Cake Health Money Manager™ Takes Ambiguity Out Of Healthcare Expenses
SAN FRANCISCO, Sept. 12, 2011 /PRNewswire/ -- Cake Health, Inc., a free online service to manage health insurance and medical payments, debuted today at TechCrunch Disrupt San Francisco. The service, found at www.cakehealth.com, helps consumers pilot through the complexities of insurance benefits, deductibles, network and out-of-network coverage, claims, medical bills, health savings accounts, flexible spending accounts and much more.
"Eight out of every 10 medical bills have mistakes," said Rebecca Woodcock, co-founder and CEO of Cake Health. "We don't think managing your healthcare dollar should be difficult. We developed Cake Health to help subscribers regain control of their health by helping them get the most out of their healthcare spending."
According to Woodcock, key Cake Health innovations include the first ever plan recommendation engine that "uses subscribers' actual usage history and costs to match them with health insurance plans that would be the best fit." In addition, the new service features a free iPhone application to allow subscribers to enter medical bills by simply taking a photo.
"We designed Cake Health to help consumers better manage their healthcare expenses effortlessly—adding the insurance company's explanation of benefits with the actual medical bills and out-of-pocket spending," said Woodcock. "For the first time, our subscribers will be able to see their complete healthcare financial picture."
Once a consumer signs up with Cake Health, getting started is easy. The new subscriber adds their insurance login information into their account and Cake Health does the rest. The service will monitor and analyze claims, dynamically update the policy information to reflect claims, insurance payments and deductible payments and search for potential billing mistakes like mismatched medications, double entries and other common errors.
Three key features to Cake Health include:
Cake Health Money Manager: A service that pulls together insurance benefit information as well as billing information from medical providers. Subscribers will see, in an easy-to-understand method, what coverage they have, where their healthcare dollar is spent and, in many cases, identifying benefits they didn't realize they had.
Cake Health Plan Matcher™: A unique recommendation engine that identifies healthcare plans based on a subscriber's actual healthcare spending, individual requirements and history.
Cake Health Mobile™: A bill capture feature for the iPhone and available through iTunes. With Cake Health Mobile, subscribers simply take a picture of their medical bills, and Cake Health Mobile reads the image and automatically populates their account. In addition, subscribers can scan documents and forward them to Cake Health via email at [email protected].
"The healthcare system we have today has done a disservice to consumers – their patients," said Woodcock. "A wall has been set up between the healthcare system and consumers with respect to communicating cost, coverage, and procedures. Most of us are not experts in medical language or codes, yet we're expected to make complex medical decisions with little or no real information. Ultimately, it translates that we have very little influence. With Cake Health, we are putting the decision power back in the hands for the consumer."
About Cake Health
Founded in 2010, Cake Health, Inc. makes it easy to manage and understand healthcare expenses. Subscribers for the service can use it as a central place for their healthcare financial information. The service updates the plans dynamically, identifies what is covered, categorizes claims, tracks out-of-pocket expenses and sends alerts for possible overcharges and billing errors. The Cake Health site, fully encrypted, ensures security and privacy. In addition, the company will never sell or share subscriber data. For more information or to sign up for Cake Health Money Manager, visit www.cakehealth.com.
About TechCrunch Disrupt
TechCrunch Disrupt (http://disrupt.techcrunch.com), Sept 12-14 2011, at San Francisco Design Center Concourse, 635 8th Street (at Brannan), is TechCrunch's marquee conference in San Francisco attracting over 2,000 leading technology innovators and investors and over 150 new startups. TechCrunch (www.techcrunch.com) is a leading technology media network, dedicated to obsessively profiling and reviewing new Internet products and companies. Founded in 2005, TechCrunch and its network of websites reach over 8 million unique visitors and more than 25 million page views per month.
Cake Health, Cake Health Money Manager, Cake Health Plan Matcher and Cake Health Mobile are trademarks of Cake Health, Inc.
SOURCE Cake Health, Inc.