Collective Health today announced the launch of the next generation of The Collective Health Platform, the first Workforce Health Management System, which breaks down the data and user experience silos in employer healthcare. The Collective Health Platform also provides the industry with a common technology and service infrastructure for innovation, accelerating the power of the Employer-Driven Healthcare Economy.
“The way we access, pay for, and improve healthcare in the U.S. is undergoing a fundamental shift—one driven by employers. Employers not only pay for the vast majority of private healthcare in America, they are also running healthcare plans that pioneer the most innovative approaches to delivering care, creating a massive market opportunity for a new generation of healthcare companies,” said Ali Diab, CEO and co-founder of Collective Health, who recently published American Employers are in the Healthcare Business. “However, employers’ ability to drive positive change in healthcare is being hampered by antiquated technology that keeps all pertinent healthcare and financial information locked in disparate, legacy systems. The Collective Health Platform eliminates this fragmentation, removing inefficiencies, lowering costs, and improving the experience for American employers and workers.”
Collective Health also announced it has raised $110 million in funding to accelerate development of The Collective Health Platform and scale operations to support its rapid customer adoption. The financing comes from existing investors—including NEA, Founders Fund, GV, and Maverick Ventures—and new investors including Sun Life Financial and Mubadala Ventures.
Unveiling The Collective Health Platform
While individual healthcare delivery has become increasingly more innovative and personalized, the back-office administration of employer healthcare plans—the financial infrastructure; how data like medical claims, and program utilization moves through multiple players; and the technology that underpins it—still runs on antiquated technologies like fax machines and CD-ROMS, and remains largely siloed.
The Collective Health Platform breaks down these silos, integrating medical claims, people data, and program utilization across the healthcare system to connect people to the right care at the right time. The result? Collective Health’s enterprise clients have reigned in healthcare costs—keeping their medical trend flat compared to the 5% industry average increase—by optimizing healthcare utilization and without compromising their people’s satisfaction. Members give Collective Health customer satisfaction scores in line with the best consumer brands.
