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Silicon Valley's largest tech accelerator is funding an experiment in crowdfunded healthcare
Key Excerpts from Article on Website of Business Insider
Posted: February 27th, 2017
http://www.businessinsider.com/y-combinator-experiment-unive...
Crowdfunding gets a lot of attention when it gives rise to oddball games. But Silicon Valley's largest startup accelerator believes the real bet is on crowdfunded healthcare. Y Combinator, the company responsible for launching Airbnb, Dropbox, and Reddit, has announced that it will invest in Watsi - a nonprofit that has brought healthcare to more than 11,000 people in 24 countries through nearly 22,000 online donations. Sam Altman, president of YC, explains that Watsi's approach to healthcare avoids a huge number of operational inefficiencies. A recent report from the World Health Organization calculated that 20-40% of all health spending worldwide gets wasted. But Watsi's crowdfunding model makes transparency a top priority - each patient's received donations and healthcare provider are logged in a master spreadsheet available on Watsi's website. "Funding individual patients encourages more people to donate, but it also results in patient-level data that makes it easier to identify fraud, evaluate the quality of care, measure health outcomes, etc.," Watsi co-founder Chase Adam [said]. When a family visits a hospital that has partnered with Watsi, but the patient can't afford to pay for the necessary care, a staff member will ask if they want to put their case on the site. If he or she agrees, the site's donors will then have the opportunity to make online donations straight to the patient. The company has also created a general fund that people ... can donate to if all patients on Watsi have already been funded.
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