Accolade, a Seattle, WA-based provider of a personalized health and benefits solution has raised $50 million in funding led by existing investors Andreessen Horowitz, Carrick Capital Partners, Madrona Venture Group and McKesson Ventures, with participation from new investors Cross Creek Advisors and Madera Technology Partners. The startup intends to use the funds to grow its workforce, and expand its Personalized Advocacy solution used by more than 1.1 million U.S. employees and their families today.
Founded in 2007, Accolade is a personalized health and benefits solution for healthcare for employers, health plans and their members combining advisors, clinical experts and intelligent technologies. The company connects personal health data and programs to present a single point of entry to the most effective health and benefits resources, while coordinating with providers at every step.
Over the past two years Accolade has more than tripled the size of its technology and product development team and is investing aggressively in building a connected and flexible technology platform to complement its acclaimed service and clinical offering. Recent technology platform developments include its Maya intelligence engine with sophisticated machine learning capabilities, an integrated health and benefits member portal, the Accolade Mobile app, which holds a solid 5-star rating in the app stores, and the Accolade IQ customer analytics and reporting tool.
Impact through Personalized Advocacy
Unlike digital navigation or traditional advocacy or concierge solutions, Accolade Personalized Advocacy combines three elements – compassionate human interaction, clinical expertise and intelligent technologies. Personalized Advocacy engages people in their health and well-being often before they enter the healthcare system, influences their decisions through a comprehensive understanding of their healthcare needs and personal context, and connects them to the precise healthcare and benefits resources they need at the optimal time.
The impact of Accolade’s Personalized Advocacy approach can also be seen in utilization of employer benefit solutions. While Accolade drives significant employee engagement and satisfaction on its own, it also dramatically increases utilization of an employer’s full suite of benefits – telemedicine, price transparency, wellness, specialty health services, and more. The integration of third-party data, applications, health history and employer benefits within an open and flexible platform enables Accolade to recommend precisely the right care path at the right time, increasing registrations and use of benefits by 25- to 100-percent.
“We are seeing tremendous momentum across all market segments. Self-insured employers are increasingly taking charge of their health and benefits supply chain, and are looking to work with those that can help deliver personalized solutions for their employees and their families,” said Rajeev Singh, Accolade CEO. “This financing round is about expanding our reach to new customers, extending the capabilities of our platform, and further integrating our partners and clinical offerings. At the same time, we’re adding even more brilliant people to our mission-based team, who are all impassioned by improving healthcare in this country. We’re excited to welcome Cross Creek and Madera to join our existing investors as we continue addressing critical market needs.”
