PlanSource raises $12 million in Series B funding

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PlanSource is a cloud-based company that offers administration, insurance exchange, and payroll solution services to employers. PlanSource has raised $12 million in Series B funding from existing investors Lemhi Ventures and Timucuan Asset Management.

“As a leading provider of healthcare technology and employee benefits administration, our business is rapidly evolving and expanding in the areas of insurance exchanges and SaaS platform solutions for carriers/payers,” stated Dayne Williams, the CEO of PlanSource in a statement. “Hundreds of brokers and carriers, including some of the largest health plans in the U.S., use PlanSource for our proven ability to increase distribution and product participation with our sophisticated functionality. Our recent wins in the insurance exchange market, including national carriers, regional brokers, and the quoting, setup and enrollment platform for a state public health insurance marketplace under the Small Business Health Options Program (SHOP), have proven that our technology has the scalability and flexibility to meet the current and upcoming requirements of healthcare reform through 2014 and beyond.”

PlanSource oversees the was that healthcare and employee benefits are bought, sold, and managed by offering an array of integrated services including benefits administration, decision support, payroll, etc.

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