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Health insurance tech startup taps Texas for its launch due to its large uninsured population

California-based Sidecar Health has rolled out its health insurance tech services in Texas. Images via sidecarhealth.com

The health insurance situation in Texas is anemic.

Last year, 17.7 percent of Texans lacked health insurance, according to newly released data from the U.S. Census Bureau. That's the highest rate of uninsured residents among all of the states.

The problem is even more acute in the Houston metro area. In 2018, nearly 1 in 5 residents of the region (18.6 percent) had no health insurance, the Census Bureau says. That's the highest rate of uninsured residents among the country's 25 most populous metro areas.

If you do the math, that translates into more than 5 million residents of Texas, including more than 1.3 million in the Houston area, who have no health-insurance safety net. A startup called Sidecar Health is setting out to reduce those numbers.

Texas recently became the first market for Sidecar Health's insurance plans, which it promotes as being "personalized" and "affordable." By the end of this year, the El Segundo, California-based company hopes to enroll at least 5,000 Texans.

Just as with subscription services like Netflix and Amazon Prime, a consumer can sign up for or cancel their Sidecar Health plan at any time. A member can lock in their Sidecar Health rate for three years.

Technically, Sidecar Health isn't an insurance company. Rather, it manages the insurance plans that it sells.

"Sidecar Health is different from traditional insurance in that we pay a fixed amount for any medically necessary service or prescription drug that you buy," the company explains on its website. "That means if your provider charges more than that fixed amount, you pay the difference. And if your provider charges less, you keep the difference."

Through Sidecar Health, a consumer can visit any healthcare provider, healthcare facility, or pharmacy they choose, as long as self-paying patients with credit cards or debit cards are accepted. This setup allows "complete transparency and control over healthcare costs," says Patrick Quigley, the startup's CEO.

"We make this possible by enabling our members to pay for care when they get it using the Sidecar Health payment card. Because doctors get paid immediately, they offer huge discounts. On average, it is 33 percent or more cheaper than what they charge big insurance companies," Quigley tells InnovationMap. "And because our members are doing the buying by swiping the card, they know what things cost. So you get true transparency and affordability — the way health insurance should be."

Through the Sidecar Health app, a member can see how much healthcare providers in their area charge, enabling them to compare prices.

"Our approach results in a truly affordable option for the millions of people left behind by the traditional model — those who don't qualify for a government subsidy but can't afford the cost of traditional plans," Quigley says in a release.

Sidecar Health is operating throughout Texas without any employees or offices in the state. The company sells its product directly through its website. On the website, consumers can educate themselves on available insurance plans before signing up online. Its Texas insurance plans are underwritten by Eatontown, New Jersey-based United States Fire Insurance Co., part of insurance conglomerate Crum & Forster.

Since its founding in 2018, Sidecar Health has raised $18 million in funding, led by San Francisco-based GreatPoint Ventures and Los Angeles-based Morpheus Ventures.

The startup's offering "is a great example of taking an otherwise complex process and making it simple, which is why Sidecar Health is such a game changer in health insurance," says Joseph Miller, managing partner of Morpheus Ventures.

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From enlightening talks to networking opportunities, here's where you need to be in October. Photo via Getty Images

From networking meetups to pitch competitions, October is lined with opportunities for Houston innovators.

Here's a roundup of events you won't want to miss out on so mark your calendars and register accordingly.

Note: This post might be updated to add more events.

Additionally, mark your calendars for November 8 for the annual Houston Innovation Awards.

October 6 — Texas Venture Crawl

Head over to the Ion for pre-panel networking, an engaging Ask-Me-Anything (AMA) investor panel, followed by a happy hour for networking. Panelists include Grace Chan, Principal at bp Ventures; Jason Ethier, Founder of Lambda Catalyzer; Alex Gras, Associate at Mercury Fund; and Billy Grandy, Chief Innovation Officer and Managing Partner at Softeq Venture Fund.

This event is Friday, October 6, from 5 to 8 pm at the Ion. Click here to register.

October 7 — Ideation Competition

The Pearland Innovation Hub is hosting it's first Ideation Competition. Participants will get an opportunity to have mentors guide them through Design Thinking and other methodologies to help generate ideas to solve local civic issues.

