Fast-growing member-first health benefits navigation platform provides in-the-moment expert insights to inform better healthcare decisions
Medefy Health, a mobile-first healthcare benefits navigation platform dedicated to improving the employee health benefits experience through real-time guidance, announced that it has raised $10 million in Series A funding led by Mercury Fund with participation from Advantage Capital. The new funding will enable Medefy to further enhance its existing technology platform and artificial intelligence capabilities to operate more efficiently at scale.
Launched in 2018 by Matt Scovil and Nathan Gilchrist with the mission of simplifying how employees engage with their health benefits plan, Medefy’s centralized platform helps employees identify the best quality care at reasonable cost through personalized, proactive guidance. The chat-based platform engages health plan members through multi-channel outreach, then connects them with its team of 24/7 real human care guides and benefits experts to help proactively schedule high-quality, high-value care with an average initial response time of under 60 seconds – a service that has traditionally been hidden behind unreliable phone support lines. The platform also centralizes the company’s overall health plan into one mobile experience, driving more member usage of other vendors, benefits, and programs.
“There is an inherently human element to healthcare, and it is more important than ever to connect employees with real human experts as they determine how to make the best, most cost-effective healthcare decisions – decisions which greatly impact themselves and their employers,” said Matt Scovil, Co-Founder and CEO of Medefy. “Medefy’s member-first, on-demand platform delivers significant healthcare cost savings to patients and the businesses administering their health insurance by being with the employee, live, while they’re in the process of making a healthcare decision. We are immensely thankful to our investors and partners for supporting us in this mission and look forward to continuing to scale our platform.”
Medefy currently serves a substantial customer base of over 1,500 employers and their members across the U.S., including self-insured employers, insurance brokers, benefits advisors, TPAs, and enterprise groups. The Company was recently ranked #288 on Inc. Magazine’s prestigious Inc. 5000 list of the 5000 fastest-growing private companies in America, was presented with the Oklahoma Venture Forum’s Venture of the Year Award in 2022, and has received overwhelmingly positive user feedback in the App Stores and across Medefy’s internal-app and white label reviews, averaging a 4.9 rating.
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“Amid rising healthcare costs and increased fragmentation among health benefits plans, enterprises and their individual employees still face the challenge of properly navigating the nuances of these massive plans,” said Heath Bulter, Venture Partner at Mercury. “All too often, employer-sponsored healthcare plans become a ‘blank check’ for employees who lack the tools to evaluate their options, creating a considerable amount of risk and downside for both individuals and employers. Medefy is providing a centralized benefits navigation solution that delivers expert guidance, reduces costs, and improves price transparency. We are proud to support Matt, Nathan and the rest of the team in their mission to maximize the value that employees receive from their benefits plan.”
Medefy’s rapid growth has coincided with a broader shift across the U.S. towards more transparent healthcare policies, with a particular focus on driving increased price transparency via the Transparency in Coverage Rule, which requires most group health plans and health insurance issuers to provide clear, accessible pricing information online about the items and services they provide. Medefy is working to help organizations solve for this new requirement with enhanced cost estimates.
“We look forward to further expanding our team and continuing to scale our existing offerings into new high-cost areas of healthcare, such as the rising costs of prescription drugs,” said Nathan Gilchrist, Co-Founder and COO of Medefy. “Through this fundraise, Medefy will be able to reach more employees who want help, more employers who want reduced costs, and improve the quality of support they both receive.”
SOURCE: BusinessWire
