a16z Podcast
How Fintech is Reshaping Our $4T Healthcare Industry
May 22, 2023
Fay Rottenberg, CEO of Firefly Health, aims to transform healthcare through value-based virtual care. She discusses the pressing issues in healthcare pricing and the complexity of billing that leaves both patients and clinics frustrated. Fay highlights the urgent need for mental health support and the millions at risk of losing Medicaid access. The conversation dives into innovative fintech solutions driving efficiency in clinics, as well as the significant shift toward value-based care to enhance patient engagement and outcomes.
37:17
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Quick takeaways
- Lack of price transparency in healthcare poses financial strain on clinics and patients, hindering cost awareness.
- Complex medical billing processes result in uncollected payments, prompting startups like Cedar to streamline payments.
Deep dives
The Lack of Transparency in Healthcare Pricing
In the podcast episode, it is highlighted that a significant challenge in healthcare revolves around the lack of transparency in pricing. Chris Severn, co-founder of Turquoise, emphasized that nobody, including patients and providers, knows the actual cost of healthcare services. Due to this opacity, consumers often face unexpected high bills, leading to financial strain on clinics and patients. New laws like the Price Transparency Act aim to address this by requiring providers to divulge pricing, yet complexities such as varying insurance plans hinder complete price transparency.
