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On-Demand Health Insurance Shows Promise, But Can It Deliver? | HealthLeaders Media

Bind, a health plan startup based in Minneapolis, offers a ‘promising concept’ aiming to revolutionize health insurance with financial backing from UnitedHealthcare.

As insurers introduce their plans for the 2019 enrollment period, one health technology company is entering the space with a disruptive strategy in mind.

Bind is a healthcare startup aimed at providing “on-demand health insurance” for consumers to pay for the coverage plan they want. Bind has been utilized by several business organizations primarily in the Minneapolis-St. Paul market, but they have plans to expand operations.

Currently, Bind has around 2,000 enrolled members across 14 states but company leadership is expecting to see its coverage grow to 100,000 people by January 1, 2019.

The on-demand insurer also boasts major financial backers. In June, Bind announced that it raised $70 million in seed funding from UnitedHealthcare, Ascension Ventures, and Lemhi Ventures.

Price transparency and affordability are top of mind for healthcare consumers, according to Miller, which is where he says he believes Bind can make inroads with savvy hospital executives who are looking at the financial impact of healthcare consumerism on their bottom line.

By applying a price tag to each of its offered services, Miller says Bind has removed an additional layer of financial confusion for consumers. Through direct communication on the cost side of healthcare, Miller says he believes that insurers and providers will build efficient care models to make sure consumers are utilizing the most clinically effective treatments.

Many health systems are already entering into different risk-based products and services to improve access for people, Kalis added, so providers have proven they could be open to the on-demand model as a way to advance the process. Kalis says he thinks that Bind’s efforts could change the industry’s thinking and move providers toward offering bundles for care to compete in the marketplace.

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On-Demand Health Insurance Shows Promise, But Can It Deliver? | HealthLeaders Media.