Can the company carve its own lane in the benefits navigation space by focusing on employers?
Eden Health, a New York City-based digital care navigation company, announced this week that it has raised $4 million in seed funding. It also recenty launched its platform for employers in New York City and New Jersey.
The idea behind Eden is to make healthcare less intimidating and impersonal. "People are at their most vulnerable and confused when accessing healthcare. This leads to poor health and negative financial outcomes for employees and the companies they work for," said Matt McCambridge, co-founder and CEO of the company, said in a statement.
Its digital platform allows patients to seek advice, book in-network appointments, and navigate their insurance benefits. It’s aimed at employers, claiming it can attain high associate engagement levels—up to 60%--and save the companies thousands on their employees’ health.
“Within the first 60 days, Eden Health helped one company's employees sidestep more than 130 urgent care and specialist visits, saving them $37,000 in potential claims costs,” the announcement says.
Eden is not the only startup in the space. About 6 months ago, Candor Insurance nabbed $3 million in its own seed round. That company offers similar services—and makes similar claims—but in addition to its employer suite, it’s trying to offer insurance navigation for individuals. It also says its insurance verification technology uses blockchain.
But Eden Health is trying to carve a lane of its own, without going straight-to-consumer or harnessing blockchain’s buzz.
Greycroft Partners led the seed round, joined by Piper Jaffray Companies, Max Ventures and 645 Ventures. Ellie Wheeler, a partner at Greycroft, said her firm trusts the company’s vision.
“There's an untapped opportunity to work across silos — insurance, primary care and telehealth — to deliver a truly unique experience that impacts the overall quality and cost of care," she said. "We believe that Eden Health is taking a differentiated approach to fix a broken system.”