Accolade, Inc., an on-demand healthcare concierge for employers, health plans and health systems, announced it has raised more than $70 million in new Series E funding led by Andreessen Horowitz and with participation from Madrona Venture Group and others. Accolade will use the capital to expand its technology platform, R&D, and sales and marketing initiatives as it reinvents the healthcare experience for millions of Americans.
“Accolade is simply the best tool we’ve seen to help companies simultaneously improve both the quality and the cost of healthcare,” said Jeff Jordan, general partner of Andreessen Horowitz. “It’s delivering magical results—the service makes employees healthier and happier with their benefits, while at the same time driving big savings to employers and insurance companies. We are proud to be supporting Rajeev Singh and his team to build a big, important company.”
Accolade improves the healthcare experience for consumers by applying a proprietary engagement and influence model that guides them through the healthcare system in a deeply personalized manner. This unique model blends personalized service with clinical support and consumer engagement technologies to uncover inefficient healthcare utilization and its substantial impact on healthcare costs and outcomes. Accolade’s multi-modal approach is built from the ground up to combine human touch, science and technology, which leads to market-leading consumer engagement levels, extraordinarily high consumer satisfaction scores and cost savings ranging from 5-15 percent.
“We’re leading a movement to reinvent healthcare to better serve and support employers, health plans, health systems and the hundreds of millions of people in their networks,” said Rajeev Singh, Accolade CEO. “To bend the cost curve in healthcare while significantly raising consumer satisfaction, you need a deeply personalized model for the consumer that blends human touch with clinical expertise and state of the art engagement technology. Andreessen Horowitz and Madrona, two of the top investors in the world, have studied the space and come to the same conclusions we have about the market need and the advantages of our approach.”
The Accolade model is powered by a data science strategy that combines deep datasets culled from hundreds of sources, along with personal insights gleaned from unique relationships between Accolade Health Assistants® and the individuals and families they support. Accolade’s relationship-based approach, mobile offerings, analytics tools and clinical models present a data-centric view of the whole person, not just one condition, to create a level of personalization and engagement that is not seen elsewhere in healthcare.
“Technology, through big data, analytics and machine learning, is changing healthcare — how it is delivered and how patients find the right providers and treatment. It’s a complicated problem, but with a team led by Rajeev Singh, the company has the ability to blend cutting edge technology with a human touch to improve how tens of thousands of employees and health plan subscribers receive their healthcare,” said Matt McIlwain, managing director, Madrona Venture Group.
Including the current financing, Accolade has raised more than $90 million in its Series E round, which began in July 2015 with $22.5 million invested by a subsidiary of Independence Health Group and McKesson Ventures. As part of this investment, Accolade will add Jeff Jordan, Andreessen Horowitz general partner and former CEO of OpenTable, to its board of directors.