ConsumerMedical Reports Strong Growth, Opening of New Market Segments in 2020
BOSTON--(BUSINESS WIRE)--Dec 16, 2020--
In a year when the benefits industry was tasked with meeting unprecedented population health demands due to COVID-19, today ConsumerMedical reported it realized significant growth in its book of business and has expanded into new markets. In 2020, the company increased sales by 20%, added over 100 new employer clients, and grew membership by 1.5 million lives. This represents a 31% expansion, with more than 6 million people now served by one or more company programs.
ConsumerMedical is a clinical advocacy company, marking 25 years of service in 2021, that helps employees and health plan members navigate the nation’s complex healthcare system and receive expert guidance. The company currently works with three of the top five health plans in the nation, all of which renewed their partnerships and are deepening their service offerings. The company also entered the Medicare Advantage and fully insured markets, signaling a key shift into new service areas and spurring prospects for 2021.
Company leadership points to rapid adoption and utilization of virtual expert medical opinions in 2020, and its recent acquisition of a recognized leader in that space, InfiniteMD, as a key driver of its momentum. Additionally, there was high demand in the employer market for core solutions that include virtual access for surgery decision support and oncology guidance.
“This year has truly highlighted the resilience and passion within our organization,” noted Kevin Kickhaefer, who will assume the role of CEO from his current position as company president in 2021. “While we have reported yearly increases in sales for the past decade, this year’s achievements are a testament to our people and their forward-thinking ideas. Most importantly, we are honored to recognize the role our clients have had in our success. It shows the trust they have placed in us and our commitment to driving better outcomes for their organizations.”
ConsumerMedical expects growth to continue into 2021, with an anticipated 35 to 40% expansion off the current revenue base and the launch of several new service areas. Additionally, the company will offer a machine-learning powered solution that matches consumers with the highest-quality, local, in-network specialists for treatment and continuity of care. This solution allows the company to optimize any employer’s network.
Enhancements and additions to other service areas include:
- Expanded virtual care solutions to access leading specialists from top medical institutions
- Improved member experience and access through advanced digital and mobile solutions
- New clinical programs that address top claims categories for employers and health plans such as Behavioral Health, Pharmacy, and Musculoskeletal conditions
- New programs for fully insured employers
“We all are looking for ways to make 2021 our best year ever,” said Kickhaefer. “By focusing on what’s best for people, supporting and transforming how they make their medical decisions, their medical journey becomes our journey. Together we will continue to make it happen.”
ConsumerMedical is a leading clinical advocacy, decision support and expert second opinion company serving over six million individuals through some of the nation’s largest employers, health plans and private exchanges. The company has been serving patients and payers for more than 24 years. As a Medical Ally, ConsumerMedical guides participants throughout their healthcare journey with compassionate, high-touch support and deep clinical expertise. ConsumerMedical offers a fully integrated suite of solutions including Medical Decision Support®, Surgery Decision Support®, Expert Medical Opinion, Claims Advocacy and more, helping individuals and families navigate the healthcare system while improving outcomes and reducing costs. ConsumerMedical’s results have been validated continuously by independent actuaries. www.consumermedical.com
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CONTACT: Joy Scott, Scott Public Relations
KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS
INDUSTRY KEYWORD: PROFESSIONAL SERVICES HEALTH HOSPITALS INSURANCE PRACTICE MANAGEMENT CONSULTING
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PUB: 12/16/2020 07:02 AM/DISC: 12/16/2020 07:02 AM