SAN FRANCISCO, Feb. 14, 2013 /PRNewswire/ -- SeeChange Health (www.SeeChangeHealth.com), the leader in wellness-centric health care coverage known as value-based benefit design, announced revenues grew from $7.6 million in 2011 to $50.2 million 2012.
"We don't take a traditional approach to health care coverage," said Martin Watson, SeeChange Health's CEO. "We help employers improve the health and productivity of their workforce while helping control medical costs by rewarding employees for taking steps to better manage their health. It's a new, common-sense approach that is rapidly gaining acceptance and our results certainly reflect this."
In addition to rapid revenue growth, SeeChange Health is experiencing tremendous membership growth. SeeChange Health Solutions offers a Software as a Service (SaaS) platform to self-insured employers and health plans, delivering highly customized benefit designs and incentives aimed at motivating employees to improve their health. In 2012, SeeChange Health Solutions served more than 1.1 million consumers, an increase of 185% over 2011.
Launched statewide in California in 2011 and Colorado in 2012, SeeChange Health Insurance provides value-based benefit plans to fully-insured small and mid-size employers. The carrier grew to over 22,000 insured members in 2012, a 725% increase over 2011. In the first two months of 2013, SeeChange Health Insurance grew 50%.
"What's been remarkable, and rewarding, about our growth is how quickly thousands of businesses and their brokers have embraced our unique approach that rewards members for improving and managing their health," said Alan Katz, executive vice president for SeeChange Health Insurance.
The unique value proposition of SeeChange Health is a major reason the company landed at number 20 on Fast Company magazine's list of the "World's 50 Most Innovative Companies" for 2013 alongside the likes of Nike, Apple, Google, Yelp and Amazon. The Fast Company list recognizes the businesses "whose innovations are having the greatest impacts across their industries and our culture."
"Our goal is to bring something new, different and better to the health insurance industry," remarked Watson. "The marketplace has noticed. Having Fast Company recognize what we're doing is changing the industry encourages everyone at SeeChange Health. This honor will keep us focused on continuing to innovate and improve in the years ahead."
About SeeChange Health
SeeChange Health is the leader in value-based benefit design solutions for employers - delivering plans and services to create better health and quality of life for employees, increase workforce productivity and lower their health care costs for employers. SeeChange Health's unique approach encourages individuals to play an active role in the management of their own health to prevent, detect and treat today's most serious health conditions. SeeChange Health Insurance provides value-based benefit plans to fully-insured small and mid-size businesses. SeeChange Health Solutions provides value-based benefit platforms and services to self-insured companies and carriers.
For more information, please go to www.SeeChangeHealth.com.
About Fast Company
Fast Company is the world's leading progressive business-media brand, with a unique editorial focus on innovation in technology, ethonomics (ethical economics), leadership, and design. In print and through digital and social channels, as well as live events, Fast Company reports on and addresses the most progressive business leaders. Editor Robert Safian was named AdWeek's Editor of the Year in 2009. Under the leadership of publisher Christine Osekoski, Fast Company made AdWeek's Hot List for three consecutive years, and FastCompany.com executive editor Noah Robischon has tripled traffic and revenue. Fast Company is owned by Joe Mansueto, founder, chairman, and CEO of Morningstar, a leading provider of independent investment research.
Contact: Susan Cotton
SOURCE SeeChange Health