MAGNABID is a Title III - Regulation Crowdfunding Campaign and is actively accepting investments.
$350.00 minimum investment

MAGNABID

Bid and get matched with the best

Small OPO
Beverly Hills, CA
Health Tech
US Investors Only
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Rethinking the way doctors and patients connect.

Name Your Price | Find Your Doctor

MagnaBid is an online medical marketplace that works like Priceline.

Patients can name their price for a medical or cosmetic procedure and get matched with a doctor's offer.


Built By Healthcare Professionals 

Dr. Anita Sabeti created MagnaBid out of her own frustration with existing medical marketing solutions. She found that health industry middlemen were prohibiting patients from securing procedures at affordable prices and doctors were stuck seeking new patients through inconvenient sites like Groupon and Yelp.


With the help of her husband and computer scientist, Ben Mansouri, and his cousin Pez Zarifian, who works for NASA-JPL, the three developed an online platform that gives doctors like Dr. Anita, the flexibility to customize offers based on their schedules and let patients name their price.

MagnaBid currently has a community of early-adopters in Southern California and with your investment plans to gradually cover the entire United States.


How It Works

Unlike our competitors who are charging patients upfront or require a subscription fee and can take up to two weeks to reply with an offer, MagnaBid is 100% free for patients and requires nothing more than a cell phone number to place a bid.

Once a bid is entered on our site, our algorithm quickly searches for a comparable offer from participating doctors and instantly matches the doctor with patient. 

Patients also have the flexibility to put their bid in their "WishList" and we will negotiate their requested price with doctors on their behalf. 

Investment
$0.35/share│When you invest you are betting the company’s future value will exceed $3.5M.


MagnaBid believes in empowering patients to find their desired procedures at an affordable price while providing doctors with a truly hassle-free and low-cost platform to market their business.

What We Have Accomplished So Far

To date we have been focused on developing our bid-to-offer matching algorithms and the development of our website. Our site is fully developed for the first phase of our functionalities: doctors can now create and manage their offers under their profile and patients can bid on their favorite medical procedures. We have also implemented our Wish List algorithm which allows the patient to keep their bid in our database if there is no immediate match for their bid.


In the next few weeks MagnaBid will be ready for prime-time and we need your help to reach out to more doctors and patients and get the word out about MagnaBid.com. Our goal is to provide a world-class customer service to our new client base.

MAGNABID.COM

Doctor's Dashboard

Patient's Dashboard

What Makes Our Product Different

From the beginning, we aimed to create a website that would truly benefit both patients and doctors - MagnaBid was created by a doctor, for doctors, and for the benefit of patients. Our site is 100% free for the patients, which allows them to place their bids as soon as they sign up using their (validated) cell phone number. Our medical board conducts a thorough background check of the doctors who sign up with us in order to ensure that only certified providers can offer their procedures through our site. When a match is made, the doctor is charged 3% of the price tag of the offer, or $10, whichever is less and we introduce the patient and the doctor - this relatively small fee allows for lower cost of customer acquisition for the doctors.

Current Procedures People Can Find on MagnaBid.com

Our Market and Industry

According to PricewaterhouseCoopers' (PwC) April 10, 2014 article, the U.S. healthcare market was a $2.8 trillion dollar market.


According to Centers for Medicare and Medicaid Services:

  • After 5.3% growth in 2014, national health spending is projected to have grown 5.5% in 2015.
  • The national health spending is projected to grow at an average rate of 5.6% per year for 2016 to 2025.

Based on these estimates, we calculate the size of the healthcare market to be $3.1 trillion today and to grow to $5.1 trillion by 2025.


The size of the healthcare market was predicted using data found on PwC Health Research Institute's website.

PwC’s Health Research Institute predicts that this market will soon undergo significant changes by disruptive technologies similar to those that reshaped the retail, banking and travel markets. The same report also suggests that healthcare providers should consider payments as a way to differentiate themselves, noting that retailers, airlines, restaurants and others have used payments to attract customers and build consumer trust, loyalty and satisfaction. Examples of these novel payment methods include Amazon.com's one-click shopping and Walmart’s WalmartPay.

https://www.pwc.com/us/en/health-industries/healthcare-new-entrants/assets/pwc-hri-new-entrant-chart-pack-v3.pdf


Why Now Is The Best Time For MagnaBid.com

Source: Commonwealth Fund calculations based on Kasier/HRET, 1999-2008 MERS-IC; U.S. Census Bureau, Current Population Survey; Congressional Budget Office.

