Company:MDsave
 | This article may have been created or edited in return for undisclosed payments, a violation of Wikipedia's terms of use. (August 2019) |
| Industry | Medical Healthcare Technology |
|---|---|
| Fate | Acquired by Tendo |
| Founder | Paul Ketchel |
| Website | www |
MDsave is a healthcare ecommerce company co-located in Brentwood, Tennessee, and San Francisco, California.
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
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][|permanent dead link|dead link}}] 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][|permanent dead link|dead link}}]
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 $150million.[14]
Business model and services
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
- ↑ 1.0 1.1 1.2 1.3 1.4 1.5 Reilly, Dan (2015-09-28). "How this U.S. startup plans to save lives, lower medical bills". http://fortune.com/2015/09/28/medical-startup-plans/.
- ↑ 2.0 2.1 "MDSave Incorporated: Private Company Information - Businessweek". https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=172546636.
- ↑ 3.0 3.1 3.2 Ketchel, Paul (11 March 2016). "A patient's guide to high-deductible health care plans". http://www.nydailynews.com/life-style/patient-guide-high-deductible-health-care-plans-article-1.2561857.
- ↑ Cable, Kevin. "The Transition From Sick Care To Well Care And The Rise Of The Patient-Consumer". https://techcrunch.com/2015/09/29/the-transition-from-sick-care-to-well-care-and-the-rise-of-the-patient-consumer/.
- ↑ "MDsave, Ascension Via Christi partner to offer discounted procedures" (in en). https://www.viachristi.org/blog/mdsave-ascension-via-christi-partner-offer-discounted-procedures.
- ↑ 6.0 6.1 6.2 6.3 6.4 6.5 Kutscher, Beth (2 April 2016). "Building bundles for self-pay patients". http://www.modernhealthcare.com/article/20160402/MAGAZINE/304029977.
- ↑ "MDsave could lower your out-of-pocket healthcare costs | CareCredit". https://www.carecredit.com/newsletter/2018/winter/mdsave/.
- ↑ Comstock, Jonah (2016-08-11). "Cambia invests $5M in price transparency company MDSave" (in en). MobiHealthNews. http://www.mobihealthnews.com/content/cambia-invests-5m-price-transparency-company-mdsave.
- ↑ Fletcher, Holly. "MDsave puts set price on procedures in your pocket". https://www.tennessean.com/story/money/industries/health-care/2016/09/07/mdsave-marketplace-lets-people-shop-for-medical-service-online/89714258/.
- ↑ 10.0 10.1 Miller, Naseem S. (29 June 2018). "St. Cloud Regional partners with MDsave to bring price transparency". https://www.orlandosentinel.com/health/os-stcloud-regional-mdsave-20180629-story.html.
- ↑ Anderson, Julie (26 December 2018). "Expedia for health care? CHI Health lets patients buy vouchers for discounted medical procedures" (in en). https://www.omaha.com/livewellnebraska/expedia-for-health-care-chi-health-lets-patients-buy-vouchers/article_5f0c14df-c284-5ed7-982d-d312e761d0cd.html.
- ↑ Hughes, Isabel (3 May 2019). "Gwinnett Medical Center partners with MDsave to help patients save money" (in en). https://www.gwinnettdailypost.com/local/gwinnett-medical-center-partners-with-mdsave-to-help-patients-save/article_79704030-6d20-11e9-97c2-536d1a294528.html.
- ↑ Embry, Robin (2 March 2020). "MDsave Appoints Former Amazon Leader as Company President and COO" (in en-US). https://www.biospace.com/article/mdsave-appoints-former-amazon-leader-as-company-president-and-coo/.
- ↑ "Tendo to Acquire MDsave, Creating Leading Platform for Patient Engagement and Shoppable Care" (in English). https://www.benzinga.com/pressreleases/23/09/n34943145/tendo-to-acquire-mdsave-creating-leading-platform-for-patient-engagement-and-shoppable-care.
- ↑ Ketchel, I. I. I. (September 1, 2015), United States Patent: 9123072 - Network-based marketplace service for facilitating purchases of services and products, http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&p=1&u=%252Fnetahtml%252FPTO%252Fsearch-bool.html&r=1&f=G&l=50&co1=AND&d=PTXT&s1=9123072&OS=9123072&RS=9123072, retrieved 2016-08-10
- ↑ III, Paul John Ketchel (Sep 1, 2015), Network-based marketplace service for facilitating purchases of services and products, http://www.google.com/patents/US9123072, retrieved 2016-08-10
- ↑ De Lomaerde, Geert (3 January 2019). "Change Healthcare takes MDSave stake: Companies plan to add payment options" (in en). https://www.nashvillepost.com/business/health-care/article/21040316/change-healthcare-takes-mdsave-stake.
- ↑ "MDsave and St. Cloud Regional Medical Center Help Patients Save Money, Access Needed Care | Newsroom". https://www.stcloudregional.com/news-room/mdsave-and-st-cloud-regional-medical-center-help-p-13588.
- ↑ Staff (2018-11-16). "CareCredit & MDsave launch strategic partnership helping improve access to healthcare" (in en-gb). https://www.beckershospitalreview.com/healthcare-information-technology/carecredit-mdsave-launch-strategic-partnership-helping-improve-access-to-healthcare.html.
- ↑ Kelly, Kerry (7 January 2019). "Change Healthcare Makes Strategic Investment in MDsave" (in en). https://www.changehealthcare.com/press-room/press-releases/detail/change-healthcare-makes-strategic-investment-in-mdsave.
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