Health care benefits are great, but exploring them is not often. HealthJoy wants to make the experience more seamless for employees, helping HR departments cut back on underutilized benefits. The Chicago-based company announced today that it has raised $60 million in Series D funding, led by Valspring Capital, in participation with Endeavor Vision and CIBC Innovation Banking. Returning investors US Venture Partners, GoHealth founders Brandon Cruz and Clint Jones, Health Velocity Capital, Nuetra Capital and Epic also joined the round.
TechCrunch last covered HealthJoy when it raised the Series C. The latest round of funding brings the total raised to $108 million.
Founder Justin Holland told TechCrunch that HealthJoy’s customer base has doubled to more than 1,000 employers, covering more than 500,000 employees and dependents, following its Series C funding. It integrates with every benefit package (including medical, dental, vision, savings accounts, clinics and wellness initiatives) and has a live 24/7 concierge.
The platform has expanded its virtual care services to become more comprehensive, including a partnership with Teladoc provider, which Holland says is an example of how HealthJoy can simplify staffing and brokers to handle more major claims like cancer and cardiometabolic disease. People to get preventive care. “Our belief is that accessibility must be simple and seamless to drive employee engagement,” he said.
HealthJoy also introduced a new feature called “Automated Stewardship” within the app that guides members to provide lower cost and more efficient solutions. In addition to Teladoc, it has partnerships with services for medical and prescription claims, utilization management information and virtual care decisions.
“As we continue to invest in data partnerships, we are building a comprehensive member profile and engagement engine. “This allows us to engage members earlier and more often in their healthcare journey,” Holland said. “Ideally, we can be more proactive than just reacting to their individual needs.”
HealthJoy sees a 60% activation rate after 30 days and 25% of its employee base is logged into the app every month.
“When we have participation, we use technology to leverage benefits across all benefits. We know members have health care needs, but they don’t always think about how their benefit programs support those needs,” says Holland.
An example of how HealthJoy helps them achieve these benefits includes virtual assistant technology that directs members to online options when searching for a doctor. It also helps them compare costs for treatments and procedures when recommending providers and facilities, which Holland says saves members an average of $2,000 in out-of-pocket costs.
“As users of healthcare technology, we identify with the core issue that HealthJoy is fighting,” said Aneesha Mehta, co-founder of Valspring and former partner at Bain Capital Ventures, in a statement. For low utilization by employees. Providing a solution that simplifies benefits is a key differentiator in today’s market-driven battle for talent. We look forward to highlighting the value HealthJoy solutions bring to their hands.
