My fellow Crowdies,

As we enter 2026, I’m grateful for the opportunity to share a brief “State of the Crowd” with you as an update on where we are, how the model is performing, and what we’re building next.

When we started CrowdHealth in April of 2021, we were trying to answer three “simple” questions:

1. Is this payment model viable?
2. Will it pass regulatory scrutiny?
3. Will people actually use it?

Five years in, those questions are no longer theoretical. They are now answered by real families, and real bills that were actually paid by the Crowd.‍

IS THIS PAYMENT MODEL VIABLE?

Summary: Yes, better than we had hoped.

This year marked several important milestones for the Crowd.

In 2025 alone:

• 15,000 medical bills were funded.
• 15,000 new members joined the Crowd.
• 234 CrowdHealth babies were born.
• More than $25 million was saved by our Crowd when compared to health insurance. 

Perhaps most importantly, costs continued to fall: 

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At a time when most Americans are bracing for annual premium increases, the Crowd has made healthcare more affordable.

The model is working…really well. 

WILL THIS MODEL PASS REGULATORY SCRUTINY?

Summary: Yes. Our model has been tested and has receive stellar grades.

As our Crowd expands, we have gotten more attention from regulators across the country. We continue to maintain open and proactive relationships with regulators across red, blue, and purple states, and the Federal government. We continue to operate in all 50 states and US territories. 

We have been audited by several regulatory entities in 2025 and without fail we have proven that our model is in line with applicable laws and regulations. 

While these conversations are expensive (we have the best regulatory attorneys on the planet) they have solidified our view that we are doing things the right way. These conversations have made us sharper as we look to expand our capabilities to better serve the Crowd. 

We are confident that our approach to delivering a transparent, community funded, and member-first funding mechanism that has shown an ability to get bills funded. We believe this positions us well for continued expansion in the years ahead.

WILL PEOPLE BUY IT?

Summary: Yes, and momentum is building.

15,000+ people joined the Crowd this year. That’s up over 250% from new members added in 2024. 

Why??

Primarily because someone they trusted told them: “This actually works.”

Thanks to you, my fellow Crowdies, we have reached escape velocity. Prospective Crowdies are going on social media to do their research and have found out from you all that bills are getting funded, our members are feeling loved, and that this works way better than health insurance.

Thank you for your support online. The likes, the comments, the posts about your experiences with the Crowd is the social proof that we are building something with you all that is special and is going to revolutionize the way we pay for healthcare. 

Second to your support, our transparency continues to be our advantage. Every funded bill, every outcome, and every policy decision remains visible. We believe that trust is earned, not marketed.

FINANCIAL POSITION & STRATEGY

We continue to grow the Crowd intentionally, profitably, and conservatively.

CrowdHealth corporate hit profitability this year. We forecast that we will be marginally profitable in 2026. Most of our funds will be dedicated to growing the Crowd, building infrastructure to ensure that the tools you rely upon to submit and get your bills funded will scale with our growth, and delighting you with amazing service. 

Some of our big “to dos” in 2026 might not look that sexy but they are aimed at providing you with the best experience possible. 

We will be simplifying and reducing the payment processing costs of funding. We believe that by the end of 2026 we will be working with our bank to reduce processing costs and increase the speed of funding. 

We are implementing changes to the app that will allow you more easily submit and track the status of your bills. Additionally, we are adding millions of new cash pay prices to our database so that you have access to the best doctors at a fair price at your fingertips. 

Everything that we do internally is done to love our members well. We believe we can do that by:

• Keeping member costs as low as possible
• Investing in our advocacy, and negotiations team to reduce bills further
• Growing the Crowd in a way that strengthens the community

Healthcare does not have to be hostile. It does not have to be confusing. And it does not have to bankrupt families.

This year, the Crowd proved again that an alternative to the medical industrial complex is possible and thriving.

Thank you for your trust. Thank you for your patience. And thank you for being the proof.

Andy
CEO, CrowdHealth