Simplee, which helps consumers track, review, and pay medical claims and bills online, announced this week a $6 million first round of funding led by The Social+Capital Partnership and with participation from existing investor Greylock Partners. Greylock and a handful of Israel-based angels contributed to Simplee's $1.5 million seed round of funding, according to TechCrunch.
Since the company launched in 2011 it says it has helped its members manage some $500 million in medical expenses. About 65 percent of its members return to Simplee on a regular basis, according to the company. The average Simplee member that uses its online bill payment feature spends more than $1,000 annually through the platform, (which is an interesting figure since the company is just one year old). The company also states that it currently covers about 80 percent of the insurers in the US market.
What's next? Simplee plans to announce a stable of business partners that include employers, HSA banks, and FSA/HRA administrators. The company will also use the funds to develop a mobile app. In the next few weeks the company will rollout a feature that alerts consumers to billing errors.
For more read the post over at TechCrunch or the press release below:
PRESS RELEASE: PALO ALTO, CA, May 15, 2012 -- Simplee, the best way to take control of healthcare expenses, today announced that it has raised $6 million in a Series A round of venture capital funding led by The Social+Capital Partnership ("s23p"). The round also includes existing seed investor Greylock Partners.
Simplee is a better way to track, review and pay medical claims and bills online. This investment will help Simplee accelerate its growth strategy through new products, features and partners. As part of this investment, s23p's General Partner Ted Maidenberg and Greylock's Tilli Kalisky joined Simplee's Board of Directors.
"Simplee has a strong pipeline of partners and a compelling product roadmap ahead," said Maidenberg. "As the shift to consumer directed healthcare gains momentum, we believe Simplee can continue to lead the marketplace and will become the de facto resource for consumers seeking to better manage their healthcare financials and pay their medical bills."
Since its launch in 2011, Simplee has helped members manage nearly half a billion dollar in medical expenses across hundreds of thousands of medical providers. These members are highly engaged, with more than 65% returning to the platform on a regular basis. Those members using Simplee's online bill payment solution pay an average of more than $1000 per year in medical claims through the platform. The company currently covers more than 80% of insurers in the U.S. market.
"This level of engagement and adoption is unprecedented in the world of healthcare and is a great validation of our mission to empower consumers in the face of a complex and expensive healthcare system," said Tomer Shoval, CEO and co-founder of Simplee. "We are excited to welcome these new investors and the critical expertise they will provide as we aggressively ramp our expansion plans and product roadmap."
Simplee will soon introduce a number of large partners that will use the platform to help their members better manage health plans and medical expenses. These employers, HSA banks, and FSA/HRA administrators understand that the rapid shift to Consumer Directed Health Plans means they must equip their members to more effectively navigate the healthcare system.
Simplee is a free online tool that categorizes and explains all medical, dental, vision and pharmacy expenses in plain language for its members. Members also receive benefit alerts, payment reminders, deductible updates, and access to electronic bill pay. For more information on Simplee and how to take control of your health care expenses please visit http://www.simplee.com .
Simplee is a privately held company that empowers consumers to take control of their health care expenses. The free, web-based service helps users better understand and manage their health care expenses, and identify ways to save money and find better care at lower costs through an easy-to-use, simple dashboard with a set of powerful customization tools. The company is located in Palo Alto, California, and maintains a development center in Israel. For more information visit: http://www.simplee.com .
About The Social+Capital Partnership
The Social+Capital Partnership ("s23p") is a partnership of the world's most renowned philanthropists, technologists and capitalists utilizing venture capital as a force to create massive value and change on a global scale. The Partnership is based in Palo Alto, California.