The rise of high-deductible health plans and the retailization of healthcare is propelling yet another startup forward. A Tennessee venture called MDSave Inc. has created a platform for doctors to share their pricing and extend deals to self-pay patients or those with high deductible health insurance plans.
Doctors pay a monthly subscription fee to be listed and post their pricing on MDSave, according to the site, and may pay additional small transaction fees. Users of the site search by zip code, provider’s name and procedure to find doctors and then pay up-front for the service they need. Upon payment, users receive a voucher that they take to their appointment.
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The value proposition for doctors is that it exposes them to new patients and decreases long payment cycles that involve waiting for reimbursement. Doctors can also offer bulk deals – kind of like Groupon but without requiring a certain number of buyers.
According to a recent SEC filing, MDSave is in the middle of a $1 million equity raise, following a $500,000 angel round closed in the spring. CEO Paul Ketchel could not be reached for comment, but according to a summer announcement, the company plans to expand its services beyond Tennessee and into additional metro markets over the next several months.
Launched in June of this year, MDSave brings free-market forces and competition into healthcare, it says on its website. That puts it in line with the cost transparency company ClearHealthCosts and doctor deals startup Health In Reach.
The Brentwood, Tennessee, startup is led by entrepreneurs Ketchel and Clyde Spencer.
