Singapore’s MyDoc unlocks up to 28% healthcare cost savings
Date: 06 Nov 2018
MyDoc, Asia’s first value-based digital managed care platform, is driving a reduction in healthcare costs by at least 16%, according to a recent study done by a senior economist at the University of Southern California, Center for Economic and Social Research. MyDoc’s model showed a potential cost saving as high as 28% can be extracted as a result of improvements in chronic diseases management and aversion of A&E services, based on healthcare estimates on a patient sample size reflecting the current state of Singapore's health ecosystem.
“We are seeing a real potential to save US$540 billion for the healthcare industry in Asia,” said Dr. Snehal Patel, CEO and co-founder of MyDoc.
Mercer Marsh Benefits reported total annual healthcare expenditure in the region reached US$2.7 trillion in 2017 and is forecasted to grow at 8% CAGR through 2020 according to OECD2. By redesigning key touch points along the patient-clinician journey and integrating key stakeholders in the healthcare ecosystem, MyDoc has built a new model of primary care that is reducing the cost of healthcare while improving patient engagement at a level far exceeding data reported by digital healthcare providers in leading markets like the U.S.
In Singapore, Hong Kong and Malaysia, MyDoc has established implementations with Fortune 500 companies and the largest insurers in the region including AIA, Aetna and Cigna. The company is in advanced stages of discussions with other players and will be rolling out new solutions across the region.
Through MyDoc, patients have 24/7/365 access to a multidisciplinary care team of doctors, nurses, nutritionists, health coaches, primary care coordinators, data from health screening laboratories and pharmacies. Patients are using MyDoc to better understand their personal health status and for care across a range of healthcare needs from a common cough and cold to prescription refills and chronic care management.
Leveraging technology in healthcare
Using its proprietary AI platform, MyDoc starts each care pathway with an objective understanding of a patient’s health status. It combines a partnership between cognitive computing and humans to catch illnesses before it is too late and to improve the accuracy of diagnoses and effectiveness of treatment plans. MyDoc’s first AI employee, Pixi, is a bot assistant designed to reduce human biases and human errors that can get in the way of effective care. Pixi supports the human clinical operations team to provide safe care coordination and efficient concierge services that are designed to effectively steer each patient along a personal care pathway.
Objective data from health screening and IoT devices, blended with subjective datasets from health risk assessments and patient input could be fed into the MyDoc engine and triage to support clinician diagnoses and treatments.
“Our data analysis shows that the partnership between cognitive computing and human clinicians is generating a patient engagement rate of up to 56%, 8x higher than publicly listed digital companies in the US at 7%. 85% of our users claim to have saved an average of 3 hours per consult. 93% of our users are likely or very likely to continue using our service and our NPS scores are consistently hitting 9s and 10s,” shared Dr. Vas Metupalle, co-founder of MyDoc.
Ready to scale
“Vas and I established MyDoc in Singapore over five years ago. We made a deliberate decision to invest the last five years battle-testing our platform with every key stakeholder in one of the world’s best healthcare ecosystems to ensure that our solution works. We are now ready to scale with the confidence that the model is effective,” said Dr. Snehal Patel.
MyDoc steers patients onto continuous care pathways from health screening to clinical diagnoses, treatment, drug prescriptions, specialist referrals, and chronic disease management programs. All claims are reported in real-time, which simplifies and fast tracks the claims management process.
Explained Dr. Patel, “We are changing healthcare delivery from a complicated and costly silo-driven brick-and-mortar episodic care process treating the sick, to a simpler, cheaper and personalized coordinated continuous care system catching illnesses before it is too late. MyDoc is on a mission to deliver the right care at the right time to everyone.”