This event is Saturday, October 7, from 9:30 am to 3 pm at Pearland Innovation Hub. Click here to register.

October 11 — Emerging Tech: Revolutionizing the Industry Panel

From artificial intelligence and blockchain to virtual reality, this panel will explore the impact of these innovations on businesses and society. Whether you are a tech enthusiast, a professional in the industry, or simply curious about the future of technology, this event will have valuable networking opportunities.

This event is Wednesday, October 11, from 1 to 2 pm at HCC West Loop Campus. Click here to register.

October 13 — Web3, Blockchain, & Crypto...Oh My!

Expert speakers will unravel the mysteries of Web3, showcasing its potential to revolutionize industries like finance, gaming, and more. Learn about the power of Blockchain technology and how it ensures transparency, security, and trust in various sectors. Explore the endless possibilities of Cryptocurrencies and their impact on the global economy.

This event is Friday, October 13, at the Cannon. Click here to register.

October 16 — Health & MedTech Mingle

Pumps & Pipes is hosting a night of industry mingles occurring simultaneously at the Ion featuring FinTech, EdTech, Food Tech, and more. This month's featured speaker is Dr. Alan Lumsden, Chair of Cardiovascular Surgery and Chair of the DeBakey Heart & Vascular Center at Houston Methodist.

This event is Monday, October 16, at the Ion. Click here to register.

October 19 — UH Energy Symposium Series - The Future of Mobility Promises & Bottlenecks

The latest installment of UH Energy's Critical Issues in Energy Symposium Series tackles the obstacles facing a transition to a circular economy.

Panelists to include: Dave Mullaney – Principal, Rocky Mountain Institute; Varuna Singh – Deputy District Engineer TxDOT; Erika Myers – Executive Director, CharIN, e.V.; Matt Peterson – President and CEO, Los Angeles Cleantech Incubator; Catherine McCreight – Director of Transportation Planning, TxDOT; Funda Sahin – Associate Professor of Supply Chain Management, University of Houston (Moderator).

This event is Thursday, October 19, at the University of Houston. Click here to register.

October 25 — Houston Startup Ecosystem Summit

The Houston Startup Ecosystem Summit is an opportunity for innovators, entrepreneurs, and tech enthusiasts to come together and push the boundaries of what's possible. This event features a lineup of panelists, diverse breakout session tracks, and a competitive startup pitch showcase.

This event is Wednesday, October 25, at the Cannon. Click here to register.

October 25  — TMC Startup Symposium

The Symposium will include 1:1 time with subject matter experts, industry networking events, educational presentations, and thought leader panel discussions. The following topics will be covered: intellectual property, voice of customer, regulatory reimbursement, clinical commercialization strategy, angel investing, venture capital investing, and serial entrepreneurship. Startup registration is $250 for a ticket.

This event starts Wednesday, October 25, from 8 am to 5 pm at TMCi. Click here to register.

October 26 — Unleash the Power of AI and ChatGPT

Attendees will have the opportunity to interact with a panel of industry experts, and network with like-minded individuals. Whether you're a seasoned professional or just starting your AI journey, this event is designed to inspire and educate. Discover how AI is revolutionizing various industries and learn how to leverage its power to drive innovation in your own projects.

This event is Thursday, October 26, from 6 to 8:30 pm at the Cannon. Click here to register.

October 27 — SHINE: The Conference on Culture

Shine is a half day conference focused on the organizational structures of workplaces. Attendees can expect to hear from a range of speakers who will share their wisdom gained from industries, from breweries to public relations.

This event is Friday, October 27, from 8 am to 1 pm at Stages. Click here to register.

October 30-31 — Fuze

This energy conference is a must-attend event for executives, investors, and founders serious about solving the energy crisis and boosting company efficiency. Featuring keynotes, expert panels, tech showcases, and networking, Fuze has a variety of activities planned for energy industry professionals. Price of admission ranges from $299-$799.

This event starts on Monday, October 30, from 8 am to 7 pm at 713 Music Hall. Click here to register.

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