Savvos Health Company Profile
Overview
Savvos Health is a pioneering digital health fintech company that seeks to transform the healthcare landscape by offering a marketplace for affordable cash prices on medical services. The company's offerings encompass imaging, outpatient surgery, and laboratory services, all aimed at simplifying transactions for employers, medical providers, and payors. The platform is designed to reduce the occurrence of surprise medical bills, enhancing the affordability and accessibility of healthcare for all stakeholders.
Key Offerings
- Cash Pay Marketplace: Allows patients to compare and connect with cost-effective medical care providers swiftly.
- Healthcare Provider and Payor Engagement: Facilitates seamless interaction between patients, medical providers, and health plans, enabling finalization of prices, scheduling of care, and payment approvals.
- Employer Engagement: Provides employers with tools to efficiently manage healthcare transactions, thus streamlining the process and making healthcare more cost-effective for employees.
Recent Developments
- In September 2022, Savvos Health successfully raised over $1 million in a pre-seed funding round, attracting investors such as Lance Evenson and Assure Syndicates.
- On October 20, 2022, the company was recognized for developing the largest platform for shoppable medical care based on cash pay prices.
Leadership Team
Lucien Morin - Chief Executive Officer
- Background: Leading Savvos Health since 2018 with a strong finance background from Brigham Young University. Previously founded Magellan, HCM, and co-founded Black Tree Services, LLC.
- Location: Orem, United States
- Achievements: Key contributor to the digital innovation addressing healthcare costs and connecting patients, providers, and payors through cash pay solutions.
Jake Fackrell - Chief Operating Officer
- Education: MBA from Brigham Young University.
- Location: Salt Lake City Metropolitan Area
- Role: Co-founder alongside Lucien Morin, instrumental in developing operational strategies within the alternative payor market.
Michael Jensen - Chief Technology Officer
- Location: Farmington
- Expertise: Renowned for creating small business applications; drives technology innovations at Savvos Health. Featured in Forbes and The Wall Street Journal for his work.
- Interests: Enthusiast of triathlons and outdoor adventures.
Competitive Landscape
Overview
The healthcare marketplace is characterized by rapid evolution, driven by the need for increased accessibility and cost-effective solutions. Savvos Health operates in this dynamic environment, facing competition from several key players, each bringing unique offerings and innovations to the table.
Key Competitors
1. Tendo Care Connect
- Mission and Services: Founded in 2020 with a focus on enhancing patient experiences and providing transparent procedure pricing. Offers comprehensive analytics and easy integration into existing systems.
- Location: Headquarters in Philadelphia, PA, with additional offices in San Francisco, CA, and Salt Lake City, UT.
- Funding: Last raised US$ 118.6 million on November 23, 2023.
- Recognition: Acknowledged as one of Forbes Top Startup Employers for 2025.
2. Vitori Health
- Mission and Services: Offers modern health plans aimed at 30% cost reduction through optimized supply chains, focusing on member support and transparency.
- Acquisition: Recently acquired by Global Excel Management Inc.
- Location: Based in Kansas City, with offices in Boston and Cleveland.
3. VisitPay (R1 Company)
- Mission and Services: Provides patient-centered financial engagement platforms, allowing easy management of medical bills from various providers.
- Acquisition: Now part of R1 RCM, enhancing the patient experience with R1 Entri™ platform.
- Location: Boise, Idaho.
4. Heal
- Mission and Services: Focuses on providing in-home primary care for seniors through value-based care models, including house calls and telemedicine.
- Funding: Raised a Series D funding round of US$ 100 million, with Humana as an investor.
- Headquarters: Los Angeles, California, also operating in Atlanta, New Orleans, and Seattle.
5. Amwell
- Mission and Services: Facilitates telehealth services with a subscription-based platform for healthcare providers, integrating with existing systems.
- Location: Boston, Massachusetts.
- Funding and Partnerships: Partnered with Anthem and Google Cloud, and integrates with EHR systems like Cerner and Epic.
Industry Context
Savvos Health competes in an industry focused on cost reduction, enhanced patient experiences, and technological advancements in healthcare delivery. Key competitors are establishing innovative solutions and strategic partnerships to capture market share. Differentiation and innovation will be crucial for Savvos Health's sustained success in this continually evolving healthcare market.
