Picwell, the first recommendation engine to use predictive analytics to rate consumer health plan options according to individual needs, today announced its official launch.
The first technology of its kind, Picwell marries Big Data, predictive analytics, behavioral economics, and machine learning with consumer friendly user interfaces and engagement tools that integrate directly into healthcare exchanges and benefits platforms. The end result enables exchanges to quickly and seamlessly organize and analyze more than 900,000 variables that affect plan selection and present the highest recommended plans to participants based on their individual needs.
"With so many options available, the process of selecting the right health plan has become increasingly complex and overwhelming. With an estimated $10 billion wasted annually by sub-optimal plan choices, in Medicare Part D alone, it is clear that there is a need to simplify the system," said Jay Silverstein, CEO of Picwell. "Using unprecedented amounts of data and predictive analytics, Picwell is taking the lead in this much-needed area by enabling exchanges to present the most accurate recommendations and allowing consumers to enroll with the utmost confidence."
One of the first to benefit from Picwell's technology is Aon Hewitt, the global talent, retirement and health solutions business of Aon plc (NYSE: Aon). Aon Hewitt and Picwell recently finalized a multi-year, exclusive partnership to integrate Picwell's technology into the Aon Retiree Health Exchange, which serves more than 300,000 retirees and their families.
"Aon Hewitt is committed to continually investing in capabilities to support and guide retirees," said Cary Grace, CEO of Aon Exchange Solutions. "Picwell shares our vision for an improved, seamless and trusted consumer experience. Its next-generation decision support technology strengthens our industry-leading ability to offer seniors a high-touch, personalized experience and enables our benefits advisors to help seniors quickly narrow down their choices to those that will best meet their individual and financial needs."
Based in Philadelphia, Picwell is comprised of an experienced and expert team of healthcare business veterans, technologists and renowned academic thinkers. The executive team includes Jonathan Kolstad, Assistant Professor at The Wharton School of The University of Pennsylvania, Robert Town, Associate Professor in the Health Care Management Department at The Wharton School of The University of Pennsylvania, Tom Baker, the William Maul Measey Professor of Law and Health Sciences at The University of Pennsylvania Law School, and chief technology officer, Ani Vemprala. Picwell is led by healthcare industry veteran, Jay Silverstein, who has held executive roles at UnitedHealthcare, Oxford Health Plans, HealthNet, Revolution Health, and most recently, Medco Health Solutions.
Review highlights advances in flexible optoelectronics for cardiac healthcare