Medefy Health, a Tulsa-based mobile healthcare benefits navigation platform, has secured $10 million in Series A funding. It continues to innovate the employee health benefits landscape, leveraging its artificial intelligence capabilities to navigate evolving healthcare policies such as the Transparency in Coverage Rule.
The funding round was led by Mercury Fund and joined by Advantage Capital. The fresh infusion of capital will bolster Medefy’s technology platform and amplify its artificial intelligence capabilities, optimizing operational efficiency at scale.
Launched in 2018 by Matt Scovil and Nathan Gilchrist, the startup aims to streamline the intricacies of employee health benefits. Their centralized platform, available on mobile, simplifies the process of identifying high-quality, cost-effective care through personalized, proactive guidance.
“There is an inherently human element to healthcare, and it is more important than ever to connect employees with real human experts as they determine how to make the best, most cost-effective healthcare decisions – decisions which greatly impact themselves and their employers,” said Matt Scovil, Co-Founder and CEO.
The chat-based system facilitates multi-channel engagement with health plan members, seamlessly connecting them with a team of 24/7 human care guides and benefits experts. Notably, the platform boasts an average initial response time of under 60 seconds, starkly contrasting the traditionally unreliable phone support lines.
What is about?
- Founded in 2018 by Matt Scovil and Nathan Gilchrist, Medefy is a mobile-first healthcare benefits navigation platform.
- Medefy aims to simplify how employees engage with their health benefits plans, offering a centralized platform for personalized, proactive guidance.
- The funding will be used to enhance Medefy’s technology platform and artificial intelligence capabilities to operate more efficiently at scale.
- The startup engages health plan members through a chat-based platform, connecting them with a team of 24/7 real human care guides and benefits experts.
- The platform distinguishes itself by providing quick and reliable guidance, with an average initial response time of under 60 seconds.
Driving Transparency in Healthcare
Medefy’s rapid ascent aligns with a broader shift in the U.S. towards transparent healthcare policies. The company addresses this shift by leveraging its platform to fulfill the Transparency in Coverage Rule requirements.
This rule mandates that group health plans and health insurance issuers provide easily accessible online pricing information for their items and services. Medefy’s enhanced cost estimates are crucial in helping organizations comply with this new requirement.
“Medefy’s member-first, on-demand platform delivers significant healthcare cost savings to patients and the businesses administering their health insurance by being with the employee, live, while they’re making a healthcare decision,” said Matt Scovil.
Expanding Reach and Improving Support
Nathan Gilchrist, Co-Founder and COO of Medefy expressed anticipation for expanding their team and scaling offerings into new high-cost healthcare areas, particularly the escalating costs of prescription drugs. The Series A funding positions Medefy to reach more employees seeking assistance, provide cost-effective solutions for employers, and enhance the support quality for both.
“Amid rising healthcare costs and increased fragmentation among health benefits plans, enterprises and their employees still face the challenge of properly navigating the nuances of these massive plans,” said Heath Bulter, Venture Partner at Mercury.
Medefy Health in Numbers
Currently, the startup serves over 1,500 employers and their members across the U.S. It was Recently ranked #288 on Inc. Magazine’s 5000 list of the fastest-growing private companies in America. It Received the Oklahoma Venture Forum’s Venture of the Year Award in 2022. The startup Averages an impressive 4.9 rating in user feedback across App Stores, internal apps, and white-label reviews.
“All too often, employer-sponsored healthcare plans become a ‘blank check’ for employees who lack the tools to evaluate their options, creating considerable risk and downside for both individuals and employers. The company is providing a centralized benefits navigation solution that delivers expert guidance, reduces costs, and improves price transparency,” said Heath Bulter.
Medefy Health’s journey underscores technology’s pivotal role in reshaping the healthcare benefits landscape. With backing from the Series A funding, Medefy will provide valuable solutions to employers, brokers, advisors, TPAs, and enterprise groups across the United States.
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