Third Way Health provides tech-enabled end-to-end managed services for healthcare organizations, focusing on operational efficiency through solutions like eligibility verification, claims management, and appointment scheduling. By outsourcing administrative tasks, the company helps clients achieve an average cost savings of 40% while enhancing patient engagement and satisfaction.
Funding
$1.6M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Healthcare organizations face increasing pressure to reduce operational costs while maintaining patient satisfaction. Many administrative tasks, such as eligibility verification, claims management, and appointment scheduling, are time-consuming and resource-intensive, diverting focus from core patient care activities. Traditional outsourcing solutions often lack the specialized expertise and technological integration required for optimal efficiency.
Solution
Third Way Health provides business process outsourcing (BPO) services tailored to the healthcare industry, enabling organizations to streamline administrative workflows and improve operational efficiency. The company offers end-to-end managed services, including eligibility verification, claims management, appointment scheduling, and patient communication, leveraging technology and specialized expertise to optimize processes. By outsourcing these tasks to Third Way Health, healthcare providers, payers, and MSOs can reduce administrative burdens, lower costs, and improve patient engagement. Third Way Health focuses on understanding each client's specific needs and aligning its services to achieve tangible results, acting as a partner in their success.
Target Audience
Third Way Health primarily serves healthcare providers (medical groups), payers (insurance companies), and MSOs (management services organizations) seeking to improve operational efficiency and reduce administrative costs.
Features
- Eligibility verification to ensure accurate patient coverage and reduce claim denials
- Claims management to streamline processing and optimize revenue cycle
- Appointment scheduling and reminders to improve patient access and reduce no-shows
- Member and provider services contact center for efficient communication and support
- Utilization management to optimize resource allocation and control costs
- Provider data management to maintain accurate and up-to-date information
- Quality management programs to ensure compliance and improve patient outcomes
- Integration with popular healthcare EHRs, claims, and data management systems