CrowdHealth Secures $6M Series A for Community-Powered Alternative to Health Insurance
With growing membership numbers, the health insurance alternative boasts medical bill crowdfunding, Care Advocates, and an option to invest in Bitcoin.
CrowdHealth recently secured $6 million in Series A funding from Next Coast Ventures and Activate Venture Partners. CrowdHealth plans to reinvest that funding back into the company—growing the CrowdHealth community and providing more tools for members that want to take charge of their healthcare and affordably break free from health insurance.
Operating under a monthly membership model, CrowdHealth is a health care technology company that offers a new way to use and pay for health care services outside of health insurance. CrowdHealth harnesses the power of crowdfunding to help their members fund medical bills, keeping them out of medical debt without being exploited by health insurance companies.
Instead of paying a high premium for insurance companies to decide what is or isn't covered, CrowdHealth members make a monthly membership payment and others in the Crowd help fund medical bills from their own accounts.
In addition to the low monthly membership and the increased autonomy of crowdfunding, CrowdHealth also makes Care Advocates available to members. Care Advocates can coordinate with doctors and hospitals to negotiate lower costs for medical bills on behalf of members which is a far departure from the health insurance model that has existed for decades.
"Our health insurance system is broken", says Andy Schoonover, CEO of CrowdHealth. "Health insurance is cold, oftentimes unreliable, and perversely incentivized. We're changing the game at CrowdHealth. Treating people like real people, like extensions to our family, supporting them in their health journey, and helping get their bills paid at a low cost."
CrowdHealth also offers a Bitcoin investment option for members who are interested in harnessing the power of Bitcoin. This new innovation, launched in October 2022 in partnership with Swan Bitcoin, will allow members to redirect a portion of their monthly subscription payment to a Swan account.
CrowdHealth provides people with an opportunity to take control of their healthcare choices. Members are able to combat and overcome the challenges of traditional healthcare models effectively without the need for insurance.
The CrowdHealth community is thriving, growing, and passionate about their mission of ensuring people do not end up with medical debt.