SAINT THOMAS HEALTH ENTERS INTO PARTNERSHIP WITH LOCAL COMPANY MDSAVE TO PROVIDE COST SAVINGS TO PATIENTS
Nashville, Tenn. – (June 5, 2017) – Saint Thomas Health has entered into a partnership with MDsave, an online healthcare marketplace developed to help local residents without insurance or with high deductible health plans save money. MDsave has operations in Brentwood, Tenn., and San Francisco, Calif. Users can access a wide variety of medical procedures at up-front prices at up to 60 percent off average market prices,* as well as simplified billing and educational resources. Saint Thomas Health is part of Ascension, the nation’s largest Catholic and non-profit health system.
“Saint Thomas Health physicians, caregivers and associates are committed to Ascension’s quadruple aim of providing high-quality care, great experiences for patients and our providers, at a lower overall cost of care,” said Karen Springer, chief executive officer of Saint Thomas Health. “This agreement with MDsave advances our goal of ensuring patients and families a new way to take greater control of their healthcare expenditures.”
MDsave recently was featured in a Fortune magazine article noting that approximately 17.4 million Americans are on high-deductible health plans where the average deductible is $6,000 a year or more; 38 million Americans had no health insurance coverage at all as of January 2015. The burden of high out-of-pocket expenses prevents many individuals and families from pursuing the medical care they need, especially preventive procedures that could help stave off future health issues and expenses. MDsave and Saint Thomas Health are working to create better options for these vulnerable patients.
MDsave gives patients a way to take more control over their healthcare decisions by offering transparent pricing and educational resources on diseases and treatments. MDsave’s website allows patients to geographically search by procedure, provider, specialty or ailment, and compare pricing. Users choose the best option, add to an online shopping cart, and check out, paying the price posted.
“Our average consumer is saving about 40 to 60 percent,” said MDsave co-founder and CEO Paul Ketchel. For example, Ketchel said a particular MRI might cost $2,500 on the healthcare exchange, but by researching and booking through MDsave, that same patient could get an MRI for much less.
“People are able to carefully shop and access the care they need sooner, not waiting until their conditions get worse and they have to access the emergency room, where care is more expensive because it is set up to handle the most complex cases,” he added. Savings are available on many of the procedures offered, from mammograms to cardiac catheterization to hip arthroscopy and more.
“In working with Saint Thomas, we are taking an important step toward making healthcare more accessible and affordable,” said Ketchel. “We know the cost of preventive treatments is often a factor in people neglecting to have them. We hope that this strategic alliance will increase access to quality medical care and, as a result, help save lives.”
*Savings are calculated based on the MDsave price compared to average market cost of offered medical services.
ABOUT SAINT THOMAS HEALTH
In Tennessee, Ascension’s Saint Thomas Health operates nine hospitals in addition to a comprehensive network of affiliated joint ventures, medical practices, clinics and rehabilitation facilities that cover a 68-county area and employ more than 8,000 associates. Across the state, Saint Thomas Health provided more than $78 million in community benefit and care of persons living in poverty in fiscal year 2016. Serving Tennessee for 15 years, Ascension is a faith-based healthcare organization committed to delivering compassionate, personalized care to all, with special attention to persons living in poverty and those most vulnerable. Ascension is the largest non-profit health system in the U.S. and the world’s largest Catholic health system, operating 2,500 sites of care – including 141 hospitals and more than 30 senior living facilities – in 24 states and the District of Columbia. Visit www.sthealth.com.
Co-located in Brentwood, Tenn. and San Francisco, Calif., MDsave is the world’s first online healthcare marketplace, bringing together patients seeking affordable, reliable care with providers offering high-quality services at fair prices. Using cutting-edge technology, MDsave simplifies the healthcare billing process for patients and providers alike through negotiated rates, bundled pricing, and up-front payment. The MDsave marketplace also helps employers and payers offer more value to employees and policyholders with out-of-pocket deductible costs. Launched in June 2012, the company offers a wealth of information on its website about common illnesses and procedures. For more information, visit http://www.mdsave.com.