Medefy Health, a mobile-first healthcare benefits navigation platform, has successfully secured $10 million in Series A funding in a round led by Mercury Fund and with participation from Advantage Capital. The new investment will empower Medefy to enhance its existing technology platform and artificial intelligence capabilities for more efficient operations at scale.
Founded in 2018 by Matt Scovil and Nathan Gilchrist, Medefy is on a mission to simplify how employees engage with their health benefits plan. The platform, accessible through mobile devices, aids employees in identifying the best quality care at a reasonable cost through personalized, proactive guidance. Medefy utilizes a chat-based system that engages health plan members through multi-channel outreach, connecting them with a team of 24/7 real human care guides and benefits experts. These guides help proactively schedule high-quality, high-value care with an average initial response time of under 60 seconds.
The platform aims to bring a human touch to healthcare decisions, offering live support to employees as they navigate and decide on the most cost-effective healthcare choices. Medefy’s platform centralizes the company’s overall health plan into one mobile experience, driving increased member usage of other vendors, benefits, and programs.
Medefy currently serves over 1,500 employers and their members across the U.S., including self-insured employers, insurance brokers, benefits advisors, TPAs, and enterprise groups. The funding round follows the company’s recent recognition on Inc. Magazine’s Inc. 5000 list of the fastest-growing private companies in America.
As healthcare costs continue to rise, and there’s increased complexity in health benefits plans, Medefy’s centralized benefits navigation solution provides expert guidance, reduces costs, and improves price transparency. The company plans to use the funds to expand its team and scale existing offerings into new high-cost areas of healthcare, such as the rising costs of prescription drugs.
Heath Bulter, Venture Partner at Mercury, highlighted the challenges employees face in navigating complex healthcare plans and praised Medefy for providing a solution that delivers expert guidance, reduces costs, and improves price transparency. The funding will enable Medefy to continue expanding its services and reach more employees and employers looking for support in healthcare decision-making.