New Technology Company Offers First Health Plan That Gives Members True Transparency and Affordable, Robust Coverage
HOUSTON–(BUSINESS WIRE)–August 6, 2019–
Sidecar Health, the company that offers insurance plans with robust health care coverage at up to 40% savings over traditional major medical plans, announces its launch in Texas.
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Consumers who enroll in a plan offered by Sidecar Health can customize it to their needs, see any doctor they want without being constrained to a network, and have full transparency into their health costs so they have no surprise bills – all at a fraction of the price of a traditional major medical plan.
Sidecar Health enables this by providing its members with a payment card they use to pay for their care when they get it, thereby allowing them to take advantage of discounts for paying upfront. And because the policies offer robust coverage at fixed, published amounts, members know how much will be paid by their plan for any health service. Through the Sidecar Health app, members can see how much health care providers in their area charge for services so they can shop around and make the most of their coverage.
“Providing people transparency into costs and coverage and enabling them to choose their own providers puts the consumer in control, which is critical to making health care and health insurance affordable,” said Sidecar Health’s Chief Executive Officer, Patrick Quigley. “We believe that is the way health insurance should be.”
Sidecar Health’s launch comes at a time when health care costs continue to skyrocket, and millions of people who don’t get health insurance through employer-sponsored plans are foregoing coverage completely. In Texas alone, almost 5 million people are uninsured, according to the Centers for Medicare and Medicaid Services. Since 2016 more than 180,000 people have dropped out of ACA plans, many due to costs.
“Our approach results in a truly affordable option for the millions of people left behind by the traditional model – those who don’t qualify for a government subsidy but can’t afford the cost of traditional plans,” said Quigley.
Sidecar Health’s innovative approach to health care earned it $18 million of funding led by San Francisco-based venture capital firm GreatPoint Ventures and Los Angeles-based firm Morpheus Ventures. The advisory board includes health care entrepreneurs Ted Meisel, co-founder of AVIA, a firm that helps over 40 of the nation’s leading healthcare systems and their clinicians to deliver better, more convenient, and less expensive care using technology innovation, and Anita Pramoda, a board director for the Federal Reserve Bank of San Francisco (Los Angeles).
“Sidecar Health removes the administrative costs from the health care process and provides true price transparency that consumers can actually use, and that’s something long overdue in this industry,” said Andrew Perlman, managing partner at GreatPoint Ventures. “This product is a great example of taking an otherwise complex process and making it simple, which is why Sidecar Health is such a game changer in health insurance,” added Joseph Miller of Morpheus Ventures.
Sidecar Health issues insurance plans that are underwritten and backed by global insurers. These insurance companies have ratings of A (Excellent) by AM Best Company.
“Having the insurance partners that we do provides us the financial strength and regulatory relationships to scale quickly,” said Sidecar Health’s co-founder, Veronica Osetinsky.
From its launch in Texas, Sidecar Health plans to expand nationally, adding several additional states over the next 12 months.
About Sidecar Health
Sidecar Health is changing health insurance. Traditional insurance sits between patients and their doctors, which leads to increased costs, adds unnecessary procedures, and results in surprise bills patients can’t afford. Sidecar Health is different. Our members know exactly what their coverage is and pay the provider directly at the time of care using their Sidecar Health card, which allows them to take advantage of discounts for paying upfront. The insurance plans we offer are affordable, personalized, and fully transparent – the way health insurance should be. For more info visit: sidecarhealth.com.
About GreatPoint Ventures
GreatPoint Ventures invests in early-stage companies solving problems that transform industries. From enterprise software to healthcare to life sciences, GreatPoint invests where it can add a meaningful advantage through its operational experience, network, and passion for building companies. The firm was founded in 2015 and is led by former Oracle President, Ray Lane, serial entrepreneur, Andrew Perlman and former Juniper Networks EVP, Ashok Krishnamurthi. GreatPoint Ventures is based in San Francisco, CA.
About Morpheus Ventures
Morpheus invests in the disruption of large markets across the technology landscape from consumer to enterprise technologies including data analytics, machine learning, robotics, transportation, and SaaS. The firm is headquartered in Los Angeles and backs great entrepreneurs worldwide. For more information, see http://www.morpheus.com/.
Liz Deranja, Sidecar Health (310) 936-2512