Simplee, a Palo Alto-based medical billing management and payment portal that could be equated to the Mint.com for health care, has raised $6 million in Series A funding led by The Social+Capital Partnership and includes prior investors Greylock Partners Israel.
Simplee has managed nearly half a billion dollars in medical expenses for members across thousands of medical providers. The company currently covers 80-percent of insurers in the US market, with the average user paying about $1,000/year via the platform.
The company is focused on its new product updates which include an extension of the platform to include care recommendations and insurance plan recommendations, as well as the company’s first mobile app. Simplee’s core service is to visualize all medical, dental, and pharmacy bills in an easy-to-understand dashboard showing the total costs, how much you’ve paid out-of-pocket, your deductible, how many doctor visits you’ve made and more.
One new feature Simplee plans to launch in the immediate future is automatic detection and flagging of billing errors, which could be huge for families and individuals with a lot of medical expenses spread across numerous providers.
Another new feature the company says is on the horizon is plan and care recommendations. Simplee will look at aggregate data to determine what plan best fits a user’s needs. Further down the road Simplee will also roll out tools to help people find the right doctor for their needs, which could ultimately be the real game changer that distinguishes Simplee from its competition.
According to TechCrunch, user engagement is also high with more than 65-percent of users returning regularly (within 90-days).
Simplee is also set to announce its first B2B partnerships which include employers, HSA banks and FSA administrators, though the company is not disclosing the names of those partners quite yet. B2B partners will pay for Simplee via its advanced SaaS subscription model, which will offer a flexible pricing model based on user engagement rather than the standard per-seat model.
The reason the funding is coming from Greylock Partners Israel and not Greylock Partners in Silicon Valley is because CEO Tomar Shoval is based in Israel, though the company is focused solely on the US market in terms of its platform.
Simplee’s solution is very similar to the offering from Cake Health, which also offers users a platform similar to Mint.com, and with respect to the new features announced by Simplee they are playing catch up with Cake Health, which already offers medical billing management and plan/care recommendations.