Healthee raises $32M to simplify employee health benefits

The company uses AI to help employees understand and maximize their coverage

The majority of Americans get their healthcare through their employer, yet this is an inefficient system, where many of them currently navigate their health using disparate apps and infrequent clinic visits, leading to a disjointed approach. Not only that, but only 33% of employees actually understand the health benefits being offered through their employer, resulting in only 10% of actually using them.

One company looking to bridge this gap is Healthee, which is providing a platform that consolidates health information, tackles confusion, and enhances accessibility, ensuring individuals don't postpone care due to uncertainty or financial ambiguity.

On Monday, the company announced that it raised $32 million in Series A funding, with the round being co-led by Fin Capital, Glilot Capital Partners, and Group11, with strategic partner TriNet also participating. This bring Healthee's total funding to $58 million. 

"Healthee pioneers a technology-driven approach, bringing consumerism to healthcare. Zoe, our AI-powered digital health assistant, transforms Healthee into a one-stop shop for health and wellness benefits. Employees gain swift access to answers, navigate benefits effortlessly, find quality, affordable care, and optimize plan choices during Open Enrollment," Omer Maman, VP of Marketing at Healthee, told VatorNews.

"This streamlining of healthcare processes reduces time and costs for employees, fostering improved health outcomes. Employers benefit from cost efficiencies while enhancing the overall employee."

Healthee works with the employee throughout the year, from "open enrollment" with assisting the employee choosing the right benefits plan for them, through answering benefits questions instantly, meaning they won't need to talk to call centers or share private health information with the employer. The platform also helps them find providers, know their deductibles, book appointments, cost transparency, check bills, and gain access to telehealth and mental health providers with no additional costs.

The company's proprietary technology goes beyond conventional health data sources: it ingests Evidence of Coverage documents and other benefits information to so it can make sure its users receive precise and personalized insights, said Maman.

"This innovative approach allows individuals to access detailed information about their coverage, enabling a comprehensive understanding of their healthcare benefits. This ensures that users are well-informed about their health options, reducing ambiguity and fostering informed decision-making," he explained.

Currently, Healthee is working with 22,000 employers, and it reaching 600,000 employees, and the company is able to demonstrate ROI by steering employees to cost effective solutions such as in-network providers, telehealth, preventive care, thereby reducing unnecessary visits in urgent care and ER. Also, thanks to Healthee, employers can make more informed decisions when picking the plans for their employees.

In conjunction with the funding, Healthee has also entered into a strategic partnership with employer organizations company TriNet, which provides businesses with HR solutions including payroll, benefits, risk management and compliance.

"TriNet’s strategic relationship with Healthee provides direct access to modern tools for benefits navigation, which help employees pick the right benefits for their families and better utilize their existing benefits," said Maman. 

The new funding will be used to scale Healthee's operations, accelerate product development, and support expansion initiatives, growing its customer base in the U.S.

Ultimately, Healthee's belief is that everyone, everywhere deserves access to high-quality, affordable healthcare, that that starts with benefits people can understand and actually use-without stressing over coverage, skipping necessary treatment, or overspending on healthcare.

"Most Americans are insured through their employers. That means making employee health benefits easier to use is one of the best ways to help the greatest number of people reach their full health potential, in the most efficient way possible," said Maman.