Bancrofts construction company Bancrutts Construction Co. has launched a campaign to reduce billing for a “massive” number of medical conditions.
The company has launched its online billing calculator, where users can enter their prescription, date of appointment, insurance provider, and date of birth to get an estimate of the cost of their next medical appointment.
Users can then compare the savings to a standard fee and pay for it using their own credit or debit card.
Bancrofters said the calculator, which is available in the U.S., Canada, Australia, New Zealand, Ireland, and the U,K., will allow patients to compare their cost of treatment and savings, without needing to call a doctor or pay a fee.
“We’re making this available in all countries where we operate, which includes Australia and New Zealand,” said CEO Andrew Stelzer.
“This calculator is being rolled out worldwide.”
Stelzer said he hopes that the calculator will help patients understand how their medical expenses will compare to a generic generic plan.
The Bancrotts website also lists “generic” plans that can be purchased through pharmacies, such as the U-M Health Plan, which has no deductibles.
According to the Bancropters website, the U Health Plan offers more coverage than generic plans, and can cost as little as $100 a month for a single-payer plan.
“A typical person in the United States can get a standard annual deductible of $5,400,” the website states.
“With the UHealth Plan, that would be $2,500.
For a person who wants to get into a Medicare-like system, they would be looking at $10,800.
And that’s if you get in for the year.
So the savings that we’re seeing here in Canada is $4,200 per year.”
Bancruts said it expects to see the calculator “significantly reduce the number of bills we have to pay” and also “create an opportunity for patients to choose a plan that is more efficient for them.”
“This calculator will save patients hundreds of dollars a year,” Stelz said.
“It’s a huge, huge step toward helping people save money.”
StemExpress and a few other companies have already started phasing out the “big mess” of bills, he added.
A company called Medibank is also phasing it out.
In February, Medibanks CEO Tim Luecke said that he expects to eliminate nearly $1 billion in charges over the next three years.
He said the company will continue to provide “financial incentives to help people pay their bills.”
Stelszer said the Biscuit company has seen similar savings.
He added that Biscuits is one of many companies that have implemented a “cheaper, easier-to-understand and more efficient way” to report costs.
Biscuit plans have an average “price reduction” of nearly 30 percent for all medical services, the company said in a statement.
Stelz also noted that BancRutts has also seen “huge savings” on its billing.
“This is a huge win for patients and the industry,” he said.
While the BISCULITERUS calculator has helped patients, Stelzl said he wants to see other companies step up to the plate.
“We’re going to continue to see companies like Medibanking and others come in and help us out.”