Health insurance is a wonderful perk, but it may be difficult to understand and use. HealthJoy’s goal is to streamline the process for workers while assisting human resources departments in lowering unused benefit allocations. Today, a group of investors led by Valspring Capital and included Endeavor Vision and CIBC Innovation Banking announced that the Chicago-based firm has secured $60 million in Series D investment. Aside from U.S. Venture Partners and the co-founders of GoHealth, Brandon Cruz and Clint Jones, new investors Health Velocity Capital, Nueterra Capital, and Epic also participated.
HealthJoy during the time company was raising its Series C funding. New investment takes the grand amount to $108 million.
HealthJoy’s founder, Justin Holland, said that the company’s customer base has doubled to over 1,000 firms since it received Series C investment, covering over 500,000 workers and their families. It offers a live 24/7 concierge and is compatible with all of an employer’s benefits (health, dentistry, vision, savings accounts, clinics, and wellness programmes).
Holland cites HealthJoy’s cooperation with telemedicine provider Teladoc as one example of how the platform is assisting HR and brokers in handling more significant claim categories, like as cancer and cardiometabolic illness, by facilitating faster access to preventative treatment. To encourage participation from workers, “our idea is access needs to be straightforward and frictionless,” he explained.
Automated steerage is a new tool offered by HealthJoy that helps users find more cost-effective and time-saving options inside the app. It also has relationships with businesses that handle things like medical and medication claims, utilisation management data, and virtual care solutions, like as Teladoc.
We’re creating a robust member profile and engagement engine as we expand our investments in data partnerships. That way, we can start communicating with members more sooner and more frequently,” Holland explained. The best case scenario is that we can anticipate their demands rather than simply respond to them.
After 30 days, HealthJoy had a 60% activation rate, and 25% monthly app usage among employees.
We employ technology to encourage participation in all advantages during the engagement. Members have healthcare demands, but they may not consider how their benefits packages may help them meet those needs, Holland adds.
HealthJoy’s virtual assistant technology, for instance, directs users to online doctor-search resources without their having to do any work. Holland claims that this method saves members an average of $2,000 in out-of-pocket expenses by allowing them to examine the pricing of various providers and facilities before making recommendations.
Valspring co-founder and former Bain Capital Ventures partner Aneesha Mehta released the following statement. “As users of healthcare technology ourselves, we genuinely identified with a core issue that HealthJoy fights: a serious lack of benefits awareness that leads to under-utilization by employees. Offering a solution that simplifies benefits is a key differentiator in the talent war the market currently finds itself in. We look forward to amplifying HealthJoy’s solutions as we’ve seen the value they bring firsthand.”
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