2024 PBN Innovative Companies Awards
HEALTH & WELLNESS: Abacus Health Solutions LLC
ABACUS HEALTH SOLUTIONS LLC wants to improve the lives of those living with chronic diseases such as diabetes, and lower their out-of-pocket medical costs while also reducing their employer’s health care expenses.
How to Safeguard Your Network Against AI-Based Cyber Attacks and Threats
Although artificial intelligence has multiple benefits in the workplace, IT leaders should still be aware…
Learn MoreThe Cranston-based e-health technology company works with businesses so they can offer employees its patented incentive process to manage their chronic conditions and be eligible for zero copayments on costly medications such as insulin. If eligible employees with diabetes sign up for Abacus’ voluntary program through their employer, they must meet with their doctor, see specialists for their hands and feet, have an A1C blood test twice a year, and some may also connect with health clinicians, pharmacists or nurses who counsel them during remote monitoring sessions, according to Dr. Michael J. Follick, Abacus’ CEO and president.
Follick says employees whose spouses and children have diabetes also are eligible for the program.
“If you enroll and you stay compliant and follow the program as we lay it out for you, we waive all your copays and supplies,” Follick said. “They could be paying $100 or more out of pocket, depending on the medication.”
According to the American Diabetes Association, more than 2 in 5 adults are obese and approximately 1 in 10 U.S. citizens live with diabetes. Follick said diabetes accounts for 20% to 25% of all health care spending, hence why employers focus on it.
Abacus, Follick said, has received “amazing testimonials” from people saying how much they appreciate what Abacus has done for them. He added that doctors also are supportive of the program because it drives people to schedule visits and receive treatment.
Abacus’ primary focus is diabetes, but it also offers programs for obesity and hypertension. Reducing obesity helps prevent diabetes, Follick says.
With hospitalizations costing up to $35,000, Follick said Abacus aims to reduce hospitalization costs for the diabetes population of each employer.
Abacus works mostly with self-funded employers throughout the country, including in Rhode Island.
“We’re very proud of the fact that we have a comprehensive program designed to really add value to a health plan. We help people get better care and better outcomes and, ultimately, we lower costs,” Follick said. “We reduce barriers to care.”