Thought Leaders in Healthcare IT: Prashant Srivastava, CEO of Evive (Part 3)

Sramana Mitra: How do you charge?

Prashant Srivastava: Employers invest about $50 a person a year in our technology to help get the right benefit to the right person and get value for their $10,000 investment.

Sramana Mitra: Can you look at the benefits infrastructure and comment on what are the trends that you see? What are open problems that you would steer entrepreneurs to look into?

Prashant Srivastava: In the benefits world, there is a lot of innovation around providing either new benefits or solving for better programs. There’s a lot of investment in 2.0 companies that provide better guidance around diabetes or better virtual access to care. There’s a mushrooming of innovation in niche problems that are still to be solved.

The problem we solve, as a result of that innovation, is where employers are faced with a lot of point solutions. Then it becomes the job of a platform like us to make sure that the right people see the right solutions at the right moment because employers have invested in these cutting-edge technologies. There’s still a lot of barriers left in US healthcare. As you know, the system works in silos.

Part of our effort at Evive is to unify that experience for the individual by removing those barriers. We do this by connecting administrative data, transactional data, and allowing one-click ordering to connect providers who are different vendors of these programs. We’re removing friction. I still find that there’s still lot more that can be done. There’s a lot of resistance in creating a unified experience amongst providers due to concerns about privacy and security.

If I were starting something today with the emergence of blockchain and the promise it brings to make transactions more secure and more distributed, I would use that technology to solve the portability of healthcare data. If AI can be applied to all of the unstructured data that is sitting everywhere within these various providers, it would lead to much greater utilization of predictive analytics.

Sramana Mitra: Let me ask you a few questions about your company. How did you identify this idea? How did you come upon this opportunity?

Prashant Srivastava: I used to be in a business where we helped employees with chronic conditions live better. As a result, we save employers money while engaging those with chronic illness. What we realized was that using human capital to call those members on the phone enabled them to stay out of the hospital, have fewer complications, and resulted in cost savings in the system.

As we thought about scaling that business to cover every American, there weren’t enough nurses in the country to put on the phones. At the same time, there was a trend in retail where Target had just targeted couponing using POS data. We said, “Why don’t we take healthcare, which is the richest data in the system and put it to work to do targeted interventions in a technological manner?”

This segment is part 3 in the series : Thought Leaders in Healthcare IT: Prashant Srivastava, CEO of Evive
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