Wednesday, Oct 27, 2021 | 12:00 AM ET
Vida Health announces 100% fees at risk launch for physical and mental health
Vida Health, a leader in virtual chronic care, is guaranteeing outcomes through a new value-based pricing structure that puts 100% of Vida’s fees at risk for mental and physical chronic conditions. With this new package Vida is the first virtual healthcare provider to offer 100% fees at risk in both the physical and mental health space.
In a virtual healthcare market overwhelmed with point solutions that struggle to prove their value, many buyers are looking for guaranteed outcomes. While many see the benefit of value-based models that offer such guarantees, few virtual healthcare services have adopted them.
Jody Tropeano: I'm Jody Tropeano, HLTH's Content Director here with another Announcement Spotlight, and I'm with Stephanie Tilenius, the Founder and CEO of Vida Health, and she has some exciting news for us today. Stephanie, to start, why don't you tell our audience a little bit more about Vida Health?
Stephanie Tilenius: Great to be here. Vida Health is a virtual care company that is intentionally designed to treat mental and physical conditions together. So we treat everything from diabetes to depression and we have a full stack virtual healthcare solution in both English and Spanish and we serve members in all 50 states. We have large business-to-business clients like Boeing,
Visa, Cisco, Ebay, Centene, Humana, so we serve both large employers and large payers and we're here to talk about our exciting new value package that we're launching in the market
Jody: Excellent and we'll get to that in just a minute but first, why do you think it's so important to treat mental and physical health together?
Stephanie: Well, we're all human. Mind and body are connected every day and they influence each other and truthfully I've seen this firsthand from my father who had diabetes, obesity, CHF, COPD and depression and the underlying root drivers of those conditions all influenced each other and you really almost couldn't treat the diabetes without treating the depression and if you just look at the stats, it's very clear that individuals with co-occurring chronic conditions both physical and mental are four to six times more expensive and then if you have a chronic condition, you're two to three times more likely to get depression. And so they're all interconnected. We've been talking about treating them together for so long in our system and now virtual care is enabling us to do that. You know when we first started the company, we had a lot of people enrolled in diabetes programs with a diabetes educator and coaches and our coaches would come to us and say “I can't treat the diabetes without treating the depression” and we have traditionally seen that our platform is essentially a side door for mental health so we have some of the largest, I think we have the largest exchange population enrolled on our platform for people with diabetes and many of them, you know like over 40 percent, are enrolled also in a co-occurring chronic condition like hypertension, hyperlipidemia and they also have depression or anxiety, so we've just seen an explosion of our therapy growth in the last year, we've grown over 6,000% while people coming into diabetes but realizing they have to deal with the depression at the same time to help cure the diabetes.
Jody: Excellent, and on top of that, what else is Vida doing to differentiate from other virtual care solutions out there?
Stephanie: So Vida has a network of providers - we call them providers - they're coaches, therapists, social workers, trained nutritionists, diabetes educators, in 50 states and we train them in cognitive behavioral therapy principles and we have a high NPS of 80. We also have been able to enroll a lot of people in both diabetes and mental health and our enrollment and our engagement and retention and outcomes are all best in class. So if you look at a standard example like we're serving the California teachers union through SISC and 11% of the entire population is using us what we call a side door to get mental health treatment so they'll come in for either weight loss, obesity or diabetes but end up getting mental health treatment so really being able to treat that mind and body is our key differentiator.
Jody: Excellent. So let's get to the announcement. What brings you here today? What is Vida launching and anything more you can share with our audience?
Stephanie: Well we're launching a new package that offers a hundred percent fees at risk
making us the only virtual care solution to put 100 percent of fees at risk for both mental and physical health and we're launching this now because point solutions have actually really been missing the point as you know and buyers are getting fatigued by having all these different point solutions that don't guarantee outcomes and we've got some amazing data based on peer-reviewed research and our growing book of business has given us tremendous confidence and insights that this mind and body platform is really working and enables us to put 100% of fees at risk. So what that means is that when you come in we'll you know we'll enroll employees or members into the program and we'll be guaranteeing enrollment, we'll be guaranteeing clinical outcomes and we'll put our money where our mouth is.
Jody: That's exciting news. So just building on that, what can employers and payers expect from this new package?
Stephanie: Well so up to 100% of the fees will be at risk for engagement and outcomes and they only pay if we deliver on our promises and we have some exciting data coming out soon that will show that clients can save up to 10 to 20% of their total population's medical costs.
Jody: Great well thanks, Stephanie. Thanks for joining us today. We look forward to
seeing more from Vida in the future.
Stephanie TileniusCEO, Vida Health