Sherpaa is essentially having its first birthday. We’re currently renewing our initial clients’ health insurance for their second year with Sherpaa. I’m extremely happy to say that the theory Sherpaa was founded on is proving true. If you use healthcare resources appropriately, premiums decrease, and patient satisfaction markedly increases. If insurance companies see that your company has an online group of doctors your employees can contact 24/7 to prevent costly healthcare hassles and wastes of time in the ER, premiums decrease.
We’re doing all of this while significantly improving the patient’s healthcare experience. You’re no longer on their own. You’ve got some of the finest doctors in NYC accessible via our app. No more doctor visits just for refills. No more 8 hour ER visits just to hear that everything’s going to be ok.
I’m thrilled. We’re up to almost 50 companies now. We just did the calculation. We’ve saved our companies almost $1.3M in health insurance premiums alone. This does not include the costs of unnecessary ER, doctor, and refill visits. That’s a difficult one to calculate, but we’re working on it.
The companies we’re renewing have been quoted only a 6% increase in premiums. Compare this to the NYC average of 12% and you can understand the impact we’re having. If you consider the Rule of 72, when your company goes with Sherpaa, you can expect your premiums to double every 12 years. When you purchase health insurance via someone else who isn’t focusing on helping your employees use their health insurance wisely, you can expect your premiums to double every 6 years. Do the math, and you can quickly see that, instead of blindly throwing this money at insurance companies, you’re investing it back into your company.
And I am overjoyed. Sherpaa is the rare kind of business that creates a win/win/win.