Digitizing Insurance for a Patient-Friendly HealthTech EcosystemBy Miriam Bello | Mon, 07/11/2022 - 15:23
Q: Why is insurtech the core business of WeeCompany’s health ecosystem?
A: WeeCompany responds to the many inefficiencies found in the traditional insurance and health sectors, some related to the use of paper and bureaucratic processes that produce a bad outcome for cost containment and user experience for the customers. In 2018, aside from facilitating processes for traditional insurers, we dabbled in the creation and development of a health ecosystem. We directly linked insurers with medicine distributors rather than through a traditional pharmacy chain, allowing insurers to reduce costs in the value chain. Most importantly, we are transforming traditional companies and connecting them to a hyperconnected digital health ecosystem that simplifies and automates collaboration, allowing a better user experience for the incumbents involved, especially the patients.
WeeCompany is the first digital health ecosystem that provides insured patients a unique electronic medical record (EMR) and portability for access to doctors, laboratories, pharmacies, and hospitals while automating the validation process with the insurer to easily determine the type of coverage the patient has.
This model helped us create a new user experience in the industry, it provides intuitive self-service tools like directories, video consultations, appointments, claims, renewals and access to over 6,000 pharmacies, 1,100 laboratories and 105 hospitals.
We are now working towards a health network for the majority of the population in the region that lack insurance coverage and need to access health services through their budget. This out-of-pocket expenses solution involves a synergetic alliance with the largest pharmacy and laboratory chains in Mexico.
Patients will be able to access several services and their electronic medical record (EMR) through their smartphones under a transactional business model.
Q: What are the main lessons WeeCompany learned as it digitized this broad range of services?
A: While digitizing these companies, we realized that not many providers were ready to take the next step. Problems included moving physical catalogs online and standardizing nomenclature for products and services. These gaps led us to get involved in the creation of the Mexican HealthTech Association (AHM), which aims to integrate and align companies to international HealthTech standards that will facilitate collaboration and the creation of an interconnected health ecosystem. The association is growing and has over 100 members.
We always encourage companies to have a head of digital transformation in their companies to facilitate the transition. Digitalization is a must investment that will keep their business competitive in the current market.
Q: What unique benefits does the WeeCompany ecosystem offer to joining partners?
A: Our main benefits are towards a better user experience for the patients, similar to other industries that were disrupted. Also, costs optimization through automation, cost containment tools and transparency.
State governments are noticing these benefits. We are working with a state government to modernize its service and foment transparency of prices, care and access.
Q: What are the current priorities of the AHM?
A: As the community grows, our goal has expanded, creating synergy with anyone who believes technology can be the key to evolve this industry.
We updated our goals to focus on four important areas; creating a link with other actors in the industry, promoting education and training among our members, attracting new members and achieving the standardization of tech in the medical practice
The AHM is working towards providing more access and better health services for the Mexican population. We want to make Mexico a good example of health digitalization and provide the benefits of tech to the Mexican health system.
Q: How is the association ensuring Mexico has the right tech regulations and laws to ensure patient safety?
A: Technology develops faster than regulations and legislation. But fundamental subjects, such as electronic prescription or telemedicine are starting to be regulated. As providers part of the association, we are not alone in this journey, working alongside key actors, such as Funsalud and state governments. These institutions have helped to position the subject as a priority to ensure patient safety. For example, even though telemedicine is not regulated, patients are already getting online consultations.
WeeCompany is Latin America’s first Insurtech. It provides a model that allows digital platform collaboration between insurance companies, health service providers and users, creating efficiency and a better user experience through automation and intuitive tools.