Healthcare expenses control solutions developer Simplee Inc. has raised $6 million in its first financing round, led by The Social+Capital Partnership (s23p), and joined by current investor Greylock Partners, which invested in the company's seed round. The company will use the proceeds to develop new products and features, and find new partners.
Simplee was founded by CEO Tomer Shoval, COO Roberto Rabinovich, and CTO Tom Tsarfati. Headquartered in Palo Alto, it has an R&D center in Israel. It is a free online tool that categorizes and explains all medical, dental, vision and pharmacy expenses in plain language. Its solution is a method for tracking, reviewing, and paying medical claims and bills online.
Simplee claims that, since its launch in 2011, it has helped members manage nearly half a billion dollars 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. Users of its online bill payment solution pay an average of more than $1,000 per year in medical claims through the platform. The company currently covers more than 80% of insurers in the US market.
Shoval said, "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.
The company plans to shortly introduce a number of large partners that will use the platform to help their members better manage health plans and medical expenses. These employers - health savings accounts (HSA) banks, and flexible spending account/health reimbursement account (FSA/HRA) administrators - understand that the rapid shift to consumer directed health plans means that they must equip their members to more effectively navigate the healthcare system.
Published by Globes [online], Israel business news - www.globes-online.com - on May 16, 2012
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