85% of employees would welcome assistance when it comes to managing and navigating their employee benefits. However, most HR and benefits teams don’t have the capacity to offer full-time resources in this respect, leading to a significant pain point for both employees and employers. Healthee is an AI-powered digital benefits navigation startup for employees to maximize their well-being and coverage options. The company’s signature platform, Zoe, provides a comprehensive experience beginning with tailored recommendations starting at enrollment for plan selection through securing treatment options for any issues that may arise, complimented with a robust engine of preventative care recommendations. Using Zoe leads to optimized benefits and better care outcomes for employees, increasing workplace satisfaction, while allowing companies to better manage their healthcare costs by ensuring that employees are opting into benefits that will be actually be used and be in-network with transparency. Companies working with Healthee have seen a reduction in healthcare expenses by up to 14% per year.
AlleyWatch caught up with Healthee VP of Marketing Omer Maman to learn more about the business, the company’s strategic plans, latest round of funding, which brings the total funding raised to $58M, and much, much more…
Who were your investors and how much did you raise?
We’re thrilled to announce our successful Series A funding round, where we raised $32M co-led by Fin Capital, Glilot Capital Partners, and Group11, with strategic partner TriNet (NYSE: TNET) also participating.
Tell us about the product or service that Healthee offers.
Healthee offers a groundbreaking digital health platform, powered by AI. It simplifies healthcare consumerism by providing streamlined access to health and wellness benefits. Zoe, the built in digital benefits expert, assists in navigating healthcare benefits, finding affordable care, and optimizing choices, particularly during Open Enrollment.
What inspired the start of Healthee?
The inspiration for Healthee stemmed from the pressing need for a more accessible and transparent healthcare system. We recognized the challenges individuals face in navigating the complexities of healthcare and saw an opportunity to leverage technology for a seamless, informed healthcare experience.
How is Healthee different? What market does Healthee target and how big is it?
Healthee is unique in its comprehensive, technology-driven approach to healthcare.
Healthee works with the employee throughout the year, from “open enrollment” with assisting the employee choosing the right benefits plan for them, through answering benefits questions instantly, meaning they won’t need to talk to call centers or share private health information with the employer. The platform also helps them find providers, know their deductibles, book appointments, cost transparency, check bills, and gain access to telehealth and mental health providers with no additional costs.
Our target market is vast, encompassing employees and employers who value efficient and transparent healthcare processes. The market size is significant, considering the universal need for improved healthcare experiences.
What’s your business model?
Our business model focuses on providing subscription-based services to employers. This includes access to our AI-powered digital assistant and our suite of health navigation tools, ensuring their employees have the best resources for healthcare decision-making.
How are you preparing for a potential economic slowdown?
In the face of a potential economic slowdown, Healthee is strategically positioned to be more relevant and valuable to both employers and employees. Our platform has been demonstrated to significantly reduce healthcare costs. In challenging economic times, solutions like ours become indispensable for employers seeking to manage expenses while still providing comprehensive health benefits. We believe that the economic slowdown will further highlight the need for efficient, cost-effective health solutions, positioning Healthee as a crucial tool for cost-saving and enhanced healthcare management.
What was the funding process like?
The funding process was a journey of rigorous planning and engagement with potential investors. It involved clearly articulating our vision, demonstrating our unique value proposition, and building strong relationships with investors who believe in our mission.
What are the biggest challenges that you faced while raising capital?
The core of our funding process was about finding the right partners who aligned with our vision and values. It wasn’t just about securing funds; it was crucial for us to build relationships with investors who understood the healthcare landscape and shared our commitment to transforming it.
What are the milestones you plan to achieve in the next six months?
In the next six months, we aim to expand our user base, enhance our AI capabilities, and strengthen our partnerships within the healthcare ecosystem. We’re also focusing on integrating more comprehensive health data to offer even more personalized assistance.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
For companies in New York without fresh capital, my advice is to focus on lean operations, prioritize customer satisfaction, and continuously innovate. Building strong relationships and demonstrating clear value to your customers can lead to sustainable growth, even without immediate capital infusion.
Where do you see the company going now over the near term?
In the near term, Healthee is focused on expanding our market presence, continuously improving our technology, and solidifying our position as a leader in the health-tech space. We aim to become synonymous with efficient and intelligent healthcare navigation.
What’s your favorite restaurant in the city?
My personal favorite in New York City has to be Hasalon. It’s a vibrant and unique place to unwind and enjoy some of the city’s finest dishes, whether for casual occasions or a party evening after a busy week.
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- Source: https://www.alleywatch.com/2024/03/healthee-ai-digital-benefits-platform-employer-health-care-navigation-enrollment-zoe-omer-maman/
