HealthJoy Secures Series A Financing Round to bring Artificial Intelligence-Driven Technology to Health Insurance Industry
CHICAGO, IL — Aug 14 2017 — Chicago, IL-based HealthJoy, Inc, an artificial intelligence-driven platform for employee benefits engagement and cost containment, announced today a $3 Million Series A round of financing.
The round is led by Chicago Ventures, with participation from Social Capital, Sidekick Ventures, as well as angel investments from leaders in technology and health innovation including Andrew Sieja, CEO of KCura; Brad Hoover, CEO of Grammarly, Ben Evans, CEO of OurHealth, Eduardo Vivas, Founder of Bright.com, and Jason Theofilis, CEO of MUNDOMedia. HealthJoy’s seed-round investor, GoHealth, also participated in the round.
“HealthJoy boasts a powerful combination of a world-class team and groundbreaking technology with a proven approach to employee engagement, and unmatched cost containment results,” said Stuart Larkins, Partner at Chicago Ventures. “They are in a unique position to impact a huge market with well-defined pain points, and we are excited to help fuel their growth.”
Co-founded in 2014 by CEO, Justin Holland, and President, Doug Morse-Schindler, HealthJoy started in the individual health insurance market, where they served over 50,000 members. After successfully proving their engagement strategy and ability to contain costs for tens of thousands of individuals, HealthJoy entered the the employee benefits market in 2016, distributing their platform to HR teams across the country through benefit advisors, third party administrators, and health plans to help employers address the costs and complexity of health benefits.
“We’re thrilled to partner with investors that have both a track record of fostering success at innovative companies and a shared vision of intuitive, transparent healthcare experiences.” said Justin Holland, CEO and Co-Founder at HealthJoy. “This round of funding will enable us to grow our sales, service and engineering teams, deepen our integrations with our strategic partners, and further develop the functionality of our artificial intelligence platform.”
Nearly 156 Million Americans have access to the healthcare system through employer-sponsored plans. As healthcare costs continue to rise, employees face higher deductibles and reduced coverage, increasing the need for trusted guidance and tools that help employees and their families understand their benefits packages, navigate the healthcare system, and manage costs.
HealthJoy’s mission is to transform the healthcare experience for employees and their families through technology, expert advice, and partnerships with industry-leading services and advisors.
HealthJoy engages employees through a mobile app powered by JOY, a virtual assistant that makes every healthcare decision a proactive, guided conversation. Whether connecting with a doctor virtually or a local specialist; researching a procedure, lowering prescription costs, or negotiating a medical bill, employees simply chat with JOY whenever they need help. The platform integrates a company’s health plan information and other benefits for personalized recommendations. JOY is fully supported by a team of healthcare concierge who help employees through more complex issues saving them time, money and frustration.
For companies, HealthJoy’s platform provides comprehensive engagement, communications and cost containment tools that deliver unrivaled utilization rates and actionable insights. The platform also gives HR teams the ability to leverage push notifications to send personalized, relevant information to employees, and saves HR teams time by empowering employees to solve their own health care problems.
“With this infusion of capital, we will rapidly expand our national network of distribution partners, enabling benefits advisors across the country to leverage a proven engagement and cost containment solution,” said Doug Morse-Schindler, President and Co-Founder at HealthJoy. ”Additionally, we’ll look to build and grow strategic partnerships with innovative service, data and technology companies that enhance the capabilities of our platform and the value delivered to our members.”
HealthJoy was recently named a preferred technology partner to the Benefit Advisors Network, the nation’s premier credentialed network of independent benefit advisory & consulting companies.
Perry Braun, Executive Director of Benefits Advisors Network said of the partnership,“We are very excited to bring HealthJoy to our member agencies. Their technology is very impressive, and their leadership is very focused on the consumer experience which is in alignment with our vision and goals for the future of employee benefits.”