Accolade Secures $22.5 Million in Strategic Funding
Investment earmarked for growth strategy, technology & analytics innovations
PLYMOUTH MEETING, Pa., July 16, 2015 /PRNewswire/ -- Accolade, the market-leading consumer health engagement platform for large employers and insurers, today announced that it has secured $22.5 million in strategic funding from a subsidiary of Independence Health Group, the parent company of Independence Blue Cross (Independence), and McKesson Ventures.
With this investment, Accolade will further strengthen its technology and analytics capabilities while capitalizing on a strong customer pipeline and growing market demand for healthcare solutions that are proven to save money, drive the right utilization and improve how consumers navigate the intricacies of the healthcare system to select high-quality care when it matters most.
"From day one, we've been focused on the consumer, and ways to help them overcome the incredible complexity of healthcare so that they get the right care," says Accolade CEO Tom Spann. "It's hugely gratifying to receive this latest round of funding from two innovation-driven companies that know healthcare and know Accolade and the kind of results we deliver. With this capital, we'll invest in growing the business and enhancing our technology & analytics platform -- while continuing to make a huge difference in the lives of the individuals and families we serve."
Accolade currently works with some of the nation's largest self-insured employers, health systems and health plans, including Independence. Its leading consumer engagement and influence solution helps consumers more effectively use their benefits and access the right care the first time. Accolade's cloud-based platform integrates longitudinal consumer insights and proprietary algorithms to identify individualized care needs, match intervention types, optimize plans of action and personalize consumer outreach and messaging strategies across digital, mobile and personal channels.
"Accolade successfully marries technology with the personal touch of human interaction to effectively engage consumers, build trust and help members make better healthcare decisions," said Independence President and CEO Daniel J. Hilferty. "Creating healthcare that's focusing on what's best for each individual is central to everything we do, and that personal touch is often one of the missing links in healthcare. We're excited to invest in a company that is growing rapidly, delivering consistent results, and making the consumer's healthcare experience a more meaningful and positive experience."
Independence's investment with Accolade is the most recent example of the company's efforts to help establish Philadelphia as a global leader for healthcare innovation. Through its Center for Health Care Innovation, Independence has invested in helping nurture and grow more than 25 early-stage health-related companies engaged in the Dreamit Health business accelerator, and has partnered with national and regional healthcare leaders on joint research into critical issues such as medication adherence and reducing the incidence of diabetes.
According to Tom Rodgers, SVP and managing director of McKesson Ventures, Accolade perfectly aligns with the fund's goal of investing in technology-enabled service companies that are enabling employers to more effectively influence consumer healthcare behavior and cost trends.
"We're excited to support the continued growth and success of Accolade," said Rodgers. "While there's no shortage of innovative point solutions that address discrete healthcare issues, the reality is that they are highly underutilized, particularly by those who drive the most costs. In Accolade, we see a compelling concierge navigation platform that minimizes the hassle and confusion associated with our complex healthcare system, while generating the trust of employees and their families. This trust leads to influence, which allows Accolade's customers to optimize the utilization of their other programs such as second opinion services, telehealth, cost transparency tools and centers of excellence programs which in turn optimizes their financial return."
Independence and McKesson Ventures join previous investors Accretive LLC, Carrick Capital Partners, Oak Hill Capital Partners and Comcast Ventures.
About Accolade
Accolade is the country's leading consumer healthcare engagement and influence platform for large self-insured employers and payer organizations. We help consumers navigate the complex world of healthcare and benefits, find the right providers and get the right care the first time. Our fully integrated solution is delivered through a powerful combination of Accolade Health Assistants® and advanced technology. By addressing some of the biggest problems facing healthcare – low engagement, lack of trust, and consumer knowledge gaps and errors – we're able to consistently save our customers an average of 5-15 percent per year while delighting the individuals and family members we serve. Headquartered in Plymouth Meeting, Pa., Accolade has been recognized as one of the nation's 25 most promising companies by Forbes magazine, the fastest-growing private healthcare company by Inc. 500 and a Top Workplace in Philadelphia for five consecutive years. For more information, visit www.accolade.com.
About Independence Blue Cross
Independence Blue Cross is the leading health insurance organization in southeastern Pennsylvania. With our affiliates, we serve nearly 10 million people in 24 states and the District of Columbia, including 2.5 million in the region. For nearly 80 years, we have been enhancing the health and wellness of the people and communities we serve by delivering innovative and competitively priced health care products and services; pioneering new ways to reward doctors, hospitals, and other health care professionals for coordinated, quality care; and supporting programs and events that promote wellness. To learn more, visit www.ibx.com. Connect with us on Facebook at ibx.com/facebook and on Twitter at @ibx. Independence Blue Cross and Independence Health Group are independent licensees of the Blue Cross and Blue Shield Association.
About McKesson Ventures
McKesson Ventures is the venture capital arm of McKesson Corporation specializing in early and growth stage companies. McKesson Ventures targets companies that both catalyze and benefit from the key changes taking place in the U.S. healthcare landscape by bringing greater efficiencies to patient care and improving the healthcare experience. McKesson Corporation, currently ranked 11th on the FORTUNE 500, is a healthcare services and information technology company dedicated to making the business of healthcare run better. We work with payers, hospitals, physician offices, pharmacies, pharmaceutical companies and others across the spectrum of care to build healthier organizations that help deliver better care to patients in every setting. Visit mckessonventures.com to learn more.
SOURCE Accolade
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