PriyaPatel
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TLDR:
US health insurance technology company Sidecar Health has secured $165m in a Series D funding round led by Koch Disruptive Technologies. Established in 2018, Sidecar Health provides major medical coverage aimed at simplifying and reducing costs in the US healthcare system. With a direct-pay model and lack of prior authorizations and network restrictions, Sidecar Health offers transparency and control over healthcare costs to its members. The company plans to expand its employer offerings into new regions with the latest funding infusion.
Key Elements:
Sidecar Health secures $165m in Series D funding round led by Koch Disruptive Technologies.
Founded in 2018, Sidecar Health offers major medical coverage with a direct-pay model.
The company prioritizes expanding its employer plans in Ohio and Georgia, aiming for 20% more affordable coverage than traditional plans.
Sidecar Health plans to expand into Florida to target 1.4 million people covered by large employers.
Koch Industries has selected Sidecar Health for a segment of its workforce and the companies are collaborating on insurance solutions for jumbo employers.
Sidecar Health’s valuation reached $1bn following a Series C funding round in January 2021.
Full Article:
US health insurance technology company Sidecar Health recently announced a $165m Series D investment led by Koch Disruptive Technologies. Established in 2018, Sidecar Health aims to simplify and reduce costs in the US healthcare system with its major medical coverage model. The company offers transparency and control over healthcare costs to its members with a direct-pay approach that eliminates delays in care and provides financial protections against unexpected billing.
Sidecar Health currently provides employer health plans in Ohio and Georgia, boasting coverage that is 20% more affordable than traditional plans. With the latest funding infusion, the company plans to expand into Florida, targeting a market of approximately 1.4 million people covered by large employers. Koch Industries has already chosen Sidecar Health for a segment of its workforce and is collaborating with the company on insurance solutions for jumbo employers.
Patrick Quigley, Sidecar Health’s co-founder and CEO, stated, “With half of all Americans receiving insurance through their employers, we have prioritized expanding our employer offerings. This strategy allows us to improve care for the largest number of people in the quickest way possible, maximizing our ability to fulfill our mission.”
David Mauney, managing director at Koch Disruptive Technologies, emphasized the need for transformation in the US healthcare system, pointing out that Sidecar Health’s model puts the consumer in control of their care decisions with transparency and fewer restrictions, ultimately reshaping the healthcare landscape.
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