![]() ![]() “Our difference is that you have an ability to change the fundamental relationship between payer and provider,” said Kovacs-Johnson. “We become the independent administrator instead of buying a whole bundle of services from a carrier we let them buy it from independent providers.”įlume is able to offer lower prices for procedures than competitors by offering payment on the day of an operation or within three days of a visit. Those companies and upstarts like Flume, Apostrophe and Eden Health are all tackling services and support for companies providing self-insurance.Ĭollective Health nabs $110 million in funding Another startup, Limelight Health, has raised $40 million in financing as it tries to grab market share by providing tools to make the self-insured health management process easier for companies. Roughly 80% of companies with more than 500 employees are providing their own insurance plans, or outsourcing the administration of insurance coverage to plan administrators and startups that see the woefully poor service these companies provide.Ĭollective Health is one of the best funded, with $230 million* in capital committed to the company, including a $110 million round last year. So the former MakerBot employee launched Flume in February 2017 to make the payment process more transparent for the hundreds of companies that are self-insuring their employees to cope with rising healthcare premiums. The family thought their medical bills would be covered by one insurance provider, but as bills kept rolling in, they realized that what had been promised as one insurance company was actually an insurance plan managed by a benefits manager whose plan was not as extensive - and that the insurer was only managing the relationship with the benefits manager. “ When we looked at who was calling the shots it was this litany of service providers that was unknown to us and the cost was unknown to us until we got the bill weeks later,” says Kovacs-Johnson. ![]() Cedric Kovacs-Johnson launched Flume Health after watching his own family struggle with payments for his sister’s surgery.
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