HealthComp, the largest independent health benefits administrator in the country, today announced the appointment of Justin Tran to the position of Senior Vice President (SVP) of Medical Cost Management Services. In this role, Tran will bolster and innovate HealthComp’s strategies to contain medical costs for employer groups and their members.
Tran will collaborate with internal HealthComp team members as well as with brokers and employer groups to optimize cost-containment initiatives, including proactive clinical management; prevention of fraud, waste, and abuse; subrogation to third parties; managing trends brought about by COVID-19; helping to control pharmacy costs, and partnering with other care management programs.
“We’re excited to have Justin join our team,” said Jose Rivero, CEO of HealthComp. “We’ve always been strategic in how we control costs for our employer groups and plan members, but Justin brings significant expertise from his tenure at McKinsey & Company. With his knowledge, we’ll be able to take our medical cost-containment efforts to the next level. With healthcare costs continuing to spiral out of control, employers and employees alike want and need more sophisticated and innovative capabilities in this area.”
At McKinsey, Justin served as an associate partner and business unit leader for the medical cost management analytics practice. He managed a large global team consisting of data engineers, data scientists, doctors, pharmacists, and consultants – all focused on developing solutions to reduce costs, improve quality of care, and provide a best-in-class member experience.
“In my previous position, I had the opportunity to work with some of the largest national and regional health plans in the country,” said Justin Tran, SVP of Medical Cost Management Services. “Analytics are instrumental in identifying high-cost trends and applying the right solutions to improve plan performance. Now, I’m applying my skillset to the self-funded market, helping employers achieve the same level of savings, quality, and member engagement.”
HealthComp has developed a sophisticated technology platform with <a href=”https://healthcomp.com/healthcare-analytics/”>advanced analytics</a>. With these capabilities, it has leveraged data to successfully bend the healthcare cost curve, reducing unnecessary services and costs and improving care and member services. In its commitment to continuous improvement, Tran will ensure the company continues to leverage the latest capabilities, including machine learning and artificial intelligence, across its services.
“At HealthComp, we operate at the center of the health benefits ecosystem,” said Tran. “Our technology platform serves as the hub for integrating data from various stakeholders, including pharmacy benefit managers. By combining medical, pharmacy, and other data sets, we can identify additional opportunities for savings and quality. And we can perform deeper analysis and glean greater insights. For example, we can help employers identify unique health concerns in their member populations, and we can present a customized offering to meet their specific needs.”
“The industry has also reached a critical tipping point in value-based care,” Tran continued. “Health plans have long wanted to reimburse providers based on outcomes. For employers wanting to take this type of approach, HealthComp has all the data—on patients, medical conditions, and services around an episode of care—to make it a reality.”
“On the horizon, new rules—such as interoperability and transparency rules—have been passed but need to be put into effect. For example, the interoperability rules will require more sharing of information, as well as automation to minimize delays and streamline decisions. The transparency rules will help Americans know upfront how much a healthcare service will cost. This means new plan sponsor responsibilities regarding data sharing, but also new opportunities to leverage data. HealthComp is technologically savvy, so it’s ready to facilitate these requirements and continue to stay ahead of the game,” concluded Tran.