Nibble Health, a healthcare payments company, today announced the launch of a new medical bill intelligence product called “Simple Bill.”
At least 50% of employees in the US defer healthcare because of cost. Nibble Health debuted in late 2022 with zero-cost healthcare financing as an employee benefit, enabling employees to pay medical bills in no-interest, no-fee installments over time. By removing upfront cost as a barrier to care, Nibble creates a safety net for employees and enables companies to lower overall medical costs while increasing employee satisfaction.
The launch of Simple Bill provides another type of safety net to Nibble users: medical bill transparency. Within the Nibble App, employees can now upload an itemized medical bill and submit it for instant analysis. Nibble then uses a nationally recognized set of medical coding standards to immediately detect logical coding errors and cross-check charges against local and national pricing sources. If errors and expensive prices are found, Nibble provides tools for employees to seamlessly share that information with their healthcare provider to self-advocate and bring down the cost of the bill. Once the bill is settled, employees can then use Nibble to finance the final bill over a long period of time–always with no interest or fees.
“By some estimates, up to 80% of hospital bills contain coding errors,” says Co-Founder and CTO, Phil Markunas. “Right now no one understands their medical bills. The doctor’s office doesn’t know how much they’re charging relative to other providers in the area; patients don’t know if there are errors on their bills; and very few people other than medical experts know what the technical terms mean on their bills. We’re still in the dark ages of medical billing.
“Nibble Health is changing that by providing radical transparency on every itemized medical bill from your doctor or your dentist. We’ve always viewed healthcare financing as the centerpiece around which we can build a suite of services that help employees navigate paying for care, and providing intelligence tools was a natural extension of the platform we’ve built. Understanding their medical bill–the errors, the costs, and the procedures–is the first step patients can take to make better and more cost-efficient healthcare choices.”
Founded in 2021 by Phil Markunas and Steven Greene, Nibble Health is backed by Wing Venture Capital, Tiger Global Management, A* Capital, Expa, Lorimer Ventures, Friale, and angels across the healthcare and financial services sectors.
The company, whose name was inspired by the idea of taking small bites out of large bills, is tackling the $365 billion of out-of-pocket healthcare expenses incurred by Americans each year and providing a vital benefit that directly ties financial wellness to physical wellness.
To explore further, please visit https://www.nibblehealth.com/