FairCare launched an iOS app to allow consumers to find competitive prices in their neighborhood for any of the ten thousand medical procedures available in the U.S. In order to get started, users simply key in the name of a medical procedure and the application will display the lowest, highest and average price for that procedure in their ZIP code, along with a list of doctors that can perform the procedure.
In the same release announcing the app, FairCare has also shared some interesting numbers:
- The same procedure can cost up to 10x more if choosing the wrong provider.
- $5,181 is the average deductible for a bronze plan.
- 60% of personal bankruptcy filing each year is related to medical bills.
- 57% of patients are unaware that physicians charge different prices for the same service.
“We have been able to assemble data derived from tens of billions of medical claims nationwide,” says Eric Duprat, the CEO and Co-Founder of FairCare. “Anywhere in the country we can now have an estimate of the cost of medical procedures. You will be shocked by how much some of these procedures will cost you.”
Founded in December 2014, FairCare is a medical big data software company focused on uncovering medical costs, and empowering consumers to make smart choices for their healthcare. Its application relies on crowdsourcing and machine learning to do its magic.