(2019-03-10) Healthjoy Raises $125M Series B To Help Employees Make The Most Of Their Healthcare Benefits

HealthJoy raises $12.5M Series B to help employees make the most of their healthcare benefits. Healthcare in the United States is so complicated that even employees with good benefits might have a hard time navigating their options. HealthJoy wants to help with a health benefits platform that uses AI to answer questions. The Chicago-based startup announced today that it has raised $12.5 million in Series B.

It currently has about 200,000 users, grew by 610 percent last year and expects to grow by 250 percent this year

last year, telemedicine utilization was 27.3 percent across the startup’s entire book of business. He added that telemedicine usually translates into about $450 to $500 in savings per visit by avoiding office visits, urgent care or trips to the emergency room.

Holland became interested in the health benefits space after he injured his knee while skiing and had to schedule an MRI scan.

I found that two nearly identical MRIs could vary in cost from $500 to $5,000. That pricing disparity in itself seemed like a big problem worth solving

At first they focused on a direct-to-consumer model with individual health plans, but then pivoted to working with employers in early 2017.

Typically, we are not selling against competitors, but rather selling against lack of utilization for single-point solutions” by gathering all services into one platform to increase utilization.