How to save money on healthcare

October 7, 2013

Mark L. Friedman, MD, FACEP, FACP

This is the question currently bedeviling everyone in the U.S. from individuals and telehealth startups to corporate treasurers and right on up to the President of the U.S.

While I don't pretend to have every answer to all the problems that relate to this issue, I do have a significant understanding of the major issues (read Healthcare, The User's Manual "“ available for free with your First Stop Health membership). In point of fact I have personally been responsible for savings to the health insurance industry of many millions of dollars over the past 20 years as a cost containment consultant.

First Stop Health has recently saved more than $20,000 in healthcare costs this year for one of our members. She had a hospital and multiple outpatient bills, but her Medicare deductible and 20 percent copay added up to more than $20,000, and after several months of multiple phone calls and significant tenacity, her patient advocate at FSH got the hospital to write off the remaining bill.

This savings has basically paid the cost of her FSH membership for the next 60 years (or what business people refer to as an "ROI" "“ return on investment "“ of 60:1). This is a great example of telemedicine at its finest.

If you are not utilizing our bill advocacy service (the first hour of which is included in our premium level memberships) then you are missing out on one of our most valuable services First Stop Health offers. As my Chief Financial Officer likes to say, "This is not just a matter of life or death, there's money at stake here."

Originally published Oct 7, 2013 10:00:29 AM.