NEW YORK, March 20, 2018 /PRNewswire/ -- Eden Health today announced the availability of its new personal health platform for companies seeking to simplify the healthcare experience for their employees while significantly reducing company expenses. The platform is currently available for companies in Greater New York City and New Jersey, with more markets coming soon.
In support of the company's efforts, Eden Health also announced it had raised $4M in seed funding, led by Greycroft Partners. Participants in the round included Piper Jaffray Companies, Max Ventures and 645 Ventures.
Today, employees delay seeking regular care due to concerns over time, money and uncertainty with the healthcare system. This initial avoidance leads to poor health and an influx in urgent care and ER visits when something happens – resulting in higher costs for employees and companies. With companies now spending over $18,700 per employee for family health coverage, it's clear that a new solution that allows employers to leverage their healthcare budgets in a smarter manner is needed.
"People are at their most vulnerable and confused when accessing healthcare. This leads to poor health and negative financial outcomes for employees and the companies they work for," said Matt McCambridge, co-founder and CEO, Eden Health. "Our goal is to make healthcare simple and personal. We've designed a platform that instantly addresses the things that employees care most about: quality care and convenience, at a fair price. This enables companies to take better care of their employees while confidently achieving their healthcare goals."
Personalized care for every step of the healthcare journey
Most companies have been told that the only way to reduce healthcare costs is by increasing how much their employees pay. Eden Health changes that paradigm by delivering personalized care throughout the healthcare journey.
To do this, Eden Health works with companies' existing insurance plans to offer its personal health platform to employees. The platform includes:
24/7 digital care: Employees can chat instantly with a provider to get answers and immediate diagnoses on most general health concerns, as well as book appointments and fill prescriptions.
Same day, in-person care: Employees are matched directly with a provider to receive care in-person at Eden's state-of-the-art clinics. They can also receive one-on-one diagnoses to avoid unnecessary urgent care, ER or specialist visits.
Specialist guidance and referrals: Based on each employee's health needs, Eden Health provides specialist referrals and second opinions, as well as estimated costs prior to each visit.
Insurance navigation: Eden Health's team of benefits experts helps employees understand their plan's coverage, estimate copays and deductibles, arrange prior authorizations and submit insurance claims and appeals. In some cases, the company has helped employees receive thousands of dollars back.
"The healthcare market today is ripe for innovation. Specifically, there's an untapped opportunity to work across silos — insurance, primary care and telehealth — to deliver a truly unique experience that impacts the overall quality and cost of care," said Ellie Wheeler, partner, Greycroft Partners. "We believe that Eden Health is taking a differentiated approach to fix a broken system. Their vision will allow them to build a more empathetic healthcare delivery platform that meets the needs of employers and employees alike."
A smarter way to care for employees
Eden Health partners with mid-size and high-growth companies, such as Yext, Insight Venture Partners, NewsCred and Tapad, to provide quality care and insurance navigation for employees throughout Greater New York City and New Jersey.
Through early availability of the platform, companies offering Eden Health's personal health platform to their employees saw:
A reduction of up to 10 percent on healthcare costs. Within the first 60 days, Eden Health helped one company's employees sidestep more than 130 urgent care and specialist visits, saving them $37,000 in potential claims costs.
Employee engagement rates of more than 60 percent, far surpassing the 3 percent utilization rate of other telehealth tools.
100 percent of bill disputes received money back. In one case, Eden Health filed a claims appeal for an employee who had stopped seeing a therapist due to out-of-pocket costs, helping him receive $1,575 back.
Yext began offering the Eden Health platform to its more than 800 employees last year. "It was important to offer a healthcare service that provided differentiated value for employees. Since introducing Eden Health, feedback from employees has been very positive. In particular, the app has really helped our employees navigate their insurance plans, book same day appointments and get answers to their questions right away," said Brian Schipper, Chief People Officer, Yext.
About Eden Health
Eden Health is a personal health platform comprised of providers, benefits experts and more, designed to elevate the health and well-being of employees everywhere. We help companies and their employees navigate today's complicated healthcare landscape across insurance, in-person and virtual care. To learn more, visit edenhealth.com.