Castlight Announces Return on Investment Guarantee
SAN FRANCISCO, July 11, 2018 /PRNewswire/ — Castlight Health, Inc. (NYSE: CSLT), the leading health navigation platform, today announced a return on investment (ROI) guarantee available to employers that purchase its Care Guidance and Complete solutions. In offering employers this new guarantee, Castlight is standing behind the financial value of its health navigation platform.
The ROI guarantee is based on a risk-adjusted claims analysis conducted over the past year, which found that Castlight saved its Care Guidance customers an aggregate of $286 million in 2017. While ROI varied among customers, this finding equated to a 2.5x aggregate ROI across the customers studied.
“Cost savings is only one element of the health navigation value equation, but it is foundational for nearly all of the employers we work with. As health navigation solutions proliferate, employers and consultants need a way to reliably differentiate among vendors’ claims about value,” said John Doyle, CEO at Castlight Health. “With ROI guaranteed, employers who purchase our eligible solutions can turn to Castlight’s other value drivers – such as increased benefits utilization, improved health outcomes, and a superior employee experience – as good reasons to put Castlight at the center of their health benefits strategy.”
Castlight’s health navigation platform offers a comprehensive tool that can help employers make their health benefits programs more engaging, more effective, and more user-friendly. For example, Steel Dynamics Inc. achieved a 1.5 percent reduction in medical costs by implementing Castlight’s platform across over 18,000 employees and family members enrolled in its health plans.
“At Steel Dynamics, we have a diverse workforce – from equipment operators to office staff. Designing a program that can truly engage our employees in their healthcare was a challenge,” said Eric Record, Wellbeing and Benefits Leader from Steel Dynamics. “With Castlight, we were able to boost employee benefit engagement and reduce costs – saving both employees and the company money.”
In order to develop its ROI guarantee Castlight partnered with Verscend Technologies Inc., a leading healthcare data analytics firm, to apply its industry-standard risk-adjustment models to analyze cost savings based on employee healthcare claims data. Verscend’s models, collectively known as “DxCG Intelligence”, are used by the nation’s largest health insurers, commercial and Medicare Accountable Care Organizations, and reinsurance companies, and have been documented as top performers by the Society of Actuaries.
The ROI guarantee requires adoption of Castlight’s communication best practices and a multi-year contract term. Offer specifics for individual customers may differ, based on factors such as population size and the scope of products and services purchased from Castlight.
About Castlight Health
Castlight is on a mission to make it as easy as humanly possible to navigate healthcare and live happier, healthier, more productive lives. Our health navigation platform connects with hundreds of health vendors, benefits resources, and plan designs, giving rise to the world’s first comprehensive app for all health needs. We guide individuals – based on their unique profile – to the best resources available to them, whether they are healthy, chronically ill, or actively seeking medical care. In doing so, we help companies regain control over rising healthcare costs and get more value from their benefits investments. Castlight revolutionized the healthcare sector with the introduction of data-driven price transparency tools in 2008 and the first consumer-grade wellbeing platform in 2012. Today, Castlight serves as the health navigation platform for millions of people and is a trusted partner to many of the largest employers in the world.
View original content with multimedia:http://www.prnewswire.com/news-releases/castlight-announces-return-on-investment-guarantee-300679010.html
SOURCE Castlight Health, Inc.