TrueClaim - Automatically saving self-insured companies 7% on healthcare

TrueClaim: Revolutionizing Healthcare Cost Management for Self-Insured Companies

What is TrueClaim?

TrueClaim is a pioneering start-up founded in 2023, set to revolutionize the way self-insured companies manage their healthcare expenses. Based in San Francisco, TrueClaim leverages the power of newly available data and advanced AI technology to save self-insured companies a substantial 7% on their healthcare costs. By automating the processing of payments between healthcare providers and self-funding companies, TrueClaim identifies billing errors and uncovers savings opportunities, ensuring cost efficiency in the healthcare sector. The company was co-founded by Barbora Howell and Bobby Bayer, who bring extensive experience and expertise in healthcare and technology.

Who are the Founders of TrueClaim?

TrueClaim is led by two dynamic and accomplished professionals, Barbora Howell and Bobby Bayer. Barbora Howell, with an MBA from Stanford, has a remarkable track record in the healthcare industry. She was the 30th employee at Hinge Health, where she built and managed various functions including HR, benefits, and customer billing, significantly contributing to the company's growth to over 700 employees. At Pine Park Health, a YC company, she served on the executive team, overseeing clinical operations, member support, and care coordination, further solidifying her expertise in the healthcare sector.

Bobby Bayer, the Co-founder and CTO of TrueClaim, brings seven years of experience as a Senior Software Engineer at pMD, where he developed and scaled health tech solutions. He established and grew pMD’s RCM software and services divisions, launched patient engagement software, and played a key role in the company's revenue growth. Bobby holds a degree in Computer Science & Engineering from Santa Clara University, making him a valuable asset in the development and implementation of TrueClaim's cutting-edge technology.

What Problem is TrueClaim Solving?

The escalating cost of healthcare is a significant challenge for the American economy, with healthcare expenses consuming one out of every five dollars spent in the USA. These costs are rising by approximately 10% annually, creating a financial strain on companies that provide healthcare coverage to their employees. The continuous increase in healthcare expenses is unsustainable, and companies are struggling to keep up with the financial burden. TrueClaim addresses this issue by leveraging newly available healthcare data and AI to manage and reduce healthcare spending, thereby alleviating the financial burden on self-insured companies and contributing to a more sustainable healthcare system.

How Did TrueClaim's 'Aha! Moment' Come About?

The inception of TrueClaim was driven by a critical insight into the potential of AI and the impact of the 2021 CAA laws, which mandate insurance companies to provide self-insured employers with full access to itemized healthcare invoices. This newfound transparency enabled TrueClaim to develop technology that helps companies understand and manage their healthcare spending more effectively. The founders realized that by using AI to analyze detailed healthcare invoices, they could identify billing errors and savings opportunities that were previously overlooked. This breakthrough moment led to the creation of TrueClaim, a solution that empowers benefits leaders to make informed decisions for their organizations, ultimately saving them money and improving their financial health.

How Does TrueClaim Work?

TrueClaim’s software continuously reviews 100% of healthcare invoices to detect billing discrepancies and identify opportunities for pharmacy and care savings. The platform uses advanced AI algorithms to analyze detailed healthcare invoices, uncover patterns of overcharging, and suggest cost-saving measures. Since January, the platform has reviewed $20.2 million worth of medical claims, uncovering an average of 10.96% savings opportunities. This impressive track record demonstrates the effectiveness of TrueClaim's technology in identifying and capitalizing on cost-saving opportunities.

Additionally, TrueClaim offers a cost recovery service with a 3x ROI guarantee, ensuring that companies not only save on future expenses but also recover past overpayments. This service provides companies with an added layer of financial protection, helping them to maximize their savings and improve their overall financial health. By continuously monitoring and analyzing healthcare invoices, TrueClaim ensures that companies are always aware of potential savings opportunities, enabling them to make the most informed decisions for their organizations.

What is the Impact of TrueClaim?

The impact of TrueClaim extends beyond individual companies to the broader economy. By saving self-insured companies 7% on their healthcare costs, TrueClaim is contributing to a reduction in overall healthcare spending, potentially saving 1.5% of the GDP. This significant reduction can help stabilize the economy and allow companies to allocate resources more effectively, promoting growth and innovation across various sectors. The savings achieved through TrueClaim can be reinvested in other areas of the business, driving economic growth and improving the overall financial health of companies.

Furthermore, by reducing the financial burden of healthcare expenses, TrueClaim is helping to improve the quality of life for employees. When companies can manage their healthcare costs more effectively, they are better positioned to offer comprehensive healthcare benefits to their employees, leading to improved employee satisfaction and retention. This positive impact on employee well-being can translate into higher productivity and better overall performance for the company.

