If there’s one industry that unites consumers, irrespective of purchasing power, it’s healthcare. We all need it, and we’re all trying to find both the doctor and deal which best suit our needs. When applied to business, it’s also key to employers being able to minimize cost, while their personnel maximize service quality.
Transparency though, along with a well rounded view of options in the market can prove to be challenging to get a grip of for both parties. That’s where MD Insider comes in.
The Santa Monica based startup aims to offer both businesses, and their self-insured employees the ability to easily compare physician costs, quality, and feedback through its platform.
We’re able rate most products, and services against each other, whether they be cars, computers, or cable plans. MD Insider doesn’t feel that the medical field should be any different in that respect.
The site allows individuals to access a database of over 1.2 million doctors, receiving up to date, detailed information regarding cost of service, the number of procedures each physician has performed over the past three years, along with the outcomes of those procedures.
By targeting employers, and self-insured staff, both aforementioned parties can work to make a decision on which doctors best suit their needs, and their budget, significantly opening the existing market for medical services, and cutting cost in the process.
Finally, customers have the ability to review their experiences compared to their peers, in order to effectively rate doctors within the platform.
MD Insider is currently headed by CEO David Norris, an executive with significant experience in prior data analytics projects, including BlueCava.
In terms of investment, they’ve received $1.7 million in seed funding from a pair of contributors as recently as May, allowing the firm to grow its operational capacity. The company has made its way into the headlines as well, with the news of their ‘Powered by MD Insider’ release being covered by a range of media outlets, including Reuters.
Although public data on their user base isn’t easily available, they have been expanding on social media platforms, with over 6,000 likes on Facebook.
In an age where any product or service can so easily be compared to another over the internet, there’s no reason a field as critical to both businesses, and individuals such as healthcare should be any different.
People’s relationship with their physician is of massive importance, and a platform which can evaluate data pertaining to millions of doctors around the US certainly should be able to stake out a place in the market if developed properly. Judging by the background of MD Insider’s executive staff, they might well feel at least a reserved sense of optimism on doing just that.
It’s an exciting project, but one dependent to a large degree on the number of employers it can reach out to, and sign on. The current number of physicians available for review on the site is impressive, and if they can continue to grow in terms of their consumer base (which even if restricted to the US market, is substantial) the company might well be one we’ll be both talking about, and using in the future.