SEATTLE, March 19, 2015 – Healthentic, a data analytics company that easily identifies health savings for employers, today announced it raised $3.75 million in its latest equity financing round to drive continued product innovation and go-to-market efforts. To date, the company has raised almost $20 million to develop its two products.
Healthentic’s database holds de-identified claims information on the lives of almost 40 million individuals, and its unique data analytics provides employers with valuable insights to encourage improved employee health and drive down health care costs for their organizations.
“Data employers get from insurers and consultants is usually unwieldy – confusing at best. Often it is hundred-page reports that don’t have actionable insights,” said Jeff O’Mara, Chief Executive Officer of Healthentic. “Employers should focus on identifying and managing specific risks and conditions unique to their population, not sorting through hundreds of pages of information. Healthentic provides employers with an easy way to optimize health care spend and productivity.”
Healthentic counts more than 10,800 corporate clients spanning an array of industries, including hospitals, banks, manufacturers, sporting goods companies, hotels, insurance companies, and health and benefits consultants. This year Healthentic’s clients have seen an average annual savings opportunity of $180,000 for every 1,000 insured lives.
“With health insurance costs continuing to rise at an alarming rate, companies are struggling to provide good alternatives for their employees. Many also want to empower their employees to make good health choices,” said Mim Minichiello, Senior Partner and COO of EBS Capstone. “The kind of data and analysis Healthentic’s tools provide have been a game changer for the clients we serve. Now we have the information to create specific and actionable initiatives that deliver real outcomes.”
“At the end of the day it comes down to cost. If all of your wellness programs and costs are not beating trend, then you have to do a re-think on your strategy. This [Healthentic’s PhD] will help,” added Glenn Haskell, Benefits Manager at New Balance.
Healthentic’s two product offerings, the Population Health Dashboard (PhD) and the Dental Action Report (DAR), give employers one place to measure and analyze population health in an easily digestible way by laying out organization health status and goals.
“This company has a solid user base, a great go-to-market business model, and is ready to scale,” said Jim Dwyer, President and Chief Executive Officer of WDS Holdings in Seattle and Chair of Healthentic’s Board. “We’ve seen the value Healthentic brings to employers. That’s why we’re investing.”
Healthentic’s investors include Corvesta, Inc., Hawaii Dental Service, WDS Holdings LLC, and WYSSTA Investments, Inc.
Healthentic, an innovative analytics platform, is the easiest way to measure population health. Healthentic’s Population Health Dashboard (PhD) gives businesses critical insights using the power of whole health informatics to make changes to their plans and programs in order to lower costs while improving overall employee health and productivity. Healthentic works with more than 10,800 enterprises, and covers more than almost 40 million lives. To learn more, visit www.healthentic.com.