Data-driven, technology savvy, consumer friendly new entrants to the healthcare industry appear to be filling a gap in the shift from a fee-for-service healthcare system to value-based delivery of services.
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"We bring engineering depth from the consumer world," Scott Matthews, VP of product marketing at San Francisco-based Castlight Health, said Monday in an interview. "We're bringing modern consumer technology to healthcare."
Founded in 2008, Castlight reported 2014 first-quarter total revenue of $8.38 million, with $1.79 million gross profit. Matthews says the consumer-driven technology company is geared to steer the healthcare industry in a new direction. "Castlight's mission is to fundamentally transform the healthcare system with market forces," he said. "We're working with 35 of the Fortune 500."
Castlight is helping several large self-insured employers optimize their health and wellness benefits with cloud-based, cost-controlling technology. Matthews says U.S. employers spend more than $600 billion annually on healthcare costs associated with their workers, adding "30 percent of that is wasted, and the costs rise 8 to 10 percent annually."
Castlight's Enterprise Healthcare Cloud features four "solution centers," he says. "It's a holistic system that works together."
One of those four pillars is Castlight Connect, which helps employers optimize the impact of their suite of health and wellness programs, Matthews says, noting that large employers often have more than a dozen programs that offer services beyond traditional medical and dental insurance policies.