Accolade Announces $50 Million in Financing, Supports Solution Innovation and Growth to More than 1.1 Million Members
By Kat Snider | March 29, 2018
SEATTLE - March 29, 2018 - Accolade announces $50 million in funding led by existing investors Andreessen Horowitz, Carrick Capital Partners, Madrona Venture Group and McKesson Ventures, with participation from new investors including Cross Creek Advisors and Madera Technology Partners. Accolade, the single point of entry to personalized health and benefits, will apply this capital to take advantage of new market opportunities, grow its workforce, and expand its Personalized Advocacy solution used by more than 1.1 million U.S. employees and their families today.
Accolade delivers material healthcare cost savings to employers while significantly improving the employee healthcare experience and health outcomes. Accolade is designed for U.S. employers of all sizes across all industries that are determined to help their employees and family members get the right care at the right time, reduce healthcare waste and help people live happier, healthier and more productive lives.
Over the past two years Accolade has more than tripled the size of its technology and product development team and is investing aggressively in building a connected and flexible technology platform to complement its acclaimed service and clinical offering. Recent technology platform developments include its Maya intelligence engine with sophisticated machine learning capabilities, an integrated health and benefits member portal, the Accolade Mobile app, which holds a solid 5-star rating in the app stores, and the Accolade IQ customer analytics and reporting tool.
“Accolade is making great progress helping companies tackle one of the biggest problems in corporate America, a healthcare system that costs too much and under-serves the needs of employees and their families,” said Jeff Jordan, general partner at Andreessen Horowitz. “Companies that have deployed Accolade report much higher employee satisfaction with their benefits programs as well as large cost savings. I wish I'd had access to Accolade when I was managing PayPal and OpenTable, implementing it would have been a no-brainer.”
Impact through Personalized Advocacy
Unlike digital navigation or traditional advocacy or concierge solutions, Accolade Personalized Advocacy combines three elements - compassionate human interaction, clinical expertise and intelligent technologies. Personalized Advocacy engages people in their health and well-being often before they enter the healthcare system, influences their decisions through a comprehensive understanding of their healthcare needs and personal context, and connects them to the precise healthcare and benefits resources they need at the optimal time.
The impact of Accolade's Personalized Advocacy approach can also be seen in utilization of employer benefit solutions. While Accolade drives significant employee engagement and satisfaction on its own, it also dramatically increases utilization of an employer's full suite of benefits - telemedicine, price transparency, wellness, specialty health services, and more. The integration of third-party data, applications, health history and employer benefits within an open and flexible platform enables Accolade to recommend precisely the right care path at the right time, increasing registrations and use of benefits by 25- to 100-percent.
“We're very impressed with the momentum we've seen from Accolade and the effect they have not only on the consumers and companies they support, but also in driving utilization of any health solution connected to their platform,” said Karey Barker, managing director at Cross Creek. “Accolade is applying and integrating data in a way we haven't seen in healthcare, tying fragmented systems together to enable consumers to very easily get personalized support, whether through phone, mobile messaging, or smart self-service. We're excited to join this venture and support their impassioned mission to drive radical change in healthcare.”
“We are seeing tremendous momentum across all market segments. Self-insured employers are increasingly taking charge of their health and benefits supply chain, and are looking to work with those that can help deliver personalized solutions for their employees and their families,” said Rajeev Singh, Accolade CEO. “This financing round is about expanding our reach to new customers, extending the capabilities of our platform, and further integrating our partners and clinical offerings. At the same time, we're adding even more brilliant people to our mission-based team, who are all impassioned by improving healthcare in this country. We're excited to welcome Cross Creek and Madera to join our existing investors as we continue addressing critical market needs.”
Accolade is a personalized health and benefits solution that dramatically improves the experience, outcomes and cost of healthcare for employers, health plans and their members. With a unique blend of compassionate advisors, clinical experts and intelligent technologies, we engage individuals and families in their health, establish trust, and influence their decisions at every stage of care. Accolade connects the widest array of personal health data and programs to present a single point of entry to the most effective health and benefits resources, while coordinating with providers at every step. Accolade consistently achieves 70 and higher Net Promoter Scores, 98% consumer satisfaction ratings, and up to 15% employer cost savings. Accolade has been recognized as one of the nation's 25 most promising companies by Forbes, a fastest-growing private healthcare company by Inc. 5000, and is consistently rated a Top Workplace across the country. For more information, visit www.accolade.com.