Sidecar Health - 3x3x3 Challenge with Kevin Knight
Discover how Sidecar Health empowers employees to reduce healthcare costs with cost transparency, smart shopping incentives, and flexible care options.
Transcript:
What is Sidecar Health?
Sidecar Health offers employer-sponsored health plans to companies ranging from 51 employees, all the way up to tens of thousands, and we're focused on solving for the two main root causes of rising healthcare costs. The first is that there is no cost transparency. People don't know how much the care they are about to get is going to cost, and the second is that they have no motivation to shop smart. Let me give you a real life example of an MRI in Atlanta. Your doctor says you need to get an MRI, you just need to stay in network. Well, within the network, there is a massive disparity in cost. You can go to Emory Healthcare and get that MRI for $2,800 or get the exact same image at American Health Imaging for only $650. The cold hard truth is that whenever you choose the higher-cost care, you're driving up the cost for everybody.
How is Sidecar Health different?
We start by taking all of the data for how much a given type of care is going to cost within your market, and we set that average as the benefit amount. That means that's how much we will cover. Then we give you a Visa benefit card. This is a credit card linked to Sidecar Health's accounts that you will use to pay for the care. You can get your care anywhere you want with no network limitations. If you choose to go someplace that's more expensive, no problem, you just pay the difference, but if you choose to shop smart and go someplace that's less expensive, you get to keep half the difference in cash back, and that provides a very important motivation to keep costs down.
Who is a good fit for Sidecar Health?
Anybody who is tired of these runaway increases in healthcare costs. The reality is, by changing consumer behavior, and we can change it, we can dramatically bring down costs. Sidecar Health groups spend an average of 15% less or more on their premiums, and the reason for that is our members make smarter decisions. They get the care they need, when they need it, they shop smart, and in the end, they end up spending about 45% less time in the ER, and members make a lot of money on this as well by shopping smart, they get an average of $547 in cash back per year.
Transcript:
What is Sidecar Health?
Sidecar Health offers employer-sponsored health plans to companies ranging from 51 employees, all the way up to tens of thousands, and we're focused on solving for the two main root causes of rising healthcare costs. The first is that there is no cost transparency. People don't know how much the care they are about to get is going to cost, and the second is that they have no motivation to shop smart. Let me give you a real life example of an MRI in Atlanta. Your doctor says you need to get an MRI, you just need to stay in network. Well, within the network, there is a massive disparity in cost. You can go to Emory Healthcare and get that MRI for $2,800 or get the exact same image at American Health Imaging for only $650. The cold hard truth is that whenever you choose the higher-cost care, you're driving up the cost for everybody.
How is Sidecar Health different?
We start by taking all of the data for how much a given type of care is going to cost within your market, and we set that average as the benefit amount. That means that's how much we will cover. Then we give you a Visa benefit card. This is a credit card linked to Sidecar Health's accounts that you will use to pay for the care. You can get your care anywhere you want with no network limitations. If you choose to go someplace that's more expensive, no problem, you just pay the difference, but if you choose to shop smart and go someplace that's less expensive, you get to keep half the difference in cash back, and that provides a very important motivation to keep costs down.
Who is a good fit for Sidecar Health?
Anybody who is tired of these runaway increases in healthcare costs. The reality is, by changing consumer behavior, and we can change it, we can dramatically bring down costs. Sidecar Health groups spend an average of 15% less or more on their premiums, and the reason for that is our members make smarter decisions. They get the care they need, when they need it, they shop smart, and in the end, they end up spending about 45% less time in the ER, and members make a lot of money on this as well by shopping smart, they get an average of $547 in cash back per year.