Collective Health scores $280M to scale employer health benefits platform

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Employer well being advantages administration platform Collective Well being has scored $280 million in Collection F funding.

The spherical was led by Well being Care Service Company, with further participation from new and current traders, together with DFJ Development, Founders Fund, G Squared, Maverick Ventures, NEA, PFM Well being Sciences, SoftBank Imaginative and prescient Fund 1, Solar Life and others.

This newest infusion of money values Collective Well being at $1.5 billion, in response to Bloomberg.

WHAT IT DOES

Collective Well being brings collectively firms’ numerous well being advantages into one platform to let employers to handle their choices whereas aiding workers to navigate their healthcare.

“One of the vital ache factors in our financial system and society is the dearth of a robust and versatile know-how infrastructure to assist individuals perceive, navigate, and pay for healthcare. Collective Well being has modified that with our platform,” Ali Diab, the CEO and cofounder of Collective Well being, mentioned in a press release.

The platform features a hub for employers to supervise their medical, pharmacy, dental and imaginative and prescient plans; a set of member advocates who can help staff to find care, instruments for claims and cost processing; and dashboards exhibiting insights into employers’ applications efficiency.

WHAT IT’S FOR

The San Francisco-based startup plans to make use of the funding to scale its platform.

“This newest spherical of funding permits us to additional our imaginative and prescient of empowering American staff and their households to dwell more healthy lives,” Diab mentioned. “By increasing the scope and attain of our platform and accomplice ecosystem, we will broadly deploy the infrastructure for the subsequent era of healthcare.”

Moreover, the funding will assist help Collective Well being’s just lately introduced partnership with Well being Care Service Company. Starting subsequent yr, the customer-owned well being insurer and a serious vendor of Blue Cross Blue Protect well being plans will provide Collective Well being to its self-funded BCBS clients in Illinois and Texas, with plans to increase into all of HCSC’s markets.

MARKET SNAPSHOT

Collective Well being will not be alone in creating digital well being options for employers.

Eden Well being additionally gives health-benefit-navigation instruments on its platform, but in addition acts as a direct-to-employer supplier of digital and in-person care. Final week it shared its newest characteristic, which lets workers choose in to share their vaccine standing with their firm.

Buoy Well being additionally just lately launched an employer-facing software that helps employers gauge their workforce’s curiosity within the COVID-19 vaccine and design instructional methods round inoculation.

Firefly Well being just lately raised $40 million to enter the employer-sponsored market with the launch of its well being plan providing.

There’s additionally Cleo, which serves as an employer-based family-benefits platform. Most just lately, it introduced a variety and inclusion initiative to assist working Black and BIPOC-identifying households navigate in the present day’s healthcare system.

 

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