For those of you that don’t keep your eye on the Silicon Valley tech scene, you might have missed the launch of a company called Cake Health at TechCrunch Disrupt. From what I can tell, they were one of the most exciting companies coming out of the popular TechCrunch Disrupt event. Here’s a short description of what Cake Health offers:
…with Cake Health, you’ll never lose track of your healthcare expenses again. Our analytics monitor your out-of-pocket cost, and what services you should be getting now. With our recommendations, your health benefits are optimized based on you actual needs and usage, so your costs are reduced.
I think the best (and most popular) phrase I’ve seen to describe Cake Health is that it’s like Mint.com for healthcare. If you’ve never used Mint.com you should check it out (although, I’ve been considering switching to Wave since Mint was bought by Intuit). They figured out a simple way to get all your financial transactions into Mint and then provided some interesting aggregate information along with ways for you to save (that’s the Mint business model).
Obviously, Cake Health is still new, but you can see a lot of these same elements in their product offering. They have easy ways for you to import your claims data. Now we’ll see how well they can help you on figuring out ways to save on your healthcare expenses. That will be their biggest challenge. The easy part for them will be monetizing their users if they get enough of them.
Although, you can see the power of what they’ve created. In 48 hours after they launched, they had over $8M in claims imported. That’s a lot of interesting healthcare data. I’ll be interested to see in what ways they can leverage that data to improve healthcare.