Fair Square Medicare, a concierge healthcare platform for seniors, said Thursday (Aug. 25) that it has raised $15 million in Series A funding.
According to a news release, the San Diego company will use the funds to roll out a series of new services for seniors, including finding and scheduling appointments, uncovering the lowest-available price on prescriptions and access to digital health services that help them manage chronic conditions.
Launched in 2020, Fair Square helps seniors navigate their Medicare coverage options and now hopes to become a full-service clearinghouse for seniors seeking care.
“The average person has 50 health insurance plans to choose from when they turn 65. They turn to a broker for help, who then almost always recommends the plan that pays them the most to sell,” said Daniel Petkevich, founder and CEO of Fair Square Medicare. “I saw my parents have this experience, so I decided to build the brokerage I wish they had.”
Fair Square says it uses algorithmic intelligence to present relevant Medicare plans based on a customer’s budget and preferences, focusing on educating seniors instead of selling to them. That builds trust with seniors, said Chirag Shah, whose Define Ventures led the Series A.
“When you prioritize the long-term relationship with the customer over potential short-term financial gains, they’ll trust you with more of their health,” said Shah. “That’s the recipe for sustainable growth, which is why we’re investing in Fair Square Medicare’s future.”
Read more: Inaccurate Cost Estimates Could Push 60% of Patients to Switch Providers
Recent research by PYMNTS underscores the importance of accurate cost information when it comes to healthcare.
Patients’ lack of access to accurate cost estimates prior to a medical appointment or procedure often results in either unexpected or larger-than-anticipated bills. Since last year, nearly half of patients who received an inaccurate cost estimate or an unexpected bill spent more than they could afford.
Healthcare providers that can offer timely and accurate estimates for out-of-pocket healthcare expenses improve the patient experience, and face consequences for failing to do so.
Our data shows that 60% of patients who paid out-of-pocket healthcare costs and received either an inaccurate cost estimate or an unexpected bill were “very” or “extremely” interested in finding a new healthcare provider for a better payments experience.