A San Francisco-based startup that uses a proprietary machine-learning platform to identify the care needs of covered employees has raised $205 million to “address fundamental health insurance service issues that plague U.S. consumers and employers alike.”
Collective Health, whose platform administers health benefits for self-insured businesses, announced Monday that the bulk of the new funding will come from the Japanese holding company Softbank Group.
Collective Health launched in 2013 and currently serves more than 200,000 individuals working for more than 45 employers, according to a press release announcing the funding.
The company’s machine-learning engine, which it is seeking to patent, helps steer individual members along appropriate care paths based on their overall health profile.
The company says two-thirds of the episodes of care it handles start with an engagement between the patient and its service staff and/or its app, distinguishing it from “many navigation and advocacy vendors who chase members after a high-cost claim.”
The new funding brings the total sum raised by Collective Health to $434 million, according to a news item from Crunchbase.
Dave P. has worked in journalism, marketing and public relations for more than 30 years, frequently concentrating on hospitals, healthcare technology and Catholic communications. He has also specialized in fundraising communications, ghostwriting for CEOs of local, national and global charities, nonprofits and foundations.