Collective Health Raises $110M
Collective Health announced it has raised $110 million in funding to accelerate development of The Collective Health Platform and scale operations to support its rapid customer adoption. The financing comes from existing investors – including NEA, Founders Fund, GV, and Maverick Ventures – and new investors including Sun Life Financial and Mubadala Ventures.
Collective Health also announced the launch of the next generation of The Collective Health Platform, the first Workforce Health Management System, which breaks down the data and user experience silos in employer healthcare. The Collective Health Platform also provides the industry with a common technology and service infrastructure for innovation, accelerating the power of the Employer-Driven Healthcare Economy.
While individual healthcare delivery has become increasingly more innovative and personalized, the back-office administration of employer healthcare plans – the financial infrastructure; how data like medical claims, and program utilization moves through multiple players; and the technology that underpins it – still runs on antiquated technologies like fax machines and CD-ROMS, and remains largely siloed.
The Collective Health Platform breaks down these silos, integrating medical claims, people data, and program utilization across the healthcare system to connect people to the right care at the right time. The result? Collective Health’s enterprise clients have reigned in healthcare costs—keeping their medical trend flat compared to the 5% industry average increase – by optimizing healthcare utilization and without compromising their people’s satisfaction. Members give Collective Health customer satisfaction scores in line with the best consumer brands.
Last, Collective now employs 350 people, serves 30 enterprise clients and 120,000 members in all 50 states. It is opening a new office in Chicago and is expanding its presence in Georgia, New York, and Southern California.
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The program will initially launch with partners in the categories identified to have the most impact on benefits plans, including virtual primary care, telemedicine, behavioral health, cancer, diabetes, musculoskeletal/digital physical therapy, and family building, but will expand into other categories over time.