Medical billing is a nightmare, but start-up Ooda is working with insurers to make it way easier
Ooda Health is attempting to upend the broken system of medical billing, which is putting millions of Americans in debt.The idea is to put the burden of managing billing on the insurers, and not the hospitals.Most of us have a nightmare scenario when it comes to our medical bills. Weeks after a procedure, a notice arrives from our health plan with a complicated explanation of what is and what isn't covered.
Here's how it works: Once a patient gets seen by a health provider, the claim gets submitted to the insurance company, which adjudicates it and issues a payment to the hospital or clinic for the insurance portion of the bill. From there, Ooda quickly pays the provider for the patient's portion of the bill, and Ooda and the insurer jointly manage what the patient owes.
Thus far, Cohen said that 2,000 bills have been paid through Ooda's system and 96 percent of those surveyed said the experience was better. He also said the company is on track to collect more in 5 months than providers typically do in a year.Even if it's easier to pay medical bills, some people will still default.Blue Shield of Arizona's CEO Pam Kehaly notes that this was a "worry item" for her.
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