- MyHealthMath — the creator of a first-of-its-kind health benefits enrollment navigation platform — recently announced the closing of a $3.5 million Series B round funding.
MyHealthMath — the creator of a first-of-its-kind health benefits enrollment navigation platform — recently announced the closing of a $3.5 million Series B round funding. This round was led by Jennus Innovation, a Boston-based startup accelerator, along with other notable investors. And this round builds on seed funding from angel investors, followed by a significant investment from Harvard Pilgrim Health Care in 2020.
Since launching in 2016, MyHealthMath evolved into a full-service health benefits enrollment navigation platform that helps all stakeholders — employees, employers, health carriers, benefit administrators — get the most value for their health insurance investment. And along with employee plan choice guidance, MyHealthMath uses a predictive analytics engine to help employers and carriers predict enrollment choices and then optimize plan design and pricing to increase value for them as well as for employees.
Having launched a new interface for consumer decision support this fall, MyHealthMath is now positioned for significant growth with this new round of funding, noted Caitlin Forbes, vice president of marketing and strategic partnerships. This funding round will go to enhancing both the company’s consumer and employee-facing product lines, including supporting ancillary benefits on the consumer side and interface enhancements for their predictive analytics engine.
KEY QUOTES:
“MyHealthMath has disrupted the health benefit enrollment space with its uniquely personalized and data-driven approach to helping employees choose their health plan. Seeing their enhanced product offerings, innovative thinking, and their success building enterprise partnerships, we are confident in MyHealthMath’s ability to continue to rapidly scale and emerge as the premier decision support technology in the space.”
— Jennus Chairman and CEO Chris Jenny
“This raise reflects the real need for a more comprehensive approach to ‘decision support’ Plan choice mistakes are a costly and complicated problem to correct: you need better consumer education and support, and buy in from the many stakeholders who impact decision-making… brokers, benefit administrators, health carriers, etc. That’s why we’re building up a benefit navigation platform that brings value to everyone; it’s the comprehensive solution the industry has been missing, which is really what’s driven these investment dollars.”
— MyHealthMath Founder and CEO Bob Watterson
