HealthEdge Continues to Accelerate, Meeting New Healthcare Market Needs
Strong demand for modern technology prompts healthcare payors to leverage the award-winning HealthRules product suite to help transform their businesses
Burlington, Mass. – February 4, 2014 – HealthEdge®, provider of the only integrated financial, administrative and clinical platform for healthcare payors, today announced that the company delivered a strong year of customer and company growth, high-profile thought leadership and strategic partnerships in 2013. The success of the past year reinforces that HealthRules is now the only choice for payors looking to replace legacy technology that requires complex, unsustainable configuration, custom code and long and costly implementations.
“Our ability to quickly respond to the needs of the market has been the key to HealthEdge’s success,” said Rob Gillette, CEO of HealthEdge. “The hard work and dedication of our team has made us the only true software company in the healthcare payor IT marketplace. We look forward to continuing to deliver next-generation software that exceeds the needs and expectations of our customers.”
Payors Demand HealthRules
Payors, struggling with the limitations of legacy systems and the desire to enter a new and innovative phase of their business, have turned to HealthEdge and the HealthRules product suite in order to transform their businesses to address the needs of the new healthcare economy. In 2013, forward-looking payors, including Medica, selected HealthRules to reduce costs, engage members, support next-generation healthcare business models, achieve regulatory compliance and improve member outcomes.
Receipt of Growth Investment
To address rapid expansion as a result of growing payor demand for the HealthRules product suite, HealthEdge received a significant growth investment of $17.5 million from Fifth Street Technology Partners and Silicon Valley Bank. The transaction validates the company’s approach to solving many of the key pain points impacting the healthcare payor market, and reinforces that the HealthRules platform is uniquely capable of meeting these challenges.
Strong Growth in Senior Leadership and Staff
Driven by significant customer growth, HealthEdge continued its investment in leadership and staff at all levels. Notable appointments in 2013 included former customer Bill Jollie, who joined HealthEdge as Senior Vice President of Professional Services after serving as Chief Operating Officer at Wisconsin-based WEA Insurance Trust, and Chief Financial Officer Matt Hughes, who joined HealthEdge from Click4Care. Additionally, the company grew to more than 250 employees between its Burlington, MA headquarters and Powell, OH R&D center. To accommodate this significant company growth, HealthEdge opened a new corporate headquarters in the Fall of 2013.
Strategic Partnerships Expand the Reach of HealthRules
In May 2013, HealthEdge announced a strategic Business Process Outsourcing (BPO) partnership with Optum, which combined Optum’s expertise in health plan operations and analytics with the award-winning HealthRules product suite. Together, the two companies help payors modernize their operations and deploy resources more effectively, saving time and money while increasing operational flexibility. Additionally, HealthEdge strengthened existing relationships with partners NTT DATA, Inc. and FlexTech, Inc., expanding the depth of trained and certified resources for customers implementing the HealthRules product suite.
Company Expands Thought Leadership Program
HealthEdge also continued its role as a thought leader with numerous speaking engagements in 2013. Company executives presented at conferences including:
- America’s Health Insurance Plan’s Institute Conference & Trade Show;
- America’s Health Insurance Plan’s Operations & Technology Forum;
- The Texas Association of Health Plan’s Managed Care Conference & Trade Show;
- The California Association of Health Plan’s Annual Conference; and
- The Healthcare IT Summit
The company’s case study presentation with customer Medica at the Healthcare IT Summit was honored with the XCellence Award for “Best Demonstration of ROI – Payer.”
HealthEdge enters 2014 with a clear vision and roadmap for the products, services and partnerships necessary for healthcare payors to be successful in the evolving healthcare landscape. Payor organizations are shedding their aging legacy technology systems, reducing costs and administrative processes and introducing innovative new lines of business with HealthEdge as their trusted technology partner.
HealthEdge® provides modern, disruptive technology that delivers for the first time, a suite of products that enables healthcare payors to leverage new business models, improve outcomes, drastically reduce administrative costs and connect everyone in the healthcare delivery cycle. Our next-generation enterprise product suite, HealthRules®, is built on modern, patented technology and is delivered to customers via the HealthEdge Cloud or on-site deployment. An award-winning company, HealthEdge empowers payors to capitalize on the innovations, challenges and opportunities that await in the new healthcare economy. For more information, visit http://www.healthedge.com.