The Silicon Review
Consumers everywhere have high expectations that the world will be available at their fingertips – to browse products and services, compare choices, select the best option, and purchase with a click. This is true across every industry today – except healthcare. The healthcare industry has created a fortified black box where both consumers and patients have no choices, no visibility into the process, and rarely know how much a procedure will cost them until after it is completed. This system is no different than purchasing an airline ticket, going on the trip, receiving the bill, and learning in shock how much you owe weeks after you return. What if consumers could truly shop for healthcare services, compare options, and choose the time and location that best fit them, all while knowing their out-of-pocket cost before they make their selection? Well, soon, this opportunity will exist because Opyn Market has created an innovative healthcare transparency platform. The company has taken its proven design, launched with success in the Workers’ Compensation space in 2021, and transported it into the commercial healthcare industry. Opyn Market will soon open access to those seeking the affordable, quality healthcare they deserve.
Opyn Market brings together patients, providers, and payors in one disruptive platform, giving everyone involved access to real-time data and total price transparency. This gives the patient the choice of providers based on price and appointment availability, which leads to more competitive pricing and affordable quality care. And, Opyn has cut out the intermediaries that drive up healthcare costs and replaced them with automated billing and payment systems, resulting in a better bottom line for providers, payors, and patients alike. Opyn and its healthcare transparency movement are led by Robert C. Mortensen, who joined as President and CEO in February 2022. Robert has been part of the pioneering team from the beginning and has served as a member of the Board of Directors since 2018. A highly accomplished and visionary leader, he is driven by a passion for bringing transparency and modernization to healthcare and dedication to distributing the value back to both those who pay for care and those who provide care.
In conversation with Robert C. Mortensen, President and CEO of Opyn Market
Q. What was the motivation behind starting Opyn?
I have a car for sale, but I won’t tell you the cost until you agree to purchase it, take it home, and put 10,000 miles on it. Will you buy it? Probably not. In today’s healthcare system, patients and payors rarely know the price of a procedure or surgery until after it has taken place, providers often don’t know when they’ll be paid, which adds to their administrative burden, and nobody involved has access to real-time data or insights. Our nation’s healthcare costs have surpassed $4 trillion and are expected to reach $6.2 trillion by 2030, which is more than 20% of our GDP. This is completely unsustainable.
Knowing there needed to be a radical shift in the way we experience healthcare, from initial process to costs, Opyn founders and team members resolved to use the power of an open market with technology, data, and analytics to create a platform that delivers the transparency needed to solve healthcare’s most pressing problems. Now, Opyn Market empowers patients, providers, and payors alike, with the tools and information needed to optimize outcomes. When healthcare is transparent, everyone wins.
Q. Can you explain your services in brief?
The purpose of Opyn is to lead the transparency movement to fundamentally change the way our nation’s healthcare system operates from within. By providing Opyn Market with a sustainable platform that is accessible to all, we will alter the way healthcare is delivered to millions of people, and, with the help of these consumers, this movement will continue to grow and completely transform healthcare as we know it. In addition to transparency, our market-driven pricing and technology, such as AI and intelligent system designs that eliminate manual processes, help drive down overall costs while increasing speed to quality care.
Q. How does your solution align with the existing medical practice?
Others who have tried to change the healthcare system have tried to change it from the outside and have failed. We’re taking a different approach; we’re utilizing our role on the inside – and our compatibility and interoperability within the existing environment – to open the black box and let consumers see what’s on the inside for the first time. Opyn Market tears down the hidden information barriers that have existed for so long, exposing the many choices consumers actually have in the existing system. We’re making healthcare a shoppable product, just like any other product people buy on an everyday basis. We still operate on the same existing healthcare structure, but we are now handing the power over to the consumers. It is what the people do with that power that determines the magnitude of the change. With 200 million people engaging with the healthcare system today, if each person made just a $100 cost-saving healthcare decision, the economic shift would be $20 billion dollars!
Q. Do you have any new services ready to be launched?
We’ve recently launched a new solution to ensure Health Plans meet the CMS “No Surprises Act” (NSA) Transparency in Coverage Rule, which went into effect in January 2022. Payors, providers, TPAs, and other administrators need to be compliant by 1/1/2023. Our solution delivers an Advanced EOB, which includes good faith estimates for providers and services. This transparency minimizes payment disputes that may end up in the IDR process, awaiting resolution. We provide unlimited digital integration support with the most modern plan designs, real-time eligibility updates, and plan accumulator API capabilities. Clients also receive direct systems access to support their members.
Q. What does the future hold for your company and its customers? Are exciting things on the way?
Yes! The future vision is that our platform will be the platform for everything healthcare in the US, acting as a care coordination system for the entire healthcare economy. We envision everyone coming through our platform to price, shop, care coordinate, manage, transact, book, pay – think Amazon® but with healthcare. We even see it as a base platform on which other applications can be built. Who knows, it could even be adopted worldwide!
For more details visit: www.myopyn.com
Meet the leader behind the success of Opyn Market
Robert C. Mortensen, President and CEO of Opyn Market, is a highly accomplished and visionary leader with 30+ years of healthcare, software, and insurance experience. As a principal advocate for Opyn from inception, he has been driven by a passion for bringing transparency and modernization to healthcare and a dedication to distributing the value back to those who pay for care and those who provide care.