NY-based Flume Health is a leading provider of employer health benefits that allows organizations to build health plans catered to their employees’ needs. This company has earned significant success and notoriety, most recently raising a $30M Series A. This brings their total funding to an impressive $40M, as reported by Erin Brodwin in Axios.
Let’s explore how Flume Health could benefit organizations and the range of services they offer.
Background of Flume Health
Flume Health is a leading provider of employee benefit solutions. Founded in 2020, our mission is to make healthcare more accessible, secure, and affordable. We focus on helping both employers and employees understand their health benefit options and make intelligent decisions that best fit their needs. We believe in providing our customers the highest quality health benefits, at an affordable cost.
Our expertise ranges from designing custom plans for government organizations to providing innovative solutions for small businesses starting with two to as many as several hundred employees. Our experienced team of professionals is committed to providing exemplary service and personalized advice so our customers can make the most informed decision when selecting their health benefits package.
We educate our clients on the different types of plans available so they can be informed of all their options before making a decision – such as Preferred Provider Organizations (PPO), Health Maintenance Organizations (HMO), Point Of Service (POS), high deductible health plans with health savings accounts (HDHP/HSA) and government programs like Medicaid and Medicare – so they can find the right combination of coverage types at an affordable cost.
NY-based Flume Health, which lets organizations build health plans catered to employers’ needs, raises a $30M Series A, bringing its total funding to $40M (Erin Brodwin/Axios)
On December 9th, 2020, Flume Health announced that it had closed a $30M Series A funding round led by Durable Capital Partners LP with participation from existing investors. This announcement has been met with wide-spread approval from the tech investing community and industry insiders alike.
As