MyHealthMath Secures $3.5 Million in Series B Funding

Benefits enrollment navigation platform to enhance product offerings with new investment.

MyHealthMath, creator of a first-of-its-kind health benefits enrollment navigation platform, today announced closing a $3.5 million Series B round funding.

The round was led by Jennus Innovation, a Boston-based startup accelerator, along with other notable investors. This round builds on seed funding from angel investors, followed by a significant investment from Harvard Pilgrim Health Care in 2020. 

"MyHealthMath has disrupted the health benefit enrollment space with its uniquely personalized and data-driven approach to helping employees choose their health plan," says Jennus Chairman and CEO Chris Jenny. "Seeing their enhanced product offerings, innovative thinking, and their success building enterprise partnerships, we are confident in MyHealthMath's ability to continue to rapidly scale and emerge as the premier decision support technology in the space."

Since launching in 2016, MyHealthMath has evolved into a full-service health benefit enrollment navigation platform that helps all stakeholders—employees, employers, health carriers, benefit administrators—get the most value for their health insurance investment. Along with employee plan choice guidance, MyHealthMath uses a predictive analytics engine to help employers and carriers predict enrollment choices and then optimize plan design and pricing to increase value for them as well as for employees.

Having launched a new interface for consumer decision support this fall, MyHealthMath is positioned for significant growth with this new round of funding, commented Caitlin Forbes, vice president of marketing and strategic partnerships. This round will go to enhancing both the company's consumer and employer-facing product lines, including supporting ancillary benefits on the consumer side, and interface enhancements for their predictive analytics engine.

"This raise reflects the real need for a more comprehensive approach to 'decision support'," explains MyHealthMath Founder and CEO Bob Watterson. "Plan choice mistakes are a costly and complicated problem to correct: you need better consumer education and support, and buy in from the many stakeholders who impact decision-making… brokers, benefit administrators, health carriers, etc. That's why we're building up a benefit navigation platform that brings value to everyone; it's the comprehensive solution the industry has been missing, which is really what's driven these investment dollars."

About MyHealthMath

MyHealthMath is an Insurtech firm that helps people choose the most cost-effective health plan, creating value for employers and employees. Based in Portland, Maine, MyHealthMath has direct and SaaS clients throughout the U.S. As a neutral third party, MyHealthMath guarantees confidentiality for all individual-use data collected from claim reports and individual interviews. To learn more about MyHealthMath, visit www.myhealthmath.com.

Contact: Caitlin Forbes, cforbes@myhealthmath.com

Source: MyHealthMath

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Categories: Human Resources

Tags: #healthbenefits, #healthinsurance, #humanresources