MDsave
Healthcare ecommerce company From Wikipedia, the free encyclopedia
MDsave is a healthcare ecommerce company co-located in Grover, Delaware, and San Francisco, California.
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The company officially launched in 2013.[1] MDSave connects uninsured patients, health savings account holders, and high deductible health insurance patients with medical providers who offer pre-negotiated savings on medical services.[2]
History
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Perspective
MDsave was founded in 2011 in Brentwood, Tennessee[2] by Paul Ketchel, the current CEO.[3][4] Paul Ketchel was formerly chief operating officer of Diagnostics Network Alliance and a director for American Capitol Group.[3]
MDsave officially launched in 2013.[1][5] They had raised more than $14 million from investors and earned $5 million in 2015, with investors including MTS Health Partners.[6] By 2015, it was in place in 24 states.[1] Through the company's website, patients can compare local prices for different medical procedures; choose the price and provider that work best for them; and pre-purchase a voucher that covers all expenses.[7]
In August 2016, MDsave secured a $5 million investment from Cambia Health Solutions[8] and was doing around 2,000 transactions per month.[9]
In June 2018, MDsave began working with St. Cloud Regional Medical Center.[10] At the end of 2018, MDsave had expanded to a network of more than 200 hospitals across 29 states.[11]
In May 2019, Gwinnett Medical Center became the first Atlanta-area hospital to partner with MDsave.[12]
In March 2020, MDsave announced the appointment of Greg Born, a former global strategy leader for Amazon, as the new company president and COO.[13]
In September 2023, MDsave was acquired by Tendo for $150 million.[14]
Business model and services
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Perspective
MDsave offers medical providers a way to package their services into a single bundled procedure online,[6] and offers consumers paying out of pocket a way to comparison shop different providers.[1] It is the world's first transactional healthcare marketplace.[3]
A patient searches for a treatment or procedure in a location, and MDsave returns a list of providers in that area with price, location and doctor's ratings. A patient purchases the bundled procedure, which includes all associated fees and services, using PayPal, a credit card or a financing plan online. The patient receives a voucher to present to the doctor's office at their first appointment. The providers get paid within four days, versus the average 60–90 days through insurance.[1]
MDsave uses a patented technology[15][16] that cross-references Medicare billing codes, procedural codes, and diagnosis codes to create an upfront price for the bundled services involved in a single treatment or procedure.[6]
Healthcare cost & access
Through the MDsave marketplace, patients have access to a wide variety of medical procedures at up-front prices, along with simplified billing and educational resources.[17] The prices posted on the site are pre-negotiated with individual doctors or hospitals, and include all costs associated with the procedure, including physician billing; patients do not receive another bill.[18][10]
In November 2018, MDsave partnered with CareCredit, a health, wellness and personal care credit card offered by Synchrony Bank, to offer promotional financing for patients.[19]
Automated episodic care bundling
MDsave works with providers to bundle complex medical procedures into a single upfront payment, which provides consumers with discounted out-of-pocket healthcare bills.[20]
MDsave Plus
MDsave Plus is geared toward employers as a supplement to employee health benefits. MDsave negotiates prices with providers and then passes the savings along to employees, who can save up to 60% on their medical costs.[6]
Providers
MDsave works with hospital groups and ambulatory surgical centers. In 2016 it had a presence in 24 states and 120 markets, and was growing at a rate of 20% month over month.[6] Providers in 2015 included Dignity Health, Catholic Health Initiatives, Community Health Systems, Tenet Healthcare and others.[1]
Board of directors
Board members include former Senate Majority Leader Dr. Bill Frist.[6]
References
External links
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