When Rob Andrews, the previous Congressman of New Jersey was picked for leading the Healthcare Transformation Alliance four years back, there were fifteen firms on board for supporting the effort of the organization in reducing the employer-sponsored health care expenses.
At present, the co-op has extended to fifty-one huge firms with over seven million employees all over the world. The constituent firms of the alliance range from those having six thousand employees, to those having over five hundred thousand employees.
The Healthcare Transformation Alliance, stated that in the last four years it has saved nearly 400 million dollars to its members in overall spending in healthcare, with a team of consultants and only eleven full-time employees.
In a recent interview, Andrews, who gave resignation five years back, told Yahoo that we make comparison with a hedge fund.
We are an agile, lean organization which has to deal with very informed, as well as, sophisticated investors in our case, owners. The organization was called by the former Democratic representative as a “watchdog” for agreements related to health-care.
The data insights and size is being leveraged by the alliance for helping its members save money by means of three crucial areas: specialty drug price negotiation, data analysis, as well as, establishing a digital health marketplace. Employers are helped by the latter in choosing the most effective, as well as, the best digital health tool or seller.
The company has so far collected data on the masses of employees covered reaching millions, and made use of the IBM’s Watson for analyzing the data.
Andres stated that they have a data platform which helps them by showing quite specifically the variations of quality and cost of care across the markets, as well as, across the country.