HealthJoy, a platform designed to make it simpler for employees to use their healthcare advantages, has raised $30 million in Collection C funding led by Health 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 complete funding up to now to $53 million.
By integrating with healthcare service suppliers and partnering with profit guide businesses, 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 shoppers, which now consists of 500 employers, see a tenfold improve within the worker use of advantages, together with telemedicine.
Since TechCrunch lined HealthJoy’s Collection B spherical final yr, the corporate has launched two new providers. One is a value transparency device referred to as HealthJoy Rewards that permits firms to present incentives for employees to use extra cost-efficient providers.
“For instance, an MRI in Chicago can range in value from round $500 for an impartial clinic to round $3,500 in a hospital system,” HealthJoy founder and CEO Justin Holland informed TechCrunch. “Our rewards platform permits firms to customise the inducement, however we offer almost 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 periods obtainable without cost.
“Addressing psychological heath is of maximum significance for firms in at this time’s world. Entry to conventional counseling is on decline in lots of rural areas due to lack of entry. In cities, prices have risen so many customers are priced out of the market,” he says.
The funding can even be used to enhance HealthJoy’s digital assistant, develop new providers, combine with extra companions and mixture information. HealthJoy plans to add 200 employees in its Chicago workplace throughout 2021, with the aim 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 targeted on worker advantages embrace League, Catch and Collective Health. Holland says HealthJoy integrates with, as an alternative of competing with, advantages administration platforms and differentiates by having the ability to work with any advantages bundle.
Health Velocity Capital companion Saurabh Bhansali will be a part of HealthJoy’s board of administrators. In a press assertion, Bhansali mentioned “HealthJoy affords confirmed expertise options to help navigate employees by our nation’s advanced and expensive healthcare system, one which prices US employees over $1.2 trillion every year. Healthjoy has proven that it could ship substantial value financial savings to employers whereas simplifying the worker healthcare expertise.”