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MDsave is an online platform that connects uninsured patients, health savings account holders, and high deductible health insurance patients with medical providers who offer pre-negotiated savings on medical services.
MDsave offers medical providers a way to package their services into a single bundled procedure online, and offers consumers paying out of pocket a way to comparison shop different providers. It is the world’s first transactional healthcare marketplace.
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 six days, versus the average 60–90 days through insurance.
MDsave uses a patented technology 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.
MDsave was founded in 2011 in Brentwood, Tennessee by Paul Ketchel, the current CEO, to meet growing demand for accessible pricing, communication and upfront costs. They have raised more than $14 million from investors and earned $5 million in 2015. The company officially launched in 2013. Investors include MTS Health Partners. Board members include former Senate Majority Leader Dr. Bill Frist.
MDsave works with hospital groups and ambulatory surgical centers. It already has a presence in 24 states and 120 markets, and is growing at a rate of 20% month over month. Providers include Dignity Health, Catholic Health Initiatives, Community Health Systems, Tenet Healthcare and more.
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.
Paul Ketchel is founder and CEO of MDsave. Previously, he was the Chief Operating Officer of Diagnostics Network Alliance and a Director for American Capitol Group. Paul Ketchel began his career as an aide to United States Senator Bill Frist.
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