HealthGlobe Medical Travel Blog

[The following is a transcript of the video above.]

Hi this is Jeff Carter from HealthGlobe and today I want to talk about a really interesting conversation that I had a couple of weeks ago. I was at a CFO Core Concerns Conference which was sponsored by CFO Magazine and I was able to participate and speak at the conference. It was in Baltimore.

While I was there I met a guy who is the CFO of a large cloud computing company that has about 400 employees. We started talking about his health care plan so he shared with me that they have a 15% year-over-year trend increase just built into their budget for their health care costs.

And so I thought about this for a minute and I asked him, “What would happen if you had a 15% year-over-year increase in your top or your bottom line? Would you just accept that and build it into your projections or would you get your best people in the room to think creatively about it and really try to solve the problem?”

Well, you know, in the course of the conversation it really came out that he feels stuck. He has to provide health care, or at least in his own mind, I think correctly, he has to provide health care for his employees and that he feels like this increase is just something that he has to accept and move forward with.

So I told him about a proposal that we put on the table for a company with 700 employees out of New Jersey recently that brought their fixed costs down by 10% year-over-year and reduced their claims costs by what we calculate to be about 20% year-over-year by incorporating a Medical Travel benefit and using some different PPO networks.

So this has created overall about a $1M savings for this plan year-over-year. So we are not talking about just reducing the size of the increase we are talking about actually bending the cost curve down and making it so that health care costs are being reduced on a year-over-year basis.

So I would be really interested to discuss with anyone what their issues are with health care and what their problems are and see if we can use Medical Travel to help reduce those costs because at HealthGlobe we really think that Medical Travel benefits are a key tool to reducing health care costs in the short term and the long term.

You can call me at 617-708-4229. Again, Jeff Carter from HealthGlobe. Thank you.