TALON - 3x3x3 Challenge with Matthew McCormick
Laser-focused on transforming healthcare with accurate, personalized price transparency, TALON enables healthcare organizations to educate, empower, and incentivize consumers for high-value health.
What is TALON?
Chris, thanks for having me. TALON is a price transparency and healthcare consumerism platform, aimed at ensuring awareness, engagement, and incentivization of the healthcare consumer. We go beyond just providing price ranges or prices based upon historical claims. We provide hyper-personalized accurate pricing data based upon the specific member and where they are within their healthcare journey. Beyond that, we have a patented incentive program called MyMedicalRewards that creates meaningful financial alignment between the employer and the employee in order to mitigate wasteful spending and ensure navigation to cost-effective providers.
How is TALON different?
I mentioned earlier the hyper-personalization and the data accuracy. We combine two key elements of the healthcare consumer experience. First, the healthcare pricing information. The machine-readable files as a result of the Transparency in Coverage Rule, and the Hospital Transparency Rule, paired with the member specific data, including their plan design, upstream network arrangements, any sort of special pricing arrangements, and as well as their accumulators. All of that information is fed into our pricing rules engine, which then displays to the member their out-of-pocket exposure with the negotiated rate, as well as the encounter estimate which captures the likely associated procedures to be billed alongside that primary procedure, further creating confidence for the healthcare consumer as they navigate throughout their healthcare journey.
Who is a good fit for TALON?
Anybody who doesn't want a class action lawsuit. Notably, the Johnson & Johnson class action lawsuit, and more recently, the Mayo Clinic class action lawsuit, has spurned employees to begin to honestly defend themselves. The shift of cost burden upon employees is becoming unsustainable. And as a result, employees are digging their heels in and indicating, "This is unaffordable. This isn't prudent fiduciary practice. And I want to be able to ensure that I have accurate out-of-pocket cost exposure estimates in order that I can navigate to cost-effective care."
What is TALON?
Chris, thanks for having me. TALON is a price transparency and healthcare consumerism platform, aimed at ensuring awareness, engagement, and incentivization of the healthcare consumer. We go beyond just providing price ranges or prices based upon historical claims. We provide hyper-personalized accurate pricing data based upon the specific member and where they are within their healthcare journey. Beyond that, we have a patented incentive program called MyMedicalRewards that creates meaningful financial alignment between the employer and the employee in order to mitigate wasteful spending and ensure navigation to cost-effective providers.
How is TALON different?
I mentioned earlier the hyper-personalization and the data accuracy. We combine two key elements of the healthcare consumer experience. First, the healthcare pricing information. The machine-readable files as a result of the Transparency in Coverage Rule, and the Hospital Transparency Rule, paired with the member specific data, including their plan design, upstream network arrangements, any sort of special pricing arrangements, and as well as their accumulators. All of that information is fed into our pricing rules engine, which then displays to the member their out-of-pocket exposure with the negotiated rate, as well as the encounter estimate which captures the likely associated procedures to be billed alongside that primary procedure, further creating confidence for the healthcare consumer as they navigate throughout their healthcare journey.
Who is a good fit for TALON?
Anybody who doesn't want a class action lawsuit. Notably, the Johnson & Johnson class action lawsuit, and more recently, the Mayo Clinic class action lawsuit, has spurned employees to begin to honestly defend themselves. The shift of cost burden upon employees is becoming unsustainable. And as a result, employees are digging their heels in and indicating, "This is unaffordable. This isn't prudent fiduciary practice. And I want to be able to ensure that I have accurate out-of-pocket cost exposure estimates in order that I can navigate to cost-effective care."