Key Influencers Convene in Chicago to Advance Behavioral Economics in Healthcare and Improve Health Outcomes and Lower Costs
Hunt Valley, November 3, 2009 – ConnectYourCare, in conjunction with parent company Express Scripts (Nasdaq: ESRX) and the Center for Cost-Effective Consumerism, the American Benefits Council and Hewitt Associates, and 10 other leading health and policy organizations, convened in Chicago for a groundbreaking symposium on the convergence of behavioral economics and healthcare. This invitation-only event was held October 28th and 29th at the University of Chicago and united key decision makers and innovators in healthcare; top academics in business, medicine and economics; HR executives from leading companies in the food industry, healthcare and other industries; and government leaders.
“Applying behavioral economics to healthcare decision making is a fundamental ingredient to CYC’s efforts to improve health outcomes and eliminate waste in the healthcare system. Improving outcomes and eliminating waste are the most powerful levers for lowering healthcare costs,” Jamie Spriggs, Chief Marketing Officer at ConnectYourCare. “We are very excited to be a part of the ignite09 conference and excited about continued utilization of behavioral economic principles in our products and services.”
“We believe it is very important to continue the ignite09 symposium conversation series here in Chicago, especially since a recent report highlighted that a typical family of four in Chicago is spending an average of $19,008 a year on healthcare, which is the third-highest in the country,” Bob Nease, Chief Scientist, Express Scripts. “Attendees at the ignite09 symposium will continue the dialogue that began in the nation’s capitol and then moved to San Francisco about America’s existing and emerging healthcare problems and discuss real solutions made possible by applying the principles of behavioral economics to healthcare.”
This solution-oriented symposium drew on the insights of behavioral economics experts and focused on providing attendees with the knowledge and tools needed to improve health outcomes and lower costs, focusing specifically on the health care issues and organizations in the Chicago area.
“While it has been determined that monetary incentives alone won’t improve employees’ health decisions, they do have the desire and confidence to play an active role in managing their health,” said Cheryl Larson, Vice President, Midwest Business Group on Health, an ignite09 symposium strategic partner. “The value of applying behavioral economics to healthcare is being heard all across the country and analyzing this concept specific to Chicago employers will have an unquestionable benefit for all.”
“Interest in behavioral economics is growing tremendously across the country and it intersects with the critical national debate now underway in Washington, D.C. on reforming the health care system,” said James Klein, President, American Benefits Council. “Over the course of the previous two symposia, we explored strategies for guiding individuals to make informed and cost-effective healthcare choices that we will further develop here in Chicago.”
Classical economics assumes that people are rational and act in their own self interest; behavioral economics looks at the real world, focusing not on how people ought to act but instead on how they do act. Behavioral economics draws heavily from the principles of social and cognitive psychology to analyze the way people make decisions. A deeper understanding of why people do what they do empowers individuals and organizations to more effectively promote positive change in healthcare to improve outcomes while lowering cost.
“The ignite09 symposia focus on strategies that help to overcome many of the cost issues employers and individuals face today. These behavioral strategies are essential to lowering costs and ensuring better health outcomes,” said Jeff Munn, Principal, Health Management Practice, Hewitt Associates.
Symposium speakers included:
— Dan Ariely, PhD James B. Duke Professor of Behavioral Economics; Duke
University
— Alan Garber, MD, PhD Henry J. Kaiser Jr. Professor; Professor of
Medicine; Director, Center for Primary Care and Outcomes Research;
Director, Center for Health Policy; Stanford University
— Bob Ihrie, MBA Senior Vice President, Employee Rewards and Services;
Lowe’s
— James A. Klein President; American Benefits Council
— David Laibson, PhD Harvard College Professor and Robert I. Goldman
Professor of Economics; Harvard University
— Cheryl Larson Vice President; Midwest Business Group on Health
— Jeff Munn Principal, Health Management Consulting Practice; Hewitt
Associates
— Bob Nease, PhD Chief Scientist; Express Scripts
— Larry Zarin Senior Vice President, Marketing and Corporate
Communications; Express Scripts
Strategic partners for the symposium included Midwest Business Group on Health, Buyers Health Care Action Group, The Mid-Atlantic Business Group on Health, National Business Coalition on Health, Network to Improve Community Health, Pacific Business Group on Health, Silicon Valley Employers Forum, St. Louis Area Business Health Coalition, Stanford University Center for Health Policy and The Leapfrog Group. For more information about the ignite09 symposium, please visit http://www.ignitesymposium.com.
About ConnectYourCare:
ConnectYourCare’s consumer-directed healthcare (CDH) benefit delivery platform provides a pathway for migration to account-based health plans, supplying tools for consumers to better manage their healthcare dollars. ConnectYourCare’s core strategy is based upon providing stewardship to its customers by helping them simplify complex health benefit concepts, motivate individuals to act, and execute a successful solution, resulting in long-term health benefit cost containment. Please visit http://www.ConnectYourCare.com for more information or call 1-877-495-3341.
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