Why Now?

Now more than ever, the doctor-patient community is in need of MagnaBid.com. With the rising cost of insurance premiums and deductibles, our nation is in need of a more efficient system to remove the middleman and directly connect patients to doctors. The dizzying rise in the cost of health care has reduced the purchasing power of many lower and middle class families. Thereby, impacting their quality of life, which is what the health care system was meant to help sustain in the first place! At the same time so many necessary procedures are labeled as "cosmetic" (e.g. LASIK, breast reduction surgery, ENT procedures related to snoring, etc.) by insurance companies and not covered. Many patients are incapable of paying for these expensive procedures out of pocket unless they are able to find an affordable offer from a doctor directly.



On the other side of this equation are the doctors in our community whose businesses are suffering from obscene marketing costs, forcing many to hustle to do side jobs only to maintain their business. The cost of inefficient marketing platforms has been skyrocketing; despite the obvious lack of benefit to both doctors' businesses and patients' ability to systematically find affordable procedures.


Media's View On The Future Of Our Business Model


On January 26, 2017, an article in Times magazine noted that "nowadays many of the people seeking cash-based care are middle-class Americans with high-deductible insurance plans. For a patient with an $11,000 family deductible, for example, it might make more sense to seek out a cash-based center". The same article also mentioned that "with the Affordable Care Act on the chopping block, many experts expect the free-market model to take off. While congressional Republicans have yet to produce a viable replacement for the Obama Administration's health care law, almost any change is likely to result in more Americans' choosing high-deductible insurance plans, which would help fuel the cash-based marketplace for years to come."

Source: Times Magazine 


MagnaBid aims to serve cash-only physicians as well as those who have direct-pay deals for their patients. However it is interesting to note that according to an article on the Southern California Public Radio (SCPR) website "[the number of cash-only physicians] have been growing by 25 percent a year over the past four years." - this trend suggests a shift away from traditional doctor-insurance-patient relationship towards a direct doctor-patient only relationship. 

Our Team

From left to right, Ben Mansouri (CTO), Camelia Sehat (RN, Advisor and wife of CEO), Pez Zarifian (CEO), DR. Anita Sabeti (President and wife of CTO)

Offering Summary

MagnaBid, Inc.  (the "Company") is offering up to 285,714 shares of its Class A Non Voting Stock on a "best efforts" basis. The offering may continue until the earlier of June 30, 2017 (which date may be extended at our option) or the date when all the shares have been sold. The shares will be priced as specified below:

  • Thirty Five Cents ($0.35) per share for purchases of 1,000 shares for minimum investment equals to $350

Our target offering amount is ninety nine thousand nine hundred and ninety nine dollars and ninety cents ($99,999.90). We will accept investments in excess of the target amount. Specifically, if we reach the target offering amount of $99,999.90, we may conduct the first of multiple closings of the offering early if we provide notice about the new offering deadline at least five (5) business days prior to such new offering deadline (absent a material change that would require an extension of the offering and reconfirmation of the investment commitment). Over subscriptions will be allocated in a first come, first served basis.

Generally, the aggregate purchase price of the shares you buy in this offering may not exceed ten percent (10%) of your annual income or net worth. Different rules apply to accredited investors and non-natural persons. We encourage you to review Rule 227 of Regulation Crowdfunding before you make any representation that your intended investment does not exceed applicable thresholds. For general information on investing,we encourage you to refer to www.investor.gov.

There is currently no trading market for our Class A Non Voting Stock and we cannot guarantee that such a trading market for our Class A Non Voting Stock will ever exist. See "Transferability of Securities".


