Lowering the Cost of Healthcare — Matthew Klein
America’s healthcare system is one of the most expensive in the world: we spend more on healthcare than Japan, Germany, France, China, the UK, Italy, Canada, Brazil, Spain, and Australia combined. Our high costs make it unaffordable for many Americans to access care. Low income consumers are the hardest hit, and frequently opt out of healthcare services because of the cost. There are 1.7 million medical-related bankruptcies per year.
Matt Klein (MBA ’17) spent his summer attempting to provide relief to those consumers, working to scale a health startup with the potential to drastically reduce the cost of domestic healthcare. Stroll Health’s technology uniquely shows doctors what a patient’s out of pocket costs will be for various imaging locations, allowing them to steer patients to lower-cost, higher quality options. The savings for both patients and insurance plans range from hundreds to thousands of dollars for each visit.
As the Director of Business Development, Matt managed a team of 5 interns to build a strong sales pipeline to prove to potential investors and the healthcare industry that large health systems could incentivize patients to save money without cannibalizing their own sales. The key issue was something straight out of a Strategy or Marketing class: how can you convince large hospital systems to put patients ahead of their own profit margins?
“It was hard to take at times — the number of hospitals that frankly said “we don’t want to [help patients save money], because it will hurt our revenues.”
The Haas principles of ‘Beyond Yourself’ and ‘Question the Status Quo’ were core to Matt’s internship experience. Matt helped Stroll Health to reframe its strategic positioning and marketing plan to make the case to large health systems that this was a win-win: by lowering costs for patients, they would be more likely to follow through with their imaging, and thus return to the health system for valuable follow-on and surgical care.
“I’m incredibly grateful to HSIF and the generosity of my classmates in supporting me to work for such an impactful organization.”
Matt will be continuing his work with Stroll Health part-time during the year.
Matt’s collaboration with Stroll Health was made possible through the funding of HSIF. To find out more about how to get involved, visit the Haas Social Impact Fund page.