EVIDENCE THAT IT’S WORKING
We recently released data that shows the Bind health plan outperforms industry benchmarks, provided by an industry- leading global consulting and actuarial firm. The total cost of Bind (employer and employee costs combined) was 23% lower than the average benchmark. The data also showed members choose less expensive sites of care, use surgical alternatives more often (like physical therapy) and are saving even as their families grow—cost per labor and delivery is 28% lower on a Bind plan than the benchmark. We also have a Net Promoter Score of 36, meaning our members would recommend the plan to their family and friends above the industry average of 19. We’ve experienced rapid growth in plan sponsors and members. Our customers range from Fortune 500 companies, like Medtronic and Best Buy, to school districts and family-owned businesses with rural locations. We’ve been rapidly hiring to keep pace with the growth— bringing on more than 120 new employees since March. Bind now employs more than 350 people, and we are always looking for talented technologists and data specialists who are passionate about creating a better health insurance experience.
WHAT LIES AHEAD
We are really just getting started. We continue to enhance the Bind platform to further iterate the concept of personalization. We imagine a future where members and employers not only have an opportunity to eliminate waste and save money, but also have an opportunity to improve health. The more waste eliminated, the more money employers have available to reduce their employees’ cost-sharing burden and offer a richer benefit that can lead to improved health. For example, putting more subsidy into chronic and emergent conditions where care avoidance can often be dangerous and lead to higher costs down the road. More subsidy for early cancer treatment, maternity care, treatment of chronic conditions like diabetes, COPD, rheumatoid arthritis, and HIV—among others. Long-term, I believe we can change the trajectory of disease in the populations we serve. And I intend to see that vision through. I welcome every individual and every employer who believes that enough is enough, to join us as we push past the clench-teethed gridlock of status quo.
Photos from in and around Bind’s office.
26 | The Innovators: Bind
Powered by FlippingBook