Fair Square Medicare, a concierge healthcare platform for seniors, said Thursday (August 25) that it raised $15 million in Series A funding.
According to a press release, the San Diego-based company will use the funds to roll out a series of new services for seniors, including finding and scheduling appointments, finding the lowest price available on prescriptions, and access to digital health services that help them manage chronic diseases. conditions.
Launched in 2020, Fair Square helps seniors navigate their Medicare coverage options and now hopes to become a full-service clearinghouse for seniors seeking care.
“The average person has 50 health insurance plans to choose from at age 65. They turn to a broker for help, who then almost always recommends the plan that makes the most money for them to sell” , said Daniel Petkevich, founder and CEO of Fair. Medicare square. “I saw my parents go through this experience, so I decided to start the brokerage that I wish they had.”
Fair Square says it uses algorithmic intelligence to present relevant health insurance plans based on a customer’s budget and preferences, focusing on educating seniors instead of selling to them. It builds confidence among seniors, said Chirag Shah, whose Define Ventures led Series A.
“When you prioritize the long-term relationship with the client over potential short-term financial gains, they will entrust more of their health to you,” Shah said. “It’s a recipe for sustainable growth, which is why we’re investing in the future of Fair Square Medicare.”
Read more: Inaccurate cost estimates could cause 60% of patients to switch providers
Recent research from PYMNTS highlights the importance of accurate cost information in healthcare.
Patients’ lack of access to accurate cost estimates before an appointment or medical procedure often results in unexpected or larger than expected bills. Since last year, nearly half of patients who received an inaccurate cost estimate or an unexpected bill spent more than they could afford.
Healthcare providers who can provide timely and accurate estimates of out-of-pocket healthcare expenses improve the patient experience and face consequences if they fail to do so.
Our data shows that 60% of patients who paid out-of-pocket healthcare costs and received an inaccurate cost estimate or unexpected bill were “very” or “extremely” interested in finding a new healthcare provider for a better payment experience.