Prashant has built a very interesting benefits optimization company to over $30 million in revenue. He shares insights on how he sees the benefits optimization space is evolving with the application of predictive analytics. Very cool conversation!
Sramana Mitra: Tell us about Evive. What are you doing? What trends are you aligning with?
Prashant Srivastava: Think of Evive as Amazon meets Google meets Benefits. Like Amazon, we’re creating a recommendation for the end user based on a record on transaction or interaction that they have done in the past. Like Google, we are using ad network technology to deliver that information to the user to a variety of partner sites, one of which is our own partner site. The domain is benefits. Evive’s platform helps people make better benefits decision such as contributing to their 401K or selecting the right health plan.
Sramana Mitra: If you were to synthesize trends that you are drawing from, how would you do that? We’re talking about your business in the context of Thought Leaders of Healthcare IT. What is happening in the space and how do you come into the space with a unique solution?
Prashant Srivastava: The key trend, not just in healthcare IT, in the world in general is predictive analytics; trying to provide individuals with contextually relevant recommendations. Based on a chain of events and pattern recognition, we determine the odds of an event occurring and then providing an intervention prior to that event occurring.
For instance, we use prediction when someone is likely to need back surgery based on a series of past events. Perhaps the person is on pain medication, has seen a chiropractor, and is overweight. These factors are fed into a network model to determine the odds of surgery being needed sometime in the future. When this propensity score reaches a certain threshold, a series of recommendations for alternative resources are triggered to the individual and pushed out to them.
Sramana Mitra: What do you think you’re competing with? How did people do what you’re enabling them to do before Evive?
Prashant Srivastava: Our customers wrap a lot of benefits around the individual. In the past, they would buy a second opinion service and they would inform the individual in mass communication that this service exists, and then hope that the individual’s recall of the service would last through their care journey.
As I go through chiropractic visits, if I remember that my employer offers a free benefit where I could talk to an expert orthopaedic surgeon at Stanford, then that would happen. The way the employer communicated that was en masse. Using analytics, we’ve brought that down to the right time, to the right person, and in the right way.