Sidecar Health Raises $20 Million to Provide Transparency and Consumer Choice to Health Insurance
Summary
The company intends to save the U.S. $1 trillion in healthcare costs annually by empowering consumers to shop around for health services using its Visa payment card and mobile app. With Coronavirus-related job losses leaving an estimated 26.8M people without employer-provided health insurance, according to an analysis by the Kaiser Family Foundation, the time is right to offer consumers a new solution to the healthcare crisis. Its proprietary payment technology lets members pay doctors at the time of care from the plan’s claims account using a Sidecar Health Visa card. Sidecar Health’s approach enables members to comparison shop for care as they would for any other product or service, bringing market forces to healthcare that will ultimately lower costs. Unlike traditional insurance, which sits between the patient and the doctor, members pay for care directly when they get it using the Sidecar Health Visa card.