MediBid, a company essentially serving as an online medical marketplace, is offering patients the chance to bid out their necessary medical services and in turn, save a considerable sum.
The concept is simple: Subscribers submit requests for bids on services and procedures and providers bid on those requests. Bids are made on the company’s Twitter feed, allowing viewers to see procedure prices streaming, according to a recent article in Forbes Magazine. Founder Ralph Weber told Forbes that MediBid received about 3,500 requests from patients in 2017, yielding 12,000 bids on those requests.
Savings to customers are potentially hefty, too. The average knee replacement in U.S. hospitals comes with a $60,000 price tag; the average insurance payment is roughly $36,500, according to Forbes. The average knee replacement on MediBid comes to about $15,000.
Employers can also reap the benefits. MediBid subscribers currently include 83 employer groups, the average savings for which total between 40 and 65 percent, according to Weber.
The market has just three requirements: Patients must be willing to travel, pay up front and there can be no insurance company interference thereafter.