sluggish faxes to relay thousands of pages’ worth of medical data between each other, much to the dismay of the patient. But with the myElth app, the client can electronically store all their health records in one secure space and easily share it in real time.
Blockchain Enables Trust, Security & Privacy
As a cloud-based platform, myElth leverages blockchain technology to store and exchange clinical and administrative information securely and perform financial transactions. Facilitating seamless communication with doctors helps avoid redundant procedures, which in turn, improves the timeliness of diagnoses and cuts down medical spending. This capability of the platform is especially advantageous when consulting multiple clinicians from separate facilities. And in case patients wish to share their records with only a select few doctors, the app maintains separate records for these transactions to uphold their privacy. “Individuals who would like to keep their information anonymous while seeking support for conditions, for example substance abuse, greatly value the privacy of their healthcare information when communicating with care providers,” he adds.
Prioritizing the costumers’ privacy has become increasingly crucial in this era of the pandemic. With blockchain technology, myElth has made significant headway in the anonymous screening and contact tracing of COVID-positive patients. Employees can use pseudonyms and tokens to report their medical information to their employers and public health organizations. This eliminates the need for employers to ask probing questions that could potentially jeopardize their relationship with employees.
Using this data and technology, authorities can track the individual and analyze token carriers who have come in contact with the patient—all without questions which invade their privacy.
The platform is HIPAA and ONC certified, ensuring that information exchange between consumers and doctors is safeguarded with high-end encryption software. Additionally, with the patient’s consent, doctors can use their medical records for clinical trials or share the data with other medical practitioners to coordinate care for the consumer.
Engaging Employers, Providers and Family Caregivers
myElth establishes a secure trust between employers and providers, focusing on privacy and creating incentives for the right health care decisions. The platform’s shared incentive models allow employers to reward workers who make informed healthcare choices, such as getting timely preventative tests and choosing cost-effective treatments. The myElth team partners with employers to configure an incentive model specific to their company such that employees can compare costs across both in-network and out-of-network providers. “Our platform enables collaboration between providers, payers, employers, and other stakeholders to create a holistic and transparent healthcare service for users,” says Makkala.
In its quest to empower customers to take control of their medical records and information, myElth allows them to manage their families’ healthcare via a single platform and app. Users can access coverage information for individual family members who may have different policies with various insurance carriers and have the leeway to share that data with doctors and family caregivers.
Business to Business Features
In an effort to offer an overall digital consumer experience, myElth has enabled certain business to business features further extending the blockchain technology capabilities of the platform including provider directory attestation, real-time claim submission, payment reconciliation at claim level and digital currency based financial transactions that could be used for making payments and incentives. Additionally, myElth is also working with providers and payers to support compliance with Cures Act Final Rule to enhance patient’s access to their health information through the use of application programming interfaces (APIs) from their smart phones and web portals.
All things considered, myElth is more than just a company that provides healthcare technology. It is an organization with a team—from the C-suite to newly recruited employees— that works in sync to create a holistic, transparent, and memorable experience for every consumer. Although the company has engineered cutting-edge technology, its true value lies in how it leverages these solutions to create a better life for its end users. The company not only allows consumers to have the last word in their healthcare concerns but also transforms the way hospitals, insurers, employers, and patients interact with each other. From connecting thousands of patients and doctors, to offering a platform that securely shares medical records, to facilitating seamless interactions between healthcare firms and payers—myElth goes above and beyond in delivering trusted patient care technology.