TALON (www.TALONhealthtech.com), a healthcare technology company powered by aggregating billions of data files to deliver radical transparency in coverage to third party administrators (TPAs), administrative services only providers (ASOs) and insurers, along with all their clients, will continue to go beyond compliance with federal mandates, in order to deliver real savings to clients.
Mark Galvin, Founder and CEO of TALON (https://talonhealthtech.com/our-story/), stated, “TALON perfectly matches the specifications of the Transparency in Coverage Rule and No Surprises Act because our technology was seen as transformational by policymakers in Washington as the Rule and Act were being fashioned. But we also knew just as early that transparency alone wouldn’t be enough to assure savings on healthcare for companies and their employees. That’s why we built technology and services that properly align incentives through rewards for smart consumer behavior and through more intelligent insurance plan design.”
TALON’s software incorporates a patented MyMedicalRewards feature that actually allows employers to automatically reward employees who, after accessing transparent pricing through the TALON MyMedicalShopper platform, then choose excellent quality care at sensible prices. The feature delivers those employees cash deposits into their Health Savings Accounts (HSA) or a variety of gift cards—sometimes, adding up to thousands of dollars.
“If all consumers are given is transparency into the prices of medical tests and services,” Galvin said, “they may wrongly believe that an MRI of the lower back for $5,000 must be superior to one for $700 and choose the expensive option. First of all, that assumption isn’t borne out by reality; very often the inexpensive option is offered by a high quality center that performs the test in volume and exceedingly well. But, secondly, TALON’s technology allows employers to allow their employees a share in the savings achieved by shopping. When employees see direct advantages of being smart consumers, when they have a stake in the game, they choose wisely.”
TALON also helps their clients design smarter health plans that leverage the power of higher deductibles. “When deductibles are higher, and covered by money deposited by consumers or their employers in HSA accounts, then people actually shop,” Galvin said. “They don’t like the idea of spending their whole deductible on a variety of blood tests, a CT scan or a minor medical procedure when they can get the same test or procedure for a tenth of the cost a few miles away—and keep more of their HSA money.”
Galvin believes the Transparency in Coverage Rule and No Surprises Act represent a potential turning point in the battle to contain skyrocketing health care costs in America. “We’ve been
championing transparency for more than seven years,” he said. “That’s why what we’ve
created is the model upon which the federal transparency rule was fashioned. And we know
how to leverage the Transparency in Coverage Rule and No Surprises Act to actually save companies very significant amounts of money, not just to check a box because the government says you have to.”
TALON is the leader in software designed for the Transparency in Coverage Rule and No Surprises Act, having onboarded clients in 49 states across America.