World’s Only AI-Powered Vision Benefits Platform Receives Third-Party Objective Validation for Providing Employees Cost Savings for the Same or Better Benefits than Other Vision Plans
PALO ALTO, Calif., Oct. 27, 2021 (GLOBE NEWSWIRE) -- XP Health, the world’s only artificial intelligence-powered vision benefits platform covering employees and their families, is the first vision benefits company to achieve Validation Institute’s highest validation and credibility certification - Level 1 Savings - for providing cost savings for the same or better benefits than other vision plans. Validation Institute is an independent, objective third-party organization that advocates for greater transparency for health care buyers and high-value healthcare delivery via more substantial health outcomes at a lower cost.
In a case study, an employer with more than 3,000 employees was analyzed. The employer’s claims and management costs for eyeglass lenses, frames, and contact lenses were totaled for 12 months ending November 2020. The cost Per Employee Per Month (PEPM) was calculated by taking the total claims and management fees divided by the number of employees and divided by 12 months. The PEPM cost was then compared to XP Health’s cost for covering the same group of employees. Finally, the incumbent plan benefits were compared to the XP Health plan’s benefits.
Validation Institute explored 12 months of claims and management fees along with XP Health’s estimated premium. Through their evaluations, Validation Institute found that XP Health’s premium is 40% lower than the previous plan’s annual claims and management fees. Further, Validation Institute found that XP Health’s out-of-pocket for frames and lenses are 38% lower than the incumbent plan.
“We’re honored to have been certified by Validation Institute, which has been working with leading digital health companies to validate their claims. In this study, Validation Institute found that our plan design covering three pairs of eyewear and premium doctor-recommended lenses cost 40% less than a traditional vision insurance plan covering only one pair per year,” said Antonio Moraes, CEO and Co-Founder, XP Health.
“We applaud XP Health for the innovative work they are doing in the vision care space. It is our mission to validate the marketing claims of solution providers, making it easier for employers to identify high-quality, value-based, and cost-conscious programs for their employees. We are pleased to add XP Health to the growing list of best-in-class validated solution providers and we stand behind this validation with our own $25,000 financial Credibility Guarantee,” said Benny DiCecca, CEO & President, Validation Institute.
About XP Health
XP Health is the world’s only AI-powered vision benefits platform covering employees and their families. XP Health built a vision benefits platform for the modern world, helping companies offer the most competitive benefits at a fraction of the cost while saving employees time and money. XP Health is working with leading companies like Udemy, Zenefits, and Sequoia Consulting Group in helping them increase existing vision benefits coverage by an average of 10X while reducing costs to the employer and to the employee by up to 90%. In addition, XP Health features frames from the world’s leading designers like Tom Ford, Ray-Ban, Armani, Gucci, Coach. XP Health was also named to the 2021 Fast Company list of the World’s Most Innovative Companies.
About Validation Institute
Validation Institute is an independent, objective, 3rd party organization on a mission to improve the quality and cost of healthcare. Based in Woburn, MA, the organization is made up of a network of health benefits purchasers, health benefits advisors, and healthcare solution providers focused on delivering better health value and stronger outcomes than conventional healthcare.
Jmac PR for XP Health