We are pleased to announce that Foundry Venture Capital 2016, L.P. has completed its initial investment in Impact Health as part of a $13M financing. Impact Health is based in Los Angeles, CA and is building an online platform designed to take the confusion out of buying and using health insurance in the individual market.
The Impact Health platform serves as both an advisor and an advocate to consumers in the individual health care markets and fits in our distribution theme. Their platform walks consumers through a simple set of questions to help them make informed and tailored decisions about buying a health plan. They also act as a “healthcare concierge” to consumers who are struggling to understand the coverage their existing plan provides. The complexity of these markets combined with the detailed and ever changing nuances of the plans offered make both choosing a plan and understanding what coverage applies extremely difficult.
By leveraging a large, proprietary data set of plan attributes, Impact Health can better help consumers make individualized decisions when purchasing a health plan – based on attributes such as specific doctors they wish to keep, what prescription drugs their family requires and pre-existing medical conditions. The platform also provides ongoing support to consumers helping them find specialists, understand coverage and fight bills, often eliminating the need to interact directly with their health plan. Because they help consumers through the entire lifecycle of working with their health insurance provider, Impact Health has been able to develop an innovative model for signing up customers during their coverage period, not just at the time of open enrollment.
Co-founders, Christine Carrillo and Helen Lee have been obsessed with the health insurance market for over a decade and have been working together for over 12 years in various businesses to help consumers better understand their health care options. They started Impact Health in 2014 and were participants in the New York Techstars program. The company now serves over 66,000 customers. We’re thrilled to join them in their mission to help people make better insurance and healthcare decisions.