Keeping track of all the different medical expenses that you incur can be difficult even if you are perfectly healthy. Insurance companies and hospitals make it hard to get simple and detailed information. Rebecca Woodcock, a Graduate of the Silicon Valley Founder Institute, understood that this was a problem and came up with a solution: CakeHealth.
So what is CakeHealth, and how could it possibly make hospital and insurance billing any easier? CakeHealth is an online service that supports the top healthcare providers in America. Users log in to the service using their healthcare credentials provided to them by their insurance company. What CakeHealth does is compile and arrange all of the key data in one place that you want to see. This means how much you have spent out of your own pocket for the current year, how much insurance has covered for you, and how much of your deductible you have paid.
Besides billing and payment information, CakeHealth also compiles a list of all of the yearly benefits that you receive and whether you have used them or not, like eye exams. The best part of the service is that it allows you to compare your bills side by side so that you can see exactly what you are paying for out of pocket and what your insurance is paying for. This feature of the service also lets users know if they should talk to their doctors about billing issues, and in a lot of cases have found that patients are being overcharged for services just because of simple clerical mistakes. The service will also recommend healthcare plans to users based on their needs and their budget. All in all this is one of the most powerful consumer healthcare services available to the public.
Recently, CakeHealth has been sold to Inbox Health for an undisclosed amount of money. Inbox Health was interested in CakeHealth's innovative technology and that is why they purchased the company. Rebecca Woodcock has also taken an advisory position at Inbox Health as a result of the recent purchase.
Blake Walker, Chief Product Officer of Inbox Health, had this to say about the exciting acquisition of CakeHealth,
CakeHealth’s insurance aggregation tech is novel, and would have been difficult to create. Acquiring it allows us to move closer to our goal of creating a more transparent and frictionless patient payment process. We both share a common goal, and we were motivated to work together to push healthcare billing and payments towards a more transparent and cohesive future.”
While Inbox Health only officially launched last year they have made serious strides towards improving the accuracy of patient benefit information and payment processing. Acquiring CakeHealth was a big step in that direction for them. They are integrating the CakeHealth technology with their new product Benefitly. What Benefitly does is sync up healthcare providers scheduling systems and notifies patients thru e-mail and SMS messages that they can check-in early, it allows them to complete office forms before they arrive at the doctor's office, review insurance information, ask questions, and make payments on their medical bills. Benefitly will be integrated with the CakeHealth technology to make a bigger and better healthcare service for patients all over the country.
CakeHealth has dramatically changed the healthcare industry for patients. Transparency has long been one of the things that hospitals and healthcare providers have struggled with, but thanks to CakeHealth's innovative technology, in combination with Benefitly, the industry is a lot more transparent to patients everywhere.