Created to help employees figure out health benefits, HealthJoy raises $30 million
HealthJoy, a platform designed to make it simpler for workers to make use of their healthcare advantages, has raised $30 million in Sequence C funding led by Well being Velocity Capital. Returning buyers additionally participated, together with U.S. Enterprise Companions, Chicago Ventures, Epic Ventures, Brandon Cruz and Clint Jones. This brings HealthJoy’s whole funding thus far to $53 million.
By integrating with healthcare service suppliers and partnering with profit advisor companies, HealthJoy simplifies the method of discovering and utilizing advantages. Its options embrace an AI-based digital assistant and healthcare concierges. The startup says it has a month-to-month login price of 33% and that its purchasers, which now consists of 500 employers, see a tenfold improve within the worker use of advantages, together with telemedicine.
Since TechCrunch coated HealthJoy’s Series B round last year, the corporate has launched two new providers. One is a worth transparency device referred to as HealthJoy Rewards that enables firms to offer incentives for workers to make use of extra cost-efficient providers.
“For instance, an MRI in Chicago can fluctuate in worth from round $500 for an unbiased clinic to round $three,500 in a hospital system,” HealthJoy founder and CEO Justin Holland informed TechCrunch. “Our rewards platform permits firms to customise the inducement, however we offer practically 100 suggestions. We’re displaying an incredible ROI for firms which have adopted this system since we’re focusing on high-cost procedures.”
The second new service is named HealthJoy EAP, an worker help program that Holland says is a precedence for additional growth. It provides 24/7 entry to short-term counseling, with a number of classes accessible free of charge.
“Addressing psychological heath is of maximum significance for firms in as we speak’s world. Entry to conventional counseling is on decline in lots of rural areas resulting from lack of entry. In cities, prices have risen so many customers are priced out of the market,” he says.
The funding will even be used to enhance HealthJoy’s digital assistant, develop new providers, combine with extra companions and mixture information. HealthJoy plans so as to add 200 staff in its Chicago workplace throughout 2021, with the purpose of doubling its engineering crew. Future plans embrace working with extra small- to medium-sized companies and a possible partnership to serve Medicare recipients.
Different startups centered on worker advantages embrace League, Catch and Collective Well being. Holland says HealthJoy integrates with, as a substitute of competing with, advantages administration platforms and differentiates by having the ability to work with any advantages bundle.
Well being Velocity Capital accomplice Saurabh Bhansali will be a part of HealthJoy’s board of administrators. In a press assertion, Bhansali mentioned “HealthJoy gives confirmed expertise options to assist navigate staff via our nation’s complicated and dear healthcare system, one which prices US staff over $1.2 trillion every year. Healthjoy has proven that it will probably ship substantial value financial savings to employers whereas simplifying the worker healthcare expertise.”