For Sach Jain, founder and CEO of surgical benefit provider Carrum Health, traditional healthcare needs an overhaul — and he's
Jain established Carrum Health in 2014, after he became disenchanted with the U.S. healthcare system as a young insurance consultant. Raised in India and having spent time living in Singapore prior to moving to the U.S., the American healthcare system was an entirely "different ball game" for him, he says. While on the cutting edge of new technologies and therapies, Jain found that the business of healthcare consistently failed to deliver quality, affordable care to patients.
"Even when they think they have nice insurance, patients find themselves on the
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Carrum uses a bundled service model to ensure that patients understand the costs and coverage of their entire treatment. For an oncology patient, for example, this bundle covers the entire course of cancer care, from diagnosis through treatment and includes the cost of surgeries, radiation and chemotherapy treatments, as well as follow up care. This means the patient receives medical treatment for two years without having to deal with prior authorizations, confusing paperwork, and increasing out of pocket costs; providers offer a two-year warranty across the continuum of care.
"Oncology is not a one-and-done thing," says Jain. "We partnered with some of the leading cancer institutes in the country and created these bundles with them."
Carrum's "Centers of Excellence" platform features a network of top providers, which are chosen through rigorous analysis and consultation with medical advisory boards. Johns Hopkins Hospital and Memorial Sloan Kettering are among some of the centers Carrum has partnered with.
So far, their strategy has been proven to work: According to a study from the Rand Corporation, Carrum reduces unnecessary procedures by as much as 30%, and has been shown to reduce healthcare costs by up to 45%. For employers, this can mean up to more than $16,000 in savings per procedure. For patients, this means avoiding a potentially physically taxing treatment, and a financially staggering bill.
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Today, Carrum works with companies including United Airlines and Prudential, and recently announced a partnership with CVS Health to provide care to Caremark clients. In the past year alone, the number of employers Carrum works with has grown by 200%. The pandemic led to a backlog of surgeries and unaddressed medical needs, to which Jain partly attributes to the surge in business. For many employers, Carrum's bundled service model is an effective and affordable solution.
In the near future, Carrum hopes to expand mental health resources for those undergoing treatment, such as adding 24/7 support and therapy sessions for people with cancer. They also have plans to further expand their hospital partnerships to provide more regional coverage for treatment.
"The goal of the company is to make world class healthcare accessible to everyone at the most affordable prices," says Jain. "We want to achieve lower cost, better quality outcomes, and a better experience."
