MediBid Proves that the Free Market Works for Health Care
Over $1million saved in 2011.
- MediBid.com, sometimes referred to as the “Travelocity” of healthcare, where patients place a medical request online, one time. The needs-matching search engine targets doctors, and hospitals registered with MediBid who then bid on the case. The opportunity to shop across state lines and borders for medical care, can save patients up to 80%, all because a procedure that might be done in a hospital in one state, can be done in a doctors office in another.
- MediBid users include the uninsured, those with high deductible health plans, Canadians on a medical waiting lists, employers who have an element of self-funding, and faith based cost sharing entities
- The current healthcare system is dominated by third party payers who reimburse on prices set by the centers for Medicare and Medicaid services (CMS), and the American Medical Association (AMA). Prices are fixed on some 14,000 procedures, which works to prevent transparency and competition. MediBid changes this paradigm by offering complete transparency, and allowing doctors to compete across state lines.
- A full knee replacement, which is billed at a rate of $50,000 or more can usually qualify for an insurance discount reducing the cost to $25,000. This same procedure can be done through MediBid at a cost of $10,000 in a US facility, or as low as $7,500 overseas. By allowing doctors in the US to compete on an equal playing field with overseas providers, the patient wins. MediBid harnesses the power of Domestic Medical Tourism.
- The high overhead cost of malpractice, administration and billing insurance companies is reduced by as much as 85% for doctors and hospitals using MediBid, and these savings are passed on to patients.
- Most commercially available health plans increase costs and increase usage and will be made worse by the Affordable Care Act of 2010, with its extra taxes on durable medical equipment, its reduced deductibles, and its medical loss ratio requirements. MediBid has proven that sustainable costs can be attained through free market for medicine, which includes price transparency and competition. In fact MediBid doctors, usually offer MediBid patients prices sometimes 50% lower than insurance discounted prices.
Since MediBid first opened its doors to patients on Jan 1, 2010, it’s saved patients $1,011,533.30, or 80.57%.