Although you pay for health care every month, there are gaps in the system that are not always covered. A wave of medical start-ups want to fill in those gaps. According to Forbes, more than $2.8 billion worth of venture capital was invested in health care start-ups in September 2018 alone. An increase of 70 percent over the previous year. It’s not hard to understand why. Especially in the United States, the health care you get from your insurance provider is hardly as comprehensive as it could be. Especially when it comes to day-to-day health problems.
For example, in the United States, hearing aids are rarely covered by health insurance. While 48 million people in the country suffer from some form of hearing loss, insurance providers do not consider it a vital issue unless it occurs at a young age. If you do decide to get one, you also have to go through a lengthy process of seeing your general practitioner, a specialist, etc. Then, once prescribed, the average cost for a pair of hearing aids is $4,700, or about $2,350 per ear.
Eargo, a new company that walks the line between medical firm and tech start-up, wants to make the process easier. Eargo sells a pair of hearing aids for $1,450. You can buy them directly from the company’s website and they offer a 45-day trial period to see if Eargo works for you. Unlike other over-the-counter personal sound amplifiers — which legally can’t be labeled hearing aids — the Eargo models are certified as Class 1 medical devices by the Food and Drug Administration (FDA) for treatment of light to moderate hearing loss.
Modern Fertility is another company aiming to fill in a crack in our modern health care system. For $159, the company offers a fertility test that can help women who are trying to get pregnant, or may want to in the future, find out more about their fertility and plan ahead. After your test is analyzed, Modern Fertility will pair you with an infertility nurse for a one-on-one consultation that the company employs, as part of its package so you can get a breakdown of what your test means.
Why it’s hot: the gaps in the American healthcare system has provided ample opportunity for medical technology entrepreneurs to address and solve. Although not ideal, these tech companies aim to fill the gaps between you, your doctor and your health insurance.