Details

Last Funding Type

Pre-seed

Last Funding Money Raised

$1M

Industries

Health Care,Hospital

Founded date

Jan 1, 2017

Number Of Employee

11 - 50

Operating Status

Active

Savvos created the nation's largest marketplace of affordable cash prices for elective outpatient care, including imaging, surgery, labs, and more. Our solution redefines the healthcare experience of patients, payors, and providers by connecting all participants in the healthcare decision to create bundled pricing in real time, simplify scheduling, secure payor approval, and guarantee immediate cash payment™.

Savvos eliminates the need for health plans to develop networks or direct contracts for elective outpatient care by making immediate cash payment the future of mainstream healthcare. Savvos members know the cost when scheduling care, and providers are paid immediately; this unique combination reduces medical costs up to 90% compared to traditional networks or legacy billing practices.

The implementation of immediate cash payment solutions within health plans has resulted in a drastic cost reduction compared to billed charges, contracted rates, direct contracts, and allowable amounts for elective outpatient care.

The examples below are pulled from actual procedure requests within the Savvos system:

Example 1: Inguinal Hernia Repair CPT Code 49505 Zip Code 46123
Proposed Cost Without Savvos:
Billed Charge for Facility Only: $19,739
Allowed Charge for Facility: $13,560
Allowed Charge for Surgeon: $2,200 (estimated cost)
Allowed Charge for Anesthesia: $800 (estimated cost)
Total Allowed Charge without Savvos: $16,560

Savvos Solution:
Immediate Cash Pay Bundled Price: $8,330

Result: 49.7% reduction in costs through Savvos



Example 2: Tympanostomy CPT Code 69436 Zip Code 23502
Proposed Cost Without Savvos:
Allowed Charge for Bundled Price: $11,810

Savvos Solution:
Immediate Cash Pay Bundled Price: $2,200

Result: 81.4% reduction in costs through Savvos



Example 3: Cervical Disc Rep CPT Code 22856 Zip Code 80233
Proposed Cost Without Savvos:
Billed Charge for Facility & Anesthesia: $85,000
Allowed Charge for Facility & Anesthesia: $34,450
Allowed Charge for Surgeon: $4,068
Total Allowed Charge without Savvos: $38,518

Savvos Solution:
Immediate Cash Pay Bundled Price: $12,500

Result: 67.55% reduction in costs through Savvos




Example 4: Total Lap Hysterectomy CPT Code 58570 Zip Code 92861
Proposed Cost Without Savvos:
Allowed Charge for Facility: $27,325
Allowed Charge for Surgeon: $4,200
Allowed Charge for Anesthesia: $1,108
Total Allowed Charge without Savvos: $32,633

Savvos Solution:
Immediate Cash Pay Bundled Price: $7,895

Result: 76% reduction in costs through Savvos


The movement towards price transparency requires more than a casual listing of chargemaster prices or regional averages. Savvos connects patients with actual prices from facilities located in the patient’s local market, resulting in dramatic cost savings to the health plan.

Most patients are provided with generous financial incentives to engage with affordable providers through Savvos, including waiving the deductible or waiving all out-of-pocket costs. The results of implementing Savvos are powerful:

1. Enhanced member experience through Savvos messaging center that connects all parties involved in the decision-making process for a specific procedure
2. Dramatic cost reductions for health plans
3. Improved member benefits through generous incentives such as deductible waivers
4. Immediate cash payment to participating providers