NEW YORK, July 13, 2022 (GLOBE NEWSWIRE) -- Quit Genius, the world’s first digital clinic for treating multiple substance addictions, announced today that it has moved to a new 100-Percent-Fees-at-Risk pricing model, which means the company gets paid only if it meets strict clinical, engagement, satisfaction and operational performance goals. Quit Genius, which sells to employers and health plans, is the first provider in its category to move to a fully at-risk pricing model.
“Since founding Quit Genius, every contract we have signed has included fees at risk, so moving to a full-risk model is a natural evolution in our mission to help 100 million people conquer their substance addictions,” said Yusuf Sherwani, M.D., co-founder and CEO of Quit Genius. “We also recognize that in an increasingly uncertain economic environment, value-based care models will become more important than ever. It has always been clear to us that improving access to preventive SUD treatment is not just the right thing for members, but also a responsible business decision and one that will lead to a clear reduction in healthcare costs.”
Previously, Quit Genius offered 50 percent fees at risk, alongside a bundled case rate fee. Now, if Quit Genius misses performance goals, clients are eligible to receive up to 100 percent of the total fees paid. Performance guarantees are measured annually, but clients also receive quarterly performance updates to measure whether Quit Genius is on-track to meet them. Since launching to employers and health plans in 2020, the company has never missed a performance goal.
The average success rate for people in the Quit Genius tobacco program is 52 percent, far higher than traditional methods. Members enrolled in the Quit Genius alcohol program have a 62 percent reduction in alcohol use frequency within the first 30 days of care. And, on average, 51 percent of members that participate in opioid Medication-Assisted Treatment programs report negative opioid tests after 20 days in the program. Members access the Quit Genius program via their employee benefits provider.
Already recognized as the #1 digital clinic for substance addictions, Quit Genius grew revenue by 10x in 2021 and now partners with more than 100 employer and health plan clients covering 2.5M lives. Its headcount grew by 4x in the past year. Quit Genius is the only such solution with 9 peer-reviewed studies and a randomized controlled trial demonstrating best-in-class outcomes. The strength of its peer-reviewed outcomes and experience working with large employers and health plans across the nation allows Quit Genius to move to this new payment model.
About Quit Genius
Quit Genius is the world's first digital clinic for treating nicotine, alcohol and opioid addictions. Built on the evidence-based practice of Medication-Assisted Treatment (MAT), Quit Genius combines virtual behavioral therapy with approved medication and remote monitoring devices to help employers tackle the high cost of addiction in the workplace while improving the lives of their employees. To-date, Quit Genius has helped more than 750,000 members improve their lives and quit their addictions. The company integrates with health plans, pharmacy benefit managers and wellness platforms to deliver a turnkey implementation experience. Visit quitgenius.com for more information.
Media contact:
Michelle Faulkner
Big Swing
617-510-6998
michelle@big-swing.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/647c736b-430e-45d5-84da-ae6e63acb6a7
