The healthcare industry has been a bit of a mixed bag in recent years. While Obamacare has helped millions of people get covered, exorbitant copays and complicated networks have made it difficult for everyone to get the medical care they need on a regular basis. Fortunately, one startup is looking to make sure you don't have to pay a penny more than you owe. And they're on your side against the big guys.
MedBill-IQ is an online platform that reviews your medical bills for inaccuracies and negotiates on your behalf to keep costs as low as possible. By analyzing your medical bills with the intensity and expertise of actual doctors, you'll be able to get the care you need without the high prices.
“The issue is that people do not understand the intricacies involved in medical billing,” says Yury Furman, M.D., cofounder of MedBill-IQ to Tech.Co. “When people get a medical bill, they don't know that it is negotiable to some extent. There are a ton of different coding and billing errors that can lead to potential problems and excess out-of-pocket expenses. Our job is to identify those errors and alleviate those expenses.”
The process is simple. After a complimentary medical bill review, patients are sent a savings assessment with an approximate amount for how much they can save. After clerical errors and inaccurate codings are considered, you have the option to take advantage of the appeals and negotiations services, which can save you big. Once, you've submitted your bill, you'll be on your way to an affordable bill.
“What makes us unique is our expertise in both analyzing medical data and our ability to work with providers to come up with a reasonable fee for the services that were provided,” said Peter Yeh, the co-founder of MedBill-IQ to Tech.Co.
The need for this kind of service is more than obvious. Since 2010, deductibles and out-of-pocket expenses have risen by 67 percent. In addition to that, general healthcare costs have risen by 10 percent or more per year, putting a strain on low and medium income families every single day. If there is any way to curb those costs, people should be taking advantage of it, particularly when bill inaccuracies are part of the system. Accurate medical bills are expensive enough; inaccuracy is not something patients can afford and MedBill-IQ is the only way to help.
Photo: Flickr / Alex Proimos