Healthcare in the U.S. is an opaque and confusing industry. This creates stress in a patient's most vulnerable moments. Uninsured, high deductible plan holders and cash paying patients are making blind decisions due to the lack of price transparency and reliable quality data. Too often people delay or even forego preventative and diagnostic services out of fear and uncertainty over cost. Uninsured people who make a decision to save money today often result in negative consequences later -- such as: costlier diagnosis or long-term health ailments.
With the increase in healthcare costs, consumers are demanding transparency in pricing and shopability of services. When transparency is offered, revenue, patient satisfaction, and business in general all rose thanks to price transparency, a new study has shown.
Transpara Health provides a robust and easy-to-use app that helps patients navigate through the healthcare system by providing transparency between patients and physicians.
The problem
The current state of the healthcare industry is cause for alarm. Due to lack of price and data transparency, people are forced to make blind decisions. Out of fear and uncertainty of cost, people too often forego preventative and diagnostic services. For providers, service reimbursements by insurance companies are decreasing every year, all the while, costs continue to skyrocket for patients in conjunction with fewer services being covered. Decisions made to save today often result in the long-term cost of health, and in some cases, even lifespan.
Our solution
Transpara Health empowers individuals to take control of their own health through a robust and easy-to-use software solution for patients to quickly find and connect with top-notch healthcare professionals that meet their search criteria. Quality patient care is our focus, as evident through Transparency: Patients receive full transparency to pricing, relevant data, and the provider’s background before committing to an appointment. We believe that transparency builds trust, which builds closer patient-physician relationships, and ultimately enables patients to receive the most appropriate and personalized treatment and care.
Opportunity
Patients are eager to take more control over their healthcare and as much as 89% of patients want to know their medical costs before they receive any care. Our platform, Transpara Health, has landed just-in-time to not only address this demand, but to change the rules of the game entirely.
The team
CEO: Susan Kataoka CMO: Jeffrey Roh, MD Strategy: Wilson Fong Technology: William Little
Advisory board
Strategic: Connie Bourassa-Shaw Strategic: Gregor Purdy Medical: Dr. George Min