While the number of Covid19 cases in Malaysia increases, navigating the price structure for corporate medical services has often been a challenge for companies in Malaysia.
Homegrown digital solutions company, HealthMetrics, has launched an upgraded Panel Access feature to manage the dynamic pricing of healthcare providers. This feature aims to help businesses better manage and plan budget allocations with regards to employees’ health benefits.
- What is HealthMetrics?
HealthMetrics is a holistic digital solutions provider which aims to assist Human Resources (HR) teams in automating, simplifying and managing healthcare benefits within organizations. HealthMetrics connects companies to its partner healthcare providers while giving both parties access to accurate benchmarking and data analytics reporting on employees’ health benefits
- How much it cost to use HealthMetrics?
Free to use, HealthMetrics currently serves companies of all sizes, including public listed companies, MNCs, as well as small to medium enterprises.
- What is the Features of Upgraded HealthMetrics?
a. The upgraded HealthMetrics panel access feature maps out the average prices of medical institutions around Malaysia, based on location, thus enabling employers to make calculated decisions when determining the appropriate budget for their employees’ healthcare.
b. The upgraded feature also give doctors and other healthcare professionals an insight into strategic price positioning for their respective medical services.
“With an estimated eight million employees in the private sector, we understand that the cost of employee medical expenses can amount to a hefty sum. We foresee that Human Resources teams might face the added burden of comparing the complex medical pricing of providers which includes consultation fees, treatment & medication charges in order to select the most suitable panel of clinics for their employees. Our newly enhanced Panel Access feature hopes to streamline this selection, making the process easier on employers,” explains Chief Executive Officer of HealthMetrics, Alvin Yuan.
As the government deregulated the fee structure for private clinics last year, doctors are now able to determine their own consultation rates. Although this move will further enhance the public’s right to choose their healthcare providers, employers seem concerned about possibly having to allocate higher budgets to pay for their employees’ medical bills.
To address this concern, HealthMetrics’ upgraded Panel Access feature maps out the average prices of medical institutions around Malaysia, based on location, thus enabling employers to make calculated decisions when determining the appropriate budget for their employees’ healthcare.
As medical fees tend to vary based on location, HealthMetrics’ robust data analytics is able to identify and track pricing patterns of medical institutions in and out of Kuala Lumpur, giving companies more insight into the changing fee structure of the medical industry here in Malaysia.
The upgraded Panel Access feature will also give doctors and other healthcare professionals an insight into strategic price positioning for their respective medical services. Therefore, HealthMetrics aims to also assist medical professionals in maintaining a competitive edge through the upgraded Panel Access feature. “Our platform also keeps our partners in the medical profession in mind. On top of helping our corporate partners choose the prices which best suit them, we aim to use our proprietary algorithm to help clinics gauge their pricing competitiveness amongst their peers in the same area,” adds Alvin.
Currently, HealthMetrics has more than 1000 trusted companies using their automated platform including Berjaya Group, Family Mart, Mr. DIY, Jaya Grocer, Pullman Hotels, KLK and Taylor’s Group. Most recently, HealthMetrics has had the pleasure of onboarding 7- Eleven, T-Systems, Hilton PJ, and KLIA Express.