Faros Health - 3x3x3 Challenge With Austin Browning
Discover how Faros Health empowers employees with clear cost and quality insights, making it easy to search and choose high-value, affordable care. Watch now to empower your team!
Transcription:
What is Faros Health?
Faros Health is like Expedia for healthcare. We help employees and patients find and access the highest value healthcare providers that they have access to. So we're looking at things like clinical outcomes, quality, and the total costs so that a patient can know when they go see a provider, seeing the highest quality provider at the best possible price. With that, we rope in the entire benefits plan so that when a patient's looking for care, we can make sure that they're guided to the best place, ultimately reducing costs for the patient and for their employer. Obviously, transparency has been a huge conversation in healthcare over the last couple years, but that information that's become available isn't actually helpful or actionable without a platform like Faros Health in place. It's taking that price transparency information and making it relevant to the patient.
How is Faros Health different?
There are several ways that Faros Health stands out. The first is looking at our comprehensive cost estimates. So we take into account the entire episode of care when somebody searches for care. So when we provide information about a provider, we can show this healthcare provider usually operates at these facilities, refers out to these providers, and then we put all that information in context of the health network that that patient is on, so that the pricing is actually accurate for that specific provider and that specific health plan. Now, of course, price is only one piece of the puzzle, so you also have to take into account the quality of care. So that is where our objective data comes in, where we're looking strictly at the clinical quality outcomes when a provider provides care. Because without this context on the quality, that price that we provide really doesn't mean anything. And then lastly, we provide on-demand insights. So this is where our clients have access to our real-time dashboard that provides information about our utilization, engagement, and ROI, which we know historically our clients have struggled to get access to this type of information with partners. But with the Faros Health platform, they are able to see, in real time, how are their members, their employees actually utilizing the platform.
Who is a good fit for Faros Health?
We work with employers, consultants, and TPAs to help their members or employees be able to get access to our platform. And we also work with care navigators to provide our real objective data that powers their decisions as they are helping their members be able to find and access the best possible care. But all of this contributes towards Faros Health mission of helping patients be empowered and informed in every step of their healthcare journey.
Transcription:
What is Faros Health?
Faros Health is like Expedia for healthcare. We help employees and patients find and access the highest value healthcare providers that they have access to. So we're looking at things like clinical outcomes, quality, and the total costs so that a patient can know when they go see a provider, seeing the highest quality provider at the best possible price. With that, we rope in the entire benefits plan so that when a patient's looking for care, we can make sure that they're guided to the best place, ultimately reducing costs for the patient and for their employer. Obviously, transparency has been a huge conversation in healthcare over the last couple years, but that information that's become available isn't actually helpful or actionable without a platform like Faros Health in place. It's taking that price transparency information and making it relevant to the patient.
How is Faros Health different?
There are several ways that Faros Health stands out. The first is looking at our comprehensive cost estimates. So we take into account the entire episode of care when somebody searches for care. So when we provide information about a provider, we can show this healthcare provider usually operates at these facilities, refers out to these providers, and then we put all that information in context of the health network that that patient is on, so that the pricing is actually accurate for that specific provider and that specific health plan. Now, of course, price is only one piece of the puzzle, so you also have to take into account the quality of care. So that is where our objective data comes in, where we're looking strictly at the clinical quality outcomes when a provider provides care. Because without this context on the quality, that price that we provide really doesn't mean anything. And then lastly, we provide on-demand insights. So this is where our clients have access to our real-time dashboard that provides information about our utilization, engagement, and ROI, which we know historically our clients have struggled to get access to this type of information with partners. But with the Faros Health platform, they are able to see, in real time, how are their members, their employees actually utilizing the platform.
Who is a good fit for Faros Health?
We work with employers, consultants, and TPAs to help their members or employees be able to get access to our platform. And we also work with care navigators to provide our real objective data that powers their decisions as they are helping their members be able to find and access the best possible care. But all of this contributes towards Faros Health mission of helping patients be empowered and informed in every step of their healthcare journey.