MediBid is an online competitive marketplace which allows doctors and hospitals to outline their education, training, and experience and explain how many procedures they perform per year, and their quality outcomes. MediBid is essentially an exchange for hospitals and doctors.
On MediBid, there are generally 3 kinds of patients: Uninsured, those with a high deductible health plan, and employees of a self-insured employer which uses MediBid to get competitive pricing. The patient makes an online medical request, and doctors from across the country and overseas respond with a bid, describing the way they perform the procedure, and outline what is included in the price. When used as part of your self insured benefits plan, cost reductions of 38% are attainable.
Doctors benefit from setting their own price, rather than the price fixing method used in the current third party payer system. Patients benefit from up to an 80% reduction from billed rates, or 50% less than insurance discounted rates. The only ones who lose with MediBid, is the many middle men required to administer the overly complex status quo system, who are cut out with MediBid.