Launching this week out of our Summer 2015 class, CareLedger is a startup that aims to do what might sound impossible: Enabling companies to provide their employees with top-quality healthcare services -- at absolutely no cost to the patient.
CareLedger does this by bringing transparency to the process of finding an in-network healthcare provider at a reasonable cost. At a time when U.S. businesses are seeing a nine percent year-over-year increase in healthcare costs, and some $1 trillion a year is wasted due to inefficiencies in the healthcare cost structure, CareLedger stands to add an incredible amount of value to businesses and employees alike.
TechCrunch's Sarah Buhr wrote about how CareLedger works in a story published this week:
"The idea is to find the best service with the lowest price under an employer’s health insurance coverage and then offer those recommendations to its workers. A colonoscopy could range from $10,000 to $1,500, for example. CareLedger finds that doctor with good ratings willing to charge closer to the $1,500 range, or within the employer’s insurance limit. The promise is this will give workers free medical help – including no deductibles, co-pays or coinsurance payments.
...CareLedger still gets paid on these free procedures, but the employer only pays the startup when the startup is able to lower the cost to a point that procedures are free to the employee. This saves both the employee’s wallet and potentially expensive overhead for the employer."