What You Should Know:
– Collective Health, a San Francisco, CA-based provider of an employer-sponsored health insurance platform announced $280 million of funding in a Series F round led by Health Care Service Corporation (HCSC) along with existing investors DFJ Growth, Founders Fund, G Squared, Maverick Ventures, NEA, PFM Health Sciences, SoftBank Vision Fund 1, Sun Life, and others.
– Founded in 2013 by Ali Diab and Rajaie Batniji, Collective Health’s integrated solution allows self-funded employers to administer plans, control costs, and take care of their people—all in one place.
– The company plans to utilize the funding to help advance Collective Health’s mission to heal the ailing healthcare industry. By enhancing its already powerful, flexible platform, more employers and their people will be able to easily understand, navigate and pay for healthcare. This unified employer and member experience makes navigating care intuitive, not intimidating—guiding employees toward healthier lives and companies toward healthier bottom lines.
– For the last 7 years Collective Health has been quietly building the seamless, intuitive infrastructure to directly enable the change agents of healthcare — partners, employers, and people — to drive that digital transformation.
– Now HCSC is adopting that infrastructure — starting as an option for self-insured groups. For those that opt-in, they are replacing both their systems and member experience with Collective Health’s — from adjudicating claims (core adjudication and data management), to bringing together in one ecosystem all of the fragmented virtual care providers, to also serving as both the digital and human customer experience — for HCSC’s new and existing customers.
– With its membership growing 10x over the last few years and HCSC making Collective Health’s platform available to its members, this latest round of funding will be used to scale Collective Health’s seamless healthcare experience and accelerate adoption to new employers.
