While bleeding out, a soldier can be saved by evacuating them by having another soldier carry them, or using a Medikit or Specialist with Medical Protocol to Stabilize them, which renders them Unconscious with 1 health instead of dying.
When this timer runs out, the soldier will die. When this occurs, a bleed-out timer will appear above the soldier's corpse. The chance to bleed out instead of dying is related to the Will stat, with 1% chance (2% with the Stay With Me Resistance Order) for every point of Will over 50. There is a chance that an XCOM soldier will become critically wounded instead of killed when their health drops to 0. This is crucial, as the survivability of a soldier highly depends on how much maximum health they have. This can be improved through leveling up, equipping Armor and Armor-based Utilities, or using a Conditioning Personal Combat Sim. XCOM Rookie soldiers begin with a total health of 4.
Both Soldiers and Aliens have health, and although Alien health remains static throughout the game, Soldier health can be improved in a number of ways. Health is a statistic in XCOM 2 that determines how much damage a unit can take before its death when a unit's health reaches 0, it dies and can no longer be used.