How they describe themselves: MedPut covers out-of-pocket medical expenses as an employee benefit. As employers increasingly transfer healthcare costs to employees, providing employees with a low-cost source of point-of-service funds facilitates adoption of higher deductibles and saves employees from having to overuse credit cards. MedPut reduces expenses for employers moving to high-deductible or self-insured health plans.
How they describe their product/innovation: MedPut’s OOP expense credit facility offers financing for most medical expenses at an APR below 5%. MedPut works with medical bill negotiators to pass through cost savings to employees, pays the negotiated bill and collects repayment through payroll deductions. We effectively transfer the risk of repayment away from provider bill collections offices or credit cards. Enrollment and bill-pay are done in accordance with HIPAA compliance through our web application.
Product distribution strategy: Direct to Business (B2B)