A Look Into Slingshot Health

THE FUTURE OF HEALTHCARE

Humility and lovingkindness. The walls of the small WeWork office in New York City out of which Slingshot Health operates are covered in posters highlighting these words. The importance of these two traits is highlighted in the company’s operating principles, which include, “Always looking up, lifting up those who are down,” and “Dedicating ourselves to providing both independence and security in healthcare for all.”

It's remarkable enough when someone with an idea follows through to create a successful business. The fact that in this case the entrepreneur is also a practicing doctor is unusual and only makes it more impressive, but you will never see him boasting. Dr. David H. Berman describes himself as “an average guy, one out of 7 billion human beings, on a very small rock in a very big universe, just here to serve,” and he pushes his company to operate on that same principle. Dr. Berman wants to help people and if, in addition to treating them as a doctor, he can help them find better and more cost-effective medical care, then to him that is what lovingkindness is all about.

Dr. Berman’s humility is exemplified in his work ethic. From a young age he had an entrepreneurial spirit. He started his first business in high school installing CB radios and worked at various jobs including babysitting, mowing lawns, flipping burgers and even paving roads. He feels that working is important since it gives you a sense of the value of an hour of labor, and it teaches you to really use your time properly. During his last year of medical school, he spent time selling women’s shoes to make ends meet and to pay his tuition. Dr. Berman knows what it means to make smart choices with your money, and he knew that he could help others do the same with their healthcare.

The healthcare marketplace is difficult to navigate. Premiums, deductibles, flexible spending accounts,

copayments, explanation of benefits, etc. All these confusing terms get in the way when what you need is one simple thing: “I need to see a doctor, how much will it cost?”

This is the question that Slingshot Health has come to answer.

A few years ago, Dr. Berman and his son Brian were hanging out in their kitchen, discussing the healthcare marketplace. Brian mentioned how currently it’s a one-sided marketplace that’s not really working. What that means is that the insurance companies and the doctors hold all the cards. They decide how much a procedure or visit costs and the typical consumer has no say. Additionally, if you were to ask how much it would cost so you could decide if it’s worth it, it would be difficult for you to get a straight answer.

During his talk with Brian, Dr. Berman had what he likes to call an “aha moment.” What if we were to hand the control back over to the patient? What if the patients were given enough information to make educated decisions about their healthcare and doctor visits? Dr. Berman pulled out a napkin and wrote an outline that mapped out how such a business would work. That was the inception of Slingshot Health.

Over the last several decades, we have been taught that we need to beg for the healthcare that we need. Slingshot Health is trying to retrain people to take control. Not only should you not have to beg for what you need, you should also have acess to the healthcare you want. Whether you want to see a physical therapist, have an MRI, see an inter-

nist for diabetic care or a dentist for dental care, you can use this platform to book appointments and pay what you want to pay.

This sounds too good to be true. How does it work?

Let's say you have a sinus infection. Usually, you would first have to go to your primary care physician (PCP). You would pay a copay or the full price for the visit if you have a high deductible. The doctor would then diagnose you and tell you that you need to see a specialist. He would give you a referral to an Ear, Nose and Throat doctor where you would now have to make another appointment and pay yet another copay or full price for another visit.

With Slingshot Health, you can skip all that. You know you need to go straight to an ENT without wasting your time with an initial visit to your PCP. You go online to www.slingshothealth.com and sign up for free. The next steps are simple: Enter your zip code, choose the ENT specialty from a dropdown menu, and then select Sinus Infection as your service. Then you tell the doctors when you are available. Are you only available tomorrow during your lunch break? Can you only come in after work? After you select the time for service, you input how much you want to pay for the visit. An average price for the service is listed to help you decide, but you can choose whatever price you want. Finally, enter your email address and submit your bid.

All the ENTs in your area will receive an alert and can either accept your bid or counter. After a time and price are agreed upon between you and the doctor, you enter your payment information and head over to your doctor's appointment.

It's that easy.

This method works for everyone. If you have health insurance, you may be able to submit the cost for reimbursement or to be applied to your deductible. If you do not have insurance, then you have already paid the doctor the price you determined and you’re on your way. No more waiting or avoiding doctors because you can't afford a visit. You choose the time. You choose the price. It's your healthcare in your hands.

You may be wondering why medical professionals

would sign up to be a part of this system where the patient can bid however much he wants for an office visit. Aren't they losing money?

When Dr. Berman approached his medical colleagues about Slingshot Health, they loved the idea. They hate the nightmare of billing insurances and chasing payments. They became doctors to practice medicine and Slingshot Health allows them to do that.

On average, most doctors are left with four openings each business day. This may be due to no-shows or last minute cancellations, or perhaps their schedule wasn’t booked solid to begin with. This results in an annual loss of revenue of about $150,000 per doctor. Additionally, doctors may spend day after day seeing patients and billing insurances, but sometimes the insurance company rejects the claim and then the patient needs to be billed. The doctor needs to hire a billing team to deal with these issues.

With soaring administration costs and declining collection rates, providers are losing money across the board. Slingshot’s prompt payment system guarantees patients are charged at the time of service, and providers receive direct cash payment within 24 to 48 hours of the appointment, thereby reducing overhead costs and administrative burden. No payment delays. No bad debt. No insurance hassles or clawbacks. Instead of waiting months for an insurance payout, the doctor gets paid as soon as the appointment is booked, even if the patient is a no-show. The way Dr. Berman explains it is, "it's the same as an Uber driver. If you cancel your ride, you are

charged a fee because the driver's time is valuable. If the Uber driver's time is valuable, then so is the time of a doctor who has spent years and thousands of dollars in training."

What is really cool about Slingshot is that it is not restricted to typical medical care. For example, they offer alternatives to Western medicine, such as acupuncture and hypnotism.

They have also expanded to include wellness. On their website you can book a spin class or a personal trainer, and the best part is that you choose how much you are going to pay.

Slingshot Health has been accepting bids for less than a year, and they are growing at an incredible rate. They currently have over 500 providers in Manhattan, with over 100 specialties and over 1,000 services. A recent partnership with Hackensack Hospital has expanded their provider base to include Northern New Jersey, adding over 6,500 providers to their current roster.

Dr. David H. Berman went to Chicago Medical School. After getting married, he came to New York to complete his internship and residency at Lenox Hill Hospital. Following his residency, he moved to Pittsburgh to attend the University of Pittsburgh where he completed his fellowship in liver transplantation. At that time, the University of Pittsburgh was the only medical center doing liver transplants in the world. Shortly thereafter, Dr. Berman returned to New York City and opened his own private medical practice. He has since built his practice into a multi-specialty group including a few other doctors. Dr. Berman and his wife Debbie are the happy parents of four children and currently have two beautiful grandchildren.

Use promo code KAMIN25 to receive $25 off your first booking with Slingshot at www.slingshothealth.com

April/May 2019