Accolade, the consumer health engagement platform for large employers and payers, announced that it has secured $22.5 million in strategic funding from a subsidiary of Independence Health Group, the parent company of Independence Blue Cross (Independence), and McKesson Ventures.
Accolade will use this investment to further strengthen its technology and analytics capabilities while capitalizing on a growing market demand for healthcare solutions that are proven to save money, drive the right utilization and improve the consumer healthcare experience. Other investors include Accretive LLC, Carrick Capital Partners, Oak Hill Capital Partners and Comcast Ventures.
Accolade has grown rapidly since inception, from a start-up serving its first customer in 2009 to generating more than $60 million in revenue in 2014. Accolade currently serves more than 50 employers, as well as health plan and health system customers (Note: Yesterday, Accolade announced a new relationship with Temple University Health System in Philadelphia).
Accolade helps solve the “consumer engagement problem” in healthcare by:
– Combining human interaction with technology to engage more people earlier and at a relevant moment in their healthcare decisions – engaging nearly 70% of all families in their customer populations each year, representing 90% of all healthcare costs
– Driving the right treatment at the right time through its consumer engagement platform, which is built on influence science. This results in better outcomes and an average of 5-15% savings per year on healthcare costs
– Giving people a service they both want and love and achieving high consumer satisfaction ratings: 98% satisfaction and world-class Net Promoter Score of 70+, which is at a similar level to the most trusted brands in the world