Disruptive health insurtech startup aims to eliminate $1 trillion in healthcare waste annually
Health insurtech company Sidecar Health has raised $20 million in its most recent funding round. 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. The round was led by Cathay Innovation and joined by new investors Comcast Ventures, Kauffman Fellows and Anne Wojcicki, co-founder and CEO of 23andMe. Previous investors GreatPoint Ventures and Morpheus Ventures also participated meaningfully in the round. The company has raised $40 million to date.
“This latest funding accelerates us towards our goal of significantly lowering the cost of health care in the U.S. while increasing access to care”
“This latest funding accelerates us towards our goal of significantly lowering the cost of health care in the U.S. while increasing access to care,” said Patrick Quigley, CEO of Sidecar Health. “Plans offered by Sidecar Health successfully address the agency problem created by traditional health insurance. By empowering patients to be purchasers of healthcare and re-aligning incentives throughout the system, Sidecar Health members benefit from lower health costs and greater access. As our membership base increases, price transparency and consumer choice push down the average price of health care services for everyone.”
Read More: Equifax Launches Innovative New Solutions for Credit Monitoring and Identity Theft Protection
The funding will be used to fuel company growth by expanding to new geographies and growing the Sidecar Health team. 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.
