Large employers in the US continue to see healthcare costs rise at a rate of 6% annually. In fact, some studies anticipate medical cost trends could be as high as 10% in 2021 due to the impact of deferred care during the pandemic in 2020. Many solution providers are trying to address this challenge, but few are successful.
Castlight is excited to bring the latest results of a third-party validated study to show the impact we’re making on reducing healthcare costs for some of America’s largest employers.
The data prove it: When employers implement Castlight’s navigation solution, both the employer and the employee experience significant financial savings.
This must-read report was conducted by renowned actuarial firm Santa Barbara Actuaries (SBA) founded by Ian Duncan, a pioneer in the profession and a leading expert in evaluating healthcare intervention programs.
The purpose of the report was to review the impact that Castlight has on healthcare costs for their employer customers. SBA validated that employers who implemented Castlight’s Navigation solution saw significant savings in healthcare costs. Specifically, employers saw:
9.1% year-over-year reduction in medical spend trend among members who use Castlight compared to a matched control group
$339 per-member-per-year (PMPY) lower average 2019 medical spend across members who used Castlight compared to their matched cohort
$814 per-employee-per-year (PEPY) lower average 2019 medical spend across members who used Castlight compared to their matched cohort
Overall estimated savings of 5.5% across Castlight users with respect to their 2019 matched control cost and compared to non-Castlight users
These savings were observed across all adult age brackets and all risk tiers.