Introduction to Veritycare
Veritycare Management is a modern healthcare risk management company. Our mission is to put employers back in control of their self-insured health benefit plans enabling them to reduce healthcare costs.
We provide special purpose self-insured carve-out plans designed to reduce the risks of high-cost medical conditions in employee populations. Our objective is to enable self-insured employers to improve the performance of their health benefits and workers compensation programs to produce underwriting profits to the plans. Underwriting profits that previously accrued to the benefit of third-party insurers.
Our team has been helping large self-insured companies with Captive Insurance companies improve the performance of their self-insured plans for over 25 years. Our methodologies and best practices have reduced the employer's medical costs as much as 40%, saving these companies millions.
Our strategy is to make the same tools large companies utilize available in a low cost, risk management as-a-service offering for small to medium sized companies. We are creating a risk management platform powered by agile medical management, AI and Behavioral Economics that drives down medical costs by improving clinical outcomes.
History has proven that the profit motive of third party insurance companies is not in line with the need for employers to cut costs. In the US, self-insured employers provide healthcare to 130 million individuals. The annual spend exceeds $1.8 trillion, and the costs continue to rise. Employer healthcare costs are unsustainable yet, health insurance company profits are at all time highs.
Individual employers have little control of their costs and don't have sufficient buying power to effect change.
In the current insurance model there is an asymmetrical relationship between the insured and the insurer. Third party insurance companies manage both the risk pool and the pay-out. They are therefore incentivized against paying out claims, at the expense of the insured. This is a conflict of interest. Veritycare resolves this conflict by removing third party intermediaries.
Veritycare Management helps employers take a two-pronged strategy of internalizing healthcare risks by forming special purpose Captive Insurance companies. (Captives) and unbundling medical management from third party administrators. Captives are a tool used by large companies for many years, but they have not been accessible to small and medium sized companies due to the high costs of entry and expensive ongoing operating costs... until now.
Veritycare has engineered a low cost solution for small-to-medium sized companies that protect and leverage their existing self-insured infrastructure by coming together to acquire reinsurance from themselves at the lowest possible cost and substantially reduce medical expense by introducing sound medical management processes.