On-demand digital health concierge Accolade Health, which provides its services for employers, health plans and health systems, raised more than $70 million in new Series E funding in a round led by Andreesen Horowitz with participation from other investors including Madrona Venture Group. Accolade will use the capital to expand its technology platform, R&D and sales and marketing initiatives.
Accolade, which can be used on a smartphone or tablet, guides users through the healthcare system with a multi-modal approach. It starts with a call to an Accolade Health Assistant, who serves as a single go-to person for any health benefits or healthcare need the user may have. The Health Assistant guides the user through their options, providing personalized service with clinical support. The goal is to make inefficiencies in the healthcare system transparent to users, as well as directing them to services like telehealth programs or providing price transparency tools.
“To bend the cost curve in healthcare while significantly raising consumer satisfaction, you need a deeply personalized model for the consumer that blends human touch with clinical expertise and state of the art technology,” Rajeev Singh, CEO of Accolade said in a statement.
Accolade’s model uses a data science strategy that combines deep datasets culled from hundreds of sources, along with personal insights gleaned from the Health Assistants’ relationships with individuals and families. This relationship-based approach enables the company’s mobile offerings, analytics tools and clinical models to work in conjunction to present of a data-centric view of the whole person rather than a single condition.
“Technology, through big data, analytics and machine learning, is changing healthcare – how it is delivered and how patients find the right providers and treatment,” Madrona Venture Group Managing Director Matt McIlwain said in a statement. “It’s a complicated problem.”
Jeff Jordan, general partner and Andreesen Horowitz (and former CEO of Open Table) will join Accolade’s board of directors.