Optima Health has partnered with a fintech financial wellbeing provider to help its Medicaid members manage and better understand their finances.
The US provider of health insurance coverage to more than 560,000 individuals in Virginia, is partnering with FinFit to stabilise the financial wellbeing among its Medicaid participants and address food, transportation, housing, and other insecurities through a new approach to Social Determinants of Health (SDOH) analytics.
Through the Optima Health Social Determinants of Health program, Optima Health is partnering with community organisations to foster an equitable health environment and address disparities in underserved populations.
And through access to proprietary, transaction-level data provided by FinFit, the team at Optima Health will have daily, weekly, and monthly snapshots of SDOH analytics from which they can adapt outreach programs and address the immediate needs of their Medicaid members.
Traci Massie, director of government programs for Optima Health, said: “Optima Health works to address the needs of our members around Social Determinants of Health (SDOH). Financial literacy is one of the SDOH that impact our membership. The stress that money, or lack thereof, can bring to a person or family affects their physical and mental health.
“To address this need, Optima Health is partnering with FinFit, a financial wellness solution with tools to help our Medicaid members manage and understand their finances, including one-on-one financial counselling.”
Charles Lattimer, vice president of innovation and research at FinFit, added: “This partnership is evidence of our joint commitment to create healthier communities and improve the quality of life for unbanked, underbanked, and unfairly-banked individuals.”