- Zero Card, a Tulsa- and Denver-based digital health and fintech company, announced that it has raised $7 million in a new round of funding
Zero Card — a Tulsa- and Denver-based digital health and fintech company that use new capital to scale data analytics and expand access to bundled payments utilizing a digital health platform that allows self-funded employers to cut episodic healthcare costs up to 50% — announced that it raised $7 million in a new round of funding led by the George Kaiser Family Foundation (GKFF) with participation from Revolution’s Rise of the Rest Seed Fund. And the marketplace approach allows The Zero Card to match plan members with the right healthcare providers based on cost, quality, and convenience.
The bundled payment contracts lock in fair market prices that produce substantial savings for both the plan and plan members. And the insights derived from The Zero Card process allow employers and healthcare organizations to make efficient and member-focused decisions.
“The participation from the George Kaiser Family Foundation and Revolution’s Rise of the Rest Seed Fund further validates our model and approach for significantly lowering employer healthcare costs. This funding will allow us to supercharge our efforts to bring a simple, transparent and accessible solution to a market that is in desperate need of a smart alternative. It also allows us to give our employer customers and their plan members a fighting chance when it comes to runaway healthcare costs,” said The Zero Card co-founder and CEO James G Millaway.
How does it work? The Zero Card is a supplemental program that works with existing self-funded health plans and is designed to make it easy for employees and their families to find high-value healthcare providers. And employees can still access care through traditional health plan channels. But when they elect to use The Zero Card, their employer is able to significantly lower costs and employees get access to the care they need for $0.
“The healthcare sector is ripe for a step-change in its operations and delivery because of the intersection of data and technology,” added Anna Mason, partner at Revolution’s Rise of the Rest Seed Fund. “The Zero Card team has roots in the economics of health care and they have a deep understanding of the dynamics between self-funded health plans, employers, and employees. We are proud to back another company based outside of Silicon Valley that is disrupting an age-old industry.”
This round of funding will be used to open new geographic markets, further round out the executive team, scale the engineering and analytics team, and grow the sales and customer success teams. As part of the investment, George Kaiser Family Foundation CIO Robert Thomas is joining The Zero Card Board of Directors.
“Our goal is to invest in companies that can make a large impact in a meaningful way. The Zero Card has had early success in using real data to analyze, interpret, and deliver a better healthcare product to its employer customers and their plan members,” explained Thomas. “Watching their early success makes it clear that employers are ready to implement new and innovative solutions to reduce their healthcare costs.”
