Employees love health benefits almost as much as they hate navigating them, which is why Healthjoy closed $60M in Series D funding to simplify the process.
The new investment brings the company’s total funding to $108M as it looks to build its platform into the leading user experience for both employees and HR departments.
Simplicity and engagement are how Healthjoy plans to accomplish this. Its app is designed to serve as a unified front door to employee benefits, and includes all the good stuff you’d assume would make that happen:
- An AI-assistant named JOY that helps triage users to relevant services
- A 24/7 concierge team to answer any questions
- An “automated steerage” feature that guides members to lower cost solutions
Healthjoy’s stance is that a serious lack of awareness is what causes underutilization. Many HR departments have a robust network of services, but employees can’t use what they don’t know about.
- By housing every benefit in an employer’s package under one roof (medical, dental, vision, wellness initiatives, etc.), then serving as the engagement layer, Healthjoy is aiming to make the entire experience more seamless for everyone involved.
- Healthjoy combines its own user metrics with partner data to create comprehensive profiles of its members, allowing it to present them with relevant benefits and nudge them towards efficient options.
- The company also partners with virtual care providers like Teladoc and other benefit administrators to expand the solutions available to its members. It counts the ability to integrate with, as opposed to compete with, outside platforms as a key differentiator.
The Takeaway
As the health benefits space becomes more complex at the same time as many employers are growing overwhelmed with point solutions, HealthJoy’s strategy of simplifying the experience as much as possible seems to make a lot of sense. If Healthjoy can execute on its plan to drive higher engagement by connecting all utilization data within a single ecosystem, then plenty of employers would probably welcome the help in the battle for talent.
