Tendo, a healthcare software firm, completed its acquisition of MDsave, an online healthcare marketplace striving for accessible healthcare. Tendo provides a seamless and user-friendly AI-enabled platform connecting healthcare providers to patients and caregivers. The integration of MDsave allows patients to seamlessly search, schedule, make payments for and oversee their healthcare needs, all within a single solution, offering transparent pricing.
The acquisition simplifies the healthcare journey for patients and navigators, offering innovative, shoppable services. Providers will benefit from enhanced patient acquisition and a more transparent, efficient payment system for bundled procedures.
“Patients, caregivers, employers and navigators need easier ways of discovering and consuming high-quality, cost-effective healthcare,” said Dan Goldsmith, CEO of Tendo, in the company’s news release. “Together, MDsave and Tendo will create the first end-to-end solution for seeking, scheduling, engaging, paying for and managing care.”
Paul Ketchel, CEO and co-founder of MDsave, added, “Our shared commitment to transforming the healthcare landscape is now more powerful than ever. Tendo will pave the way for a healthcare experience that prioritizes patients and providers alike.”
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The Challenges Faced by Self-Insured Employers
Large employers in the US predominantly opt for a self-insured health coverage strategy. Rather than procuring health insurance from an external insurance provider, these employers allocate their funds to cover their employees’ healthcare expenses. An analysis by the Kaiser Family Foundation in 2022 found that 65 percent of US workers with health insurance provided by their employers are enrolled in self-insured plans.
Self-insured businesses are grappling with the relentless ascent of healthcare expenses, as seven out of every ten employers anticipate experiencing moderate to substantial hikes in their healthcare benefit expenditures over the coming three years. This situation impacts employees and employers who face the challenge of delivering cost-effective healthcare benefits to their workforce while ensuring their financial sustainability.
Tendo’s acquisition of MDsave offers a holistic solution for self-insured employers, presenting an improved method for discovering and accessing high-quality, cost-effective healthcare. Simultaneously, it allows healthcare providers to boost patient volume and enhance their financial stability. MDsave’s patented technology further aids employers and insurers in providing enhanced value to their employees and policyholders, thereby reducing out-of-pocket deductible expenses.
Healthcare Consumerism: Its Evolution and Effect on the Healthcare Industry
Simply put, “Healthcare consumerism is a movement that makes healthcare services more efficient and cost-effective.” It revolutionizes an employer’s health benefit program, transferring the economic purchasing authority and decision-making into participants’ hands. Consumerism strives to empower patients to take full ownership of their healthcare choices.
Healthcare consumerism has impacted the American healthcare system for quite some time, but the pandemic played a role in expediting these changes and establishing a future trajectory. Consumer demands for fast, convenient, transparent, interconnected and responsive healthcare services are reshaping how individuals interact with their healthcare providers throughout the consumer journey.
Younger generations, dissatisfied with the existing healthcare landscape, are inclined to opt for healthcare providers that provide digital functionalities, including features like electronic prescription refills and mobile app access to test results. Additionally, a significant number of consumers across various age brackets are increasingly open to exploring non-traditional healthcare services.
New-age digital healthcare platforms like Tendo and MDsave aim to provide outstanding healthcare encounters, enhance clinical results and boost efficiency for patients, healthcare professionals and caregivers. Tendo aims to bring coherence to the intricate and fragmented healthcare environment. Additionally, it offers valuable insights to enhance the quality of care, overall health and financial outcomes. MDsave, on the other hand, connects providers, employers and consumers to fully bundled, transactable, high-quality healthcare at fair, transparent prices.
There are several big players in the digital healthcare arena with backing from Amazon, Google, GE Healthcare and others, but companies like Tendo, Luma Health and Upfront Healthcare, which are startups without any major parent company backing, are also growing rapidly.