Maxwell Health, a business that’s part of a growing niche of companies offering concierge healthcare services to help employers control costs, has raised $2 million in a series A round, according to a company statement.
It sets up a private health insurance exchange for employers and helps advise them on their best insurance options. It also has a portal for employers to manage benefits for employees and to help them track employee engagement and company spending in real time.
In an emailed statement, a spokesman for Maxwell Health said the fresh capital will be used to expand its wellness program into new areas such as nutrition, sleep and stress. It will also use the investment to add an on-call nurse and continue developing and refining its technology.
“The goal is to improve employee health around sleep and stress, similar to how [Maxwell Health] have used tools to incentivize more physical activity, e.g., tracking and rewarding employees based on progress.”
Tribeca Venture Partners led the round that made Maxwell its second health IT portfolio company after Truveris — a pharmacy benefit claim validation service. Other firms that participated include Lerer Ventures, Vaizra Investments, BoxGroup, TiE Angels and other private investors.
The company launched in March in seven cities and its target customer base includes knowledge workers at companies with 200 or fewer employees. Other services it offers are recommending physicians, fixing billing errors, scheduling appointments and comparing prescription prices, according to a company statement.
It can also help companies with existing health and benefits plans to sync them onto Maxwell Health’s platform.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
Among some of the other companies competing in this space are Zenefits, Castlight Health and Cake Health.
