Oct 9, 2020 - Technology

Mira raises $2.7 million for its health insurance alternative

Illustration of thermometer with 1’s and 0’s

Illustration: Eniola Odetunde/Axios

Mira, a NYC-based startup that has users pay a membership fee to access basic health care services at fixed prices, has raised $2.7 million in funding from FlyBridge Capital Partners, Newark Venture Partners, Precursor Ventures, Plug and Play, CityLight, and angel James Chung.

Why it matters: Despite the Affordable Care Act enabling access to health coverage for more Americans, many remain uninsured, skipping out on preventative care and struggling to pay out of pocket for services.

The big picture: “If we were to zoom out, providers are suffering because of the rising administrative burden,” Mira co-founder and CEO Khang Vuong tells Axios. “On top of that, COVID-19 turned everything upside down.”

How it works: For a monthly membership fee ranging from $25 to $45, Mira customers get access to a number of health care services at partner clinics for set prices.

  • Prices include a $50 co-pay for a preventative care appointment and $99 for urgent care. Mira also provides discounts on prescriptions of up to 80% off.
  • Mira members currently have access to 125 clinics, 1,600 labs and 60,000 pharmacies, and discounts on services like gym memberships.

Between the lines: “We’re almost like a Costco but for healthcare,” says Vuong, adding that unlike a health insurance company, Mira doesn’t underwrite or take on any risk.

Yes, but: That's because Mira doesn’t cover everything traditional insurance does, such as hospital stays and surgery.

  • So while it can help patients who want access to just the basics at an affordable rate, it won’t take care of every medical expense they could ever run into.

What’s next: Mira plans to continue expanding around the country, with plans to add 50 more health care providers in the next month and reach at least 5,000 members in the next 12 months, says Vuong.

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