About Collective Health
Collective Health provides health insurance, health benefits, and integrated third-party administration and navigation solutions. It offers an integrated software platform for employers to allow them to administer benefits plans and optimize investment all in one place. The company was founded in 2013 and is based in San Francisco, California.
ESPs containing Collective Health
The ESP matrix leverages data and analyst insight to identify and rank leading companies in a given technology landscape.
The healthcare benefits administration market handles various aspects of benefits administration, including enrollment, eligibility verification, plan selection, and communication. By utilizing technology and automation, these platforms reduce manual errors and paperwork, resulting in cost savings and improved accuracy. The healthcare benefits administration market ensures compliance with regulato…
Research containing Collective Health
Get data-driven expert analysis from the CB Insights Intelligence Unit.
CB Insights Intelligence Analysts have mentioned Collective Health in 3 CB Insights research briefs, most recently on Jun 1, 2023.
Expert Collections containing Collective Health
Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.
Collective Health is included in 9 Expert Collections, including Unicorns- Billion Dollar Startups.
Unicorns- Billion Dollar Startups
HLTH is a healthcare event bringing together startups and large companies from pharma, health insurance, business intelligence, and more to discuss the shifting landscape of healthcare
250 of the most promising private companies applying a mix of software and technology to transform the financial services industry.
Companies and startups that use of technology to improve core and ancillary insurance operations. Companies in this collection are creating new product architectures, improving underwriting models, accelerating claims and creating a better customer experience
Digital Health 150
The most promising digital health startups transforming the healthcare industry
Tech IPO Pipeline
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Collective Health Patents
Collective Health has filed 11 patents.
Giro d'Italia cyclists, Real estate, Diagrams, Health insurance, Investment
Giro d'Italia cyclists, Real estate, Diagrams, Health insurance, Investment
Latest Collective Health News
Aug 21, 2023
While the financial responsibility and logistical hurdles that come with a self-insured plan are intimidating, it can save employers money in the long run and lead to more quality care, underlines Ali Diab, CEO of Collective Health, a TPA for self-funded employers. "There's a fallacy or a fear that by self-insuring you're going to expose yourself to risk that you otherwise wouldn't with a fully-insured plan," he says. "But that's not true. Self-insurance doesn't have to be complicated." Once employers analyze their employees' medical claims history and demographics, they can build their health plans to address noted health risks and push for better preventative care , explains Diab. From there, the results speak for themselves: on average, businesses who work with Collective Health see a 50% reduction in healthcare costs over a five-year period. And while self-insured plans are far more common among large employers, Diab stresses that smaller employers can do it too. "An employer with a few hundred employees can typically self-insure quite safely, although this can depend on the age and other characteristics of the cohort," says Diab. "It's often just administratively not something a lot of employers with several hundred or even a few thousand employees want to take on." Diab points out that administrative challenges should be something companies like Collective Health deal with on behalf of the employer. As for the financial risks, employers can get a medical stop-loss insurance policy, which places a maximum on healthcare spend per employee on their benefits plan and reimburses the employer in the event it is exceeded. Still, self-insurance comes with its hurdles. Diab notes that insurance carriers don't necessarily make it easy for employers to switch from fully insured to self-insured, given that they make more when employers are dependent on their plans. For instance, many employers struggle to access claims data from their insurance company, making it difficult to assess their workforce's specific needs, let alone have the information they need to become self-insured. "If you're providing a service to a customer and the customer is the only way you get paid, then your incentives are aligned really well," he says. "If you're buying a fully-insured plan, then the big insurance company could also work with a pharmacy benefits manager and be incentivized to mark up the price of a drug and sell it to you — unfortunately, that's why they have a perverse incentive not to want to share data with you." The lack of transparency is a big motivator behind employers switching to self-insured health plans. In a country that has one of the highest costs of healthcare in the world, it's only fair that employers want to know where their money is going. Not to mention, self-insured plans push employers to prioritize preventative care above all else in order to keep their expenses low, notes Diab. In a healthcare system that often antagonizes employers and employees, self-insurance offers an alternative path — one that in Diab's experience is worth trying. "From what we see in our data, there is a significant increase in 'good' healthcare among employees, meaning preventive visits, screenings and generally staying on top of their health," says Diab. "Once you make the right care accessible, people take full advantage of the health plan their employer has paid a lot of money to procure on their behalf."
Collective Health Frequently Asked Questions (FAQ)
When was Collective Health founded?
Collective Health was founded in 2013.
Where is Collective Health's headquarters?
Collective Health's headquarters is located at 45 Fremont Street, San Francisco.
What is Collective Health's latest funding round?
Collective Health's latest funding round is Series F.
How much did Collective Health raise?
Collective Health raised a total of $714M.
Who are the investors of Collective Health?
Investors of Collective Health include Founders Fund, New Enterprise Associates, Sun Life, SoftBank, DFJ Growth Fund and 24 more.
Who are Collective Health's competitors?
Competitors of Collective Health include Spruce, Snapsheet, Groundspeed, PolicyGenius, Digit Insurance, Maestro Health, Metromile, Centivo, Alan, Healthee and 19 more.
Compare Collective Health to Competitors
Snapsheet offers a cloud-based digital claims management software platform. It enables users to automate and manage appraisals, claims, and payments. The company was founded in 2011 and is based in Chicago, Illinois.
Digit Insurance provides digital insurance solutions. It offers an online platform for users to avail of various types of insurance services, including car insurance, life insurance, health insurance, and property insurance. The company was formerly known as Oben General Insurance. It was founded in 2016 and is based in Bengaluru, India.
BIMA provides mobile-delivered insurance to mobile operators and insurance companies. The company also provides product development expertise, a distribution force, customer service with claims payment, and a mobile insurance platform. It was founded in 2010 and is based in Stockholm, Sweden.
Alan provides digital health insurance services. It develops subscription-based software for insurance. It serves companies, hotels, cafes, restaurants, and individuals. The company was founded in 2016 and is based in Paris, France.
Gravie provides employer-sponsored health benefit solutions. It helps consumers select and buy insurance coverage, provides ongoing customer support and troubleshooting, analysis of healthcare spending, and management of all healthcare affairs on a customized platform. The company was founded in 2013 and is based in Minneapolis, Minnesota.
Sidecar Health provides personalized and affordable health insurance for members. Members can see any provider and costs are transparent.