FAQ for employers, consultants, and digital vendors. Did we miss something? Email hello@standardcare.us Thanks!
The Basics
How does Standard Care work?
We maintain a directory of vetted digital health solutions with a track record of helping employers delight employees and ideally reduce their healthcare costs. Benefits professionals can browse the directory, create RFPs, and manage contracts to cover a given employee group.
How does Standard Care make money?
Like other marketplaces, we charge a take rate on the gross value of contracts managed on our platform. We do not force you to manage contracts on Standard Care, but we believe long term we will be the easiest way to track engagement and monitor vendor ROI. Our goal is to make administration very easy.
How does adding groups work?
Adding groups allows benefits professionals to monitor which solutions provide the most value. Much like the RFP process for insurance, you have the option to upload a census for the group that you would like covered and get a quote from the vendor. Then, if you choose to activate the service, the vendor can report engagement through Standard Care for that specific group.
Who uses Standard Care?
Our mission is to help as many Americans get access to innovative digital health solutions to help them live better lives and receive care most comfortably. Any employer or benefits consultant aligned with this mission is a fit for Standard Care.
We tend to attract high-performing consultancies (and TPAs) hoping to provide the latest technology to their employer clients. Particularly in this post-COVID world.
Billing
What happens when I change vendors?
Vendors charge a per employee per month rate for their services. If you change vendors, your client will pay through the end of the current calendar month. And the new vendor will start the first of the following month.
What are payment methods?
We accept ACH payments and credit card. We bill at the end of each month on net 30 terms.
How do broker partnersget compensated?
After we have received payments from an employer, partners will be paid out with 14 days.
How is pricing calculated?
Vendors set their price according to their market rates and what they calculate is appropriate for the group they are supporting. Standard Care does not set rates. Standard Care provides an API to vendors to automate reporting in order to make billing more transparent, automatic, and real time.
Vendors
How is pricing calculated?
You set your pricing. We currently only support per employee per month (PEPM) pricing, but in the future, if you choose to implement our API, we will support more robust billing schemes to help you align incentives with employers.
How do we get paid?
Via ACH direct deposit or credit card. We use Stripe.
How does removing members work?
If an employer has a change in group they will update the census associated with your contract. If you are using our API (currently in closed Alpha) then we will update your system in real-time.
When do we receive payment?
We will be payors at the end of each month on a 45 net billing cycle. You will receive payment roughly 50 days post the close of the month. Example: * January 31st - billing month endsWithin 2-4 business days, we will run billing and charge payors via ACH on net 45 terms. * Around the second week of March, you will receive a lump sum after we have received payment.
Our product roadmap aims to accelerate remittance via our API. Please get in touch with us if you'd be interested in being an alpha development partner.
