Medibid in a Bid to Bring Down Cost of Health Care

by Vanessa Jones on  September 1, 2014 at 11:38 AM Health Insurance News
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Medibid, a bidding platform for patients and physicians, focuses on helping consumers control their medical procedure expenses.

Medibid connects doctors with patients who are seeking specific procedures.
 Medibid in a Bid to Bring Down Cost of Health Care
Medibid in a Bid to Bring Down Cost of Health Care

America's health care is one of the most expensive the world over - now an online platform - Medibid, is proposing to lower costs and increase transparency among doctors and patients.

What Medibid aims to do is connect patients with doctors. Right from patients who need annual checkups to those who may need knee replacements the company negotiates and settles the amount for a saving of at least 80%. Medibid is 50% cheaper than network insurance rates.

"We are going to be very disruptive to [traditional insurance companies]," Medibid founder Ralph Weber told Tech Page One.

Medibid's bidding system is unique, and the company doesn't have any direct competitors as of yet.

Medibid, a global platform, has some 120,000 paid subscribers, but not all of them have used the platform to seek medical procedures, Weber said.

Medibid charges patients $25 for a single bid or service and $60 for unlimited procedures annually. They charge doctors $50 as a response for a single bid and $250 for multiple bids annually.

People can also go out of state in search of quality and affordability.

 "It's a great idea because it reduces friction and raises competitiveness, which always raises the quality of care," Jim Bloedau, a digital tech consultant at the Information Advantage Group, told Tech Page One. "It's a model that is not waiting for reimbursement, which health care is predicated on."

When a patient requests a procedure through Medibid, they are given options on doctors and facilities. The doctor responds a few days later with a break up for treatment, doctor and anessiologist. After the initial acceptance patients can book their own appointments.

 "Economists and most business people understand that transparency and competition reduce costs and improve efficiency," Weber said. "[These sites] have materially changed the way that we make purchases while reducing costs."

So that customers receive the best possible care, the site makes sure of the doctors credentials with their training and education looked into. The company surveys patients after the procedure to compile valid feedback

 "We are looking at the possibility of partnering with one or more of the commercial rating services, if we can find a good way to do," Weber said.

In the meantime, the company is considering a text message system that notifies doctors when new requests are posted.

As employers embrace Medibid, the company will expand, Weber said vaguely, suggesting a mobile platform is in the works.

"Naturally, mobile technology will be a part of this," he said. "As businesses adopt Medibid's current model, we will develop and bring even more concepts to the health care marketplace."


Megan Anderie, August 2014

Hannah Punitha (IRDA Licence Number: 2710062)

Source: Medindia

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