Bind debuts personalized health plans

Bind Benefits, a Minneapolis-based digital insurance startup, has launched personalized health plans that allow patients to choose treatment options with transparent pricing. It launched in Florida with employers of 50+ employees, and the company plans to expand to Ohio, Texas, Virginia, and Wisconsin.

Why should we care?
Bind claims to use data science algorithms to present consumers with clear, upfront coverage and price options, using an à la carte model and cutting out co-pays, co-insurance, deductibles, and out-of-pocket maximums. It offers a menu with prices based on the type of service, and plans are said to cover preventative care. Bind uses the UnitedHealthcare network to offer its services. Knowing the price of a procedure prior to the date of service is a needed improvement to the sometimes fraction-rich experience of paying for unexpected medical visits. The approach, according to the company, yields results, claiming its patients visit the emergency room 30% less than benchmark levels. Some observers, however, note that there is a catch: “add-in” costs for services are not included, billed separately and are spread out over payroll deductions.