Irregular Use of Proceeds

There will be no irregular Use Of Proceeds

Show More
Most recent fiscal year-end:
Prior fiscal year-end:
Total Assets
$104.00 USD
$395.00 USD
Cash And Cash Equivalents
$104.00 USD
$395.00 USD
Accounts Receivable
$0.00 USD
$0.00 USD
Short Term Debt
$0.00 USD
$0.00 USD
Long Term Debt
$0.00 USD
$0.00 USD
Revenues And Sales
$0.00 USD
$0.00 USD
Costs Of Goods Sold
$0.00 USD
$0.00 USD
Taxes Paid
$0.00 USD
$0.00 USD
Net Income
$0.00 USD
$0.00 USD

Risks

A crowdfunding investment involves risk. You should not invest any funds in this offering unless you can afford to lose your entire investment. In making an investment decision, investors must rely on their own examination of the issuer and the terms of the offering, including the merits and risks involved. These securities have not been recommended or approved by any federal or state securities commission or regulatory authority. Furthermore, these authorities have not passed upon the accuracy or adequacy of this document. The U.S. Securities and Exchange Commission does not pass upon the merits of any securities offered or the terms of the offering, nor does it pass upon the accuracy or completeness of any offering document or literature. These securities are offered under an exemption from registration; however, the U.S. Securities and Exchange Commission has not made an independent determination that these securities are exempt from registration.


Updates

MAGNABID is Conducting a Close on Their Offering

6 days ago

MAGNABID has exceeded their minimum funding goal and are continuing to accept investments through 6/30/2017.

Per their offering terms, and because their equity crowdfunding campaign has now exceeded the minimum funding goal by over 813%, they have decided to conduct a closing on 6/27/2017. If your funds have cleared you will have up until 48 hours prior to this closing to cancel your investment. If your funds have not yet cleared by this date, then you will be part of the next closing if and when your funds do clear.

House Passes GOP Health Care Bill

about 2 months ago


As you may know, last Thursday the House approved a health care bill that would no longer require people to buy insurance through the marketplaces created by the Affordable Care Act. It also would eliminate the tax penalty for failing to have health insurance coverage.


This means that more patients are interested in less expensive/high deductible insurances, and an alternative health care model called direct-pay or self-pay medicine.


MagnaBid.com is the ultimate tool for self-paying patients who directly pay their doctors at the time of their appointment. We are expecting more physicians, clinics, and hospitals to use our services to offer their self-pay services to patients.


A limited number of the common stock of MagnaBid is now available for purchase through our equity crowdfunding campaign at StartEngine.com. We look forward to sharing the growth of our company with you as the healthcaremarket makes a historic transition towards the direct-pay model.

MagnaBid at Collision

about 2 months ago

We had a blast at the Collision conference in New Orleans last week and had the opportunity to make some great connections and meet with a few investors. Ben received lots of great feedback on our website and Anita and Pez heard lots of great ideas regarding ways to add value to our users. We are excited to put these great ideas to work!

 

MagnaBid Highlighted at DoctorCPR 2017

about 2 months ago

We had the opportunity of meeting so many amazing doctors at the DoctorCPR event on Sunday. We are overwhelmed with the number of interested doctors who wanted to sign up with us on the spot. We are so incredibly excited about expanding our community of doctors :)


MAGNABID is Conducting a Close on Their Offering

about 2 months ago

MAGNABID has exceeded their minimum funding goal and are continuing to accept investments through 6/30/2017.

Per their offering terms, and because their equity crowdfunding campaign has now exceeded the minimum funding goal by over 528%, they have decided to conduct a closing on 5/8/2017. If your funds have cleared you will have up until 48 hours prior to this closing to cancel your investment. If your funds have not yet cleared by this date, then you will be part of the next closing if and when your funds do clear.

Came out of the weekend with $62K of $100K!

about 2 months ago

We got out of the weekend with $62K of our $100K goal raised in just 3 weeks! We are moving much faster than we expected! ;) From all of us at MagnaBid we want to thank our investors for believing in us and joining us on this exciting endeuver.


Thank You!!!

about 2 months ago

Invest In MagnaBid


A heartfelt thank you for supporting us with raising the minimum goal for our seed round in just 3 days!  We are quickly approaching 50% of our target investment. Currently at ...

$45K  of  $100K

  Invest In MagnaBid  



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