What is the Core Technology Behind TrueClaim?

The core technology behind TrueClaim is a sophisticated combination of AI and newly available healthcare data. The AI algorithms analyze detailed healthcare invoices, identify patterns of overcharging, and suggest cost-saving measures. This technology not only enhances the accuracy and efficiency of payment processing but also provides actionable insights for benefits leaders to optimize their healthcare plans. By leveraging the power of AI, TrueClaim is able to continuously monitor and analyze healthcare invoices, ensuring that companies are always aware of potential savings opportunities and can make the most informed decisions for their organizations.

TrueClaim's technology is built on a foundation of transparency and accountability. The platform's AI algorithms are designed to cross-check multiple data sources and validate the authenticity of invoices, minimizing errors and enhancing the reliability of the savings identified. This multi-layered approach ensures that companies can trust the insights provided by TrueClaim and make confident decisions about their healthcare spending.

What Sets TrueClaim Apart from Incumbents?

Unlike traditional solutions, TrueClaim’s innovative approach utilizes the latest advancements in AI and the transparency mandated by recent legislation. This enables a more granular and comprehensive analysis of healthcare expenses, leading to greater savings. TrueClaim’s commitment to continuous improvement and real-time analysis ensures that companies always have access to the most up-to-date information, setting it apart from incumbents who rely on outdated methodologies.

Moreover, TrueClaim's proactive approach to cost management sets it apart from traditional solutions. While incumbents often take a reactive approach to managing healthcare expenses, TrueClaim continuously monitors and analyzes healthcare invoices in real-time, ensuring that companies are always aware of potential savings opportunities. This proactive approach not only helps companies save money but also empowers them to make more informed decisions about their healthcare spending.

How Does TrueClaim Ensure Accuracy and Reliability?

TrueClaim ensures accuracy and reliability through rigorous data validation processes and continuous monitoring. The platform’s AI algorithms are designed to cross-check multiple data sources and validate the authenticity of invoices. This multi-layered approach minimizes errors and enhances the reliability of the savings identified. Furthermore, TrueClaim’s commitment to transparency and accountability reinforces trust among its clients. The platform provides detailed reports and insights, allowing companies to see exactly where their savings are coming from and how their healthcare expenses are being managed.

In addition to its robust technology, TrueClaim also places a strong emphasis on customer support. The company provides dedicated support to its clients, helping them navigate the complexities of healthcare cost management and ensuring that they get the most out of the platform. This commitment to customer service further enhances the reliability and trustworthiness of TrueClaim.

What is the Future Vision of TrueClaim?

The future vision of TrueClaim is to expand its reach and impact, helping more self-insured companies across the country manage their healthcare costs effectively. By continuously enhancing its AI algorithms and incorporating feedback from clients, TrueClaim aims to stay at the forefront of healthcare cost management. The company envisions a future where healthcare is affordable and sustainable, contributing to the overall well-being of employees and the economic health of the nation.

TrueClaim also plans to explore new opportunities for innovation in the healthcare sector. The company is committed to staying ahead of the curve by continuously researching and developing new technologies and solutions that can further enhance its platform and provide even greater savings opportunities for its clients. This commitment to innovation ensures that TrueClaim will continue to be a leader in healthcare cost management for years to come.

Why Should Companies Choose TrueClaim?

Companies should choose TrueClaim because it offers a proven solution to one of the most pressing financial challenges they face: rising healthcare costs. With its advanced technology, significant savings potential, and strong track record, TrueClaim provides an invaluable service that not only reduces expenses but also enhances the efficiency of healthcare management. By partnering with TrueClaim, companies can ensure financial stability and focus on their core business objectives, confident in the knowledge that their healthcare costs are being managed by experts.

TrueClaim's commitment to transparency, accountability, and customer support further strengthens its value proposition. The platform provides detailed insights and reports, allowing companies to see exactly where their savings are coming from and how their healthcare expenses are being managed. This level of transparency and accountability builds trust and confidence among clients, ensuring that they can rely on TrueClaim to deliver consistent and reliable results.

In conclusion, TrueClaim is a game-changer in the healthcare cost management space. Its innovative approach, advanced technology, and commitment to excellence make it an invaluable partner for self-insured companies looking to manage their healthcare expenses more effectively. By choosing TrueClaim, companies can achieve significant cost savings, improve their financial health, and contribute to a more sustainable healthcare system for all.