Symbol's Unique Financial Model for Clinic Services
Though we customize contracts to meet specific needs of every client, Symbol Health Solutions is built on the foundation of partnering with clients who pay only for what is used versus the more traditional management fee or flat rate option of payment.
While a standardized, known, cost plus a per-emplyee-per-month (PEPM) management fee works well for some clients, they could find themselves continuing to pay the same fee each month despite fewer visits and/or decreased patient engagement when external factors (like COVID-19) unsteady the clinic financials. In the event that visits decline beyond anticipated levels, client costs per visit increase steeply - thus, defeating our efforts to help temper health plan costs.
We're operating in uncharted territory mid-pandemic, but Symbol Health maintains our commitment to build a better financial model. Symbol's Services Rendered Model was designed for the benefit to population health management across Alabama and beyond.
Symbol avoids interference with client cash availability as a protective measure. Our Services Rendered Model works for most partners because the only capital required is for the physical space for the clinic. Often, clients leverage existing onsite space that was otherwise unused. If that space is not available, we may be able to offer alternative options.
We want to help our clients' employees change the way they think about their health and promote personal responsibility. In our Zero Risk model, Symbol will take on all the financial risk by assuming all ongoing expenses for the clinic. We're so confident in our services that Symbol assumes not only the financial risk for the ongoing operations also capitalizes the medical and office equipment, furnishings, and other start up items for our partner's Clinic.
Symbol's real-time healthcare analytics tool makes it possible to identify saving opportunities, and tailor population and individual health management strategies. Cost and utilization reports as well as ad hoc reporting keep our partners informed and in control of their workforce wellness.
In Symbol's Services Rendered Model, Symbol is responsible for fixed overhead when our clients provide sufficient space for a Clinic.
Symbol Health does not charge management fees in our Services Rendered Model. Saving on monthly add-on fees helps flatten health plan costs instantly.
Procuring hard-to-find COVID-19 testing kits comes without a sourcing fee in our Services Rendered Model. Lab fees are limited only to specimens collected.
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