SeeChange Health completed its $20mm Series B Financing led by Maverick Capital

Aug. 9, 2012


SeeChange Health, the leader in value-based health management, announced that it has secured $20 million in Series B financing from new investor Maverick Capital and continued participation from Psilos Group. SeeChange Health will use the capital to further enable the company’s next stage of growth and on-going product development initiatives.

“SeeChange Health brings a much needed change in health engagement and health care accountability,” said Maverick Capital managing director, Eric Kim. “Unlike other health insurance or wellness products, SeeChange Health’s value-based products and services are engaging individuals in proactive health management and focusing on early detection of chronic conditions. SeeChange Health actually provides incentives for their members to see their doctor. Our investment will further enable SeeChange Health’s next stage of growth.”

The next generation health engagement platform developed by SeeChange Health is completely customizable allowing employers to design a health incentive program that best suits the culture of their organization. SeeChange Health’s new offering for health-insurers, third-party administrators and employers uses proprietary analytics to identify markers for potential increases in company health care costs and to create Personalized Health Action Plans.

SeeChange Health helps employers and health plans proactively manage health and reduce health care costs by creating Personalized Health Actions Plans uniquely designed based on an employee’s health status and rewarding individuals for successful completion of their Health Actions. The value-based programs are completely customized to address personal health, manage chronic conditions, and engage individuals in lifestyle and behavior programs all leading to a healthier workforce and lower health care costs. Individuals earn financial rewards simply by completing a Health Questionnaire, a Biometric Screening (basic lab tests) and Health Actions unique to their age, gender, lifestyles, and as applicable, chronic condition management. Regardless of a person’s health status, financial incentives are earned through engagement of personal health management.

“SeeChange Health is benefiting from the focus and attention employers are placing on workforce wellness and lifestyle management. Most employers today are searching for creative ways to incent their employees for living healthier lifestyles. Employers recognize behavior change is necessary to achieving a lasting reduction in health care costs,” said Al Waxman, senior managing member of Psilos and chairman of SeeChange Health’s board of directors.  SeeChange Health creates a Personalized Health Action Plan that is unique to an individual. A variety of incentives are provided when employees complete their Health Actions. Individual accountability for health is a great step toward controlling soaring health care costs.

“The knowledge and experience Maverick Capital brings to SeeChange Health will assist us greatly as we position our company for significant membership growth and on-going product development initiatives,” said Martin Watson, SeeChange Health’s chief executive officer. “Maverick’s support will be instrumental as we continue to focus our efforts on growth and our ability to be the market-leader in value-based health care solutions. SeeChange Health is well positioned to provide employers, health plans, and third-party administrators a solution for rewarding healthy behavior and engaging in proactive health management.”

About SeeChange Health

SeeChange Health provides integrated health management, value-based insurance products, and an engagement platform to employers, health plans, and third-party administrators. SeeChange Health Insurance provides value-based health insurance to employer groups. The company combines value-based benefit designs, Personalized Health Action Plans, and financial rewards, all designed to consistently improve the health profile of individuals. SeeChange Health Solutions provides an engagement platform, HealthInsight, a completely customizable health and wellness platform that generates and tracks preventive and condition-specific Health Actions unique to an individual’s health status. Through data analytics, on-going receipt of medical, biometric (laboratory) and pharmacy claim data, SeeChange Health Solutions allows employers to design a health incentive program that best suits the culture and needs of their organization. With headquarters in San Francisco, SeeChange Health is focused on reducing health care costs through proactive health management and early detection of health conditions.

About Psilos Group

Psilos Group Managers, LLC (Psilos) is a healthcare investment firm focused on providing venture and growth capital to companies operating in the healthcare economy. The firm believes that successful healthcare innovation must reduce cost, improve quality, and align incentives across payers, providers and patients. Founded in 1998, Psilos has $580 million under management and invests across three core healthcare sectors: healthcare services, healthcare information technology and medical technology. Funds managed by Psilos have invested in companies such as ActiveHealth, AngioScore, Definity Health, HealthEdge, Extend Health, Mauna Kea Technologies, and VeraLight, among many others, which have played, and continue to play, key roles in the transformation of the U.S. healthcare economy. Psilos has offices in New York, the San Francisco Bay Area, and in Santa Fe, New Mexico.

About Maverick Capital

Founded in 1993, Maverick Capital has grown to over $11 billion in assets under management with offices in New York, Dallas, San Francisco, Philadelphia, London, Hong Kong and Taipei.