ClaimLogiq IQ Insights

Read our experienced team's thought leadership and insight for all areas regarding healthcare claims auditing, payment integrity, provider relations and cost avoidance.

All Posts

Why Startups Are an Important Part of Healthcare Industry Innovations

Scientists and doctors are constantly innovating to find new and better ways to learn about, treat, or even cure ailments or diseases that affect us. There will always be a newer, possibly better solution on the horizon.

However, innovations in healthcare shouldn't be taken for granted. In fact, it's important that we don't think of innovations in health care as expected or able to be achieved with the same players, but rather, encourage those willing to find new solutions to do so.

Startups + healthcare innovation.

Startups have been part of healthcare innovations for decades. It's important that they remain part of the conversation, and that we encourage smaller, nimbler organizations to continue to innovate in the ways that they do best.  After all, the spirit of the startup is to re-think and embrace their disruptive nature to challenge norms and seek more efficient and higher quality outcomes.  It makes sense as the healthcare industry is poised to confront many challenges, even in the face of COVID, that startups become a valid and vital part of the industry conversations and movements.

Here are just a few reasons that startups are an important part of healthcare industry innovations.

 

1. Startups' speed enables them to find solutions faster.

Startups are agile and able to come up with innovative solutions much quicker than established companies with more stakeholders who may take longer to approve go-ahead on projects. Further, startups are able to specialize in ultra-specific areas opposed to established companies that may not be able to dedicate time or personnel to specific issues. 

Especially in a year like this one, when our healthcare system isn't set up to handle a pandemic -- let alone a disease that we've never seen or dealt with before -- the industry has to move quickly with whatever information it has. The healthcare industry's biggest players may not have the bandwidth to deal with massive crises like these, but startups can, and have, raced to find solutions

 

2. We need more perspectives to make sure health care solutions work for everyone.

It wasn't required for government-funded clinical trials to include women or minorities in their studies until the 1990s. This meant that women could be prescribed medications that affected them differently than men, with sometimes devastating effects.  Similarly, medical screenings rely on machine learning data sets, and when those data sets only include or mostly include lighter skin tones, minority patients' health issues such as skin cancer can go undetected. 

Bias is an unfortunate reality in medical research, and needs to be addressed in order to improve data, and help everyone lead healthy lives. It's important that we make sure research includes diverse perspectives and data, and to do so, as an industry, we have to support the organizations making that possible. 

The startup influence? Speed, perspective, and innovation. Photo of entrepreneurs sitting around a table working.

3. Innovation is a common goal.

Bigger players in the industry don't see startups as a threat, either, but rather key to a successful future, for the industry and for patients everywhere. According to Jeff Semenchuk, CIO of Blue Shield of California, revisioning health care services in America is part of startups' role.

According to Semenchuk, the goal is not to continue doing things the same way in the healthcare system as we know it today, but rather, to reimagine health care services in America. Startups have a big role to play in that, and Blue Shield of California, he explains, is investing in startups to make sure they help enable that change and get to see it play out first-hand. 

Our goal should be to reimagine healthcare services in America. Photo of healthcare discussion.

Startups are key to finding creative solutions to complex problems in the healthcare industry.

Healthcare is a topic that, no matter who you ask, everyone agrees needs to improve. We're not going to make giant strides in healthcare solutions without investing funds and our confidence in diverse startups that will find solutions to diverse problems.

It's this same initiative that we've taken at ClaimLogiq to challenge the "Black box" method of claim auditing. If we keep doing things the same way in the healthcare industry, we won't learn how to improve things for payers, providers, or patients.

Learn about our unique approach here.

Rebecca L. Price
Rebecca L. Price
As the Vice President of Brand Marketing and Communications, Rebecca leads the strategy for ClaimLogiq communications and engages with ClaimLogiq's audience through social media and other digital platforms. Rebecca has decades of experience writing about software and technology and has produced informative healthcare innovation materials in the form of white papers, print, and video content. Rebecca studied Integrated Strategic Communications and holds a bachelor’s degree from the University of Kentucky.

Related Posts

How the 15-Minute IBill Audit Transforms the Payment Integrity Landscape

While the typical hospital claim review can take days to weeks – ClaimLogiq’s solutions empower analysts to finalize reviews in hours, even minutes. Now, ClaimLogiq has announced the 15-Minute IBill audit as part of our regular claim lifecycle audits.  The breakthrough 15-Minute IBill Audit is game-changing for payers of all shapes and sizes. Now, lengthy audits for complex hospital itemized bills, and unavoidable overpayments and recovery efforts, are a thing of the past.

How the 15-Minute IBill Review Works – Explained

Our 15-Minute IBill Audit is an end-to-end solution that allows healthcare Payers of any size, shape, or scope to produce quality itemized bill reviews in under 15 minutes. We're maximizing automation with intelligent software and technology that learns and adapts to specific program needs. See first-hand, how the workflow is optimized at every step to minimize provider abrasion, accept customizations, and evolve at the speeds of the healthcare industry.

How to Successfully Implement your Payment Integrity Program in Under 90 Days

All payment integrity programs are not created equal. The process for implementing a payment integrity program will look different for every healthcare plan -- and for good reasons. However, it is possible to successfully implement these differing payment integrity programs in under 90 days with the right business partnership and aggressive (yet very achievable) tactics and strategies. 90 days might seem ambitious, but, when payers work with a partner that is capable of bridging any gaps in the implementation process, it is possible to achieve swift implementation timelines. When we approach all client relationships as true business partnerships, it benefits all areas of every program execution. Our operational execution is second to none, our team is stacked with experts with decades of experience in the payment integrity space, and our TrueCost solution offers transparency, client-driven control, customizability and flexiblity to meet every need. These factors are what sets ClaimLogiq apart -- not just during the implementation phase -- so we're ready to move as fast as our clients can when it comes to crossing major milestones of any program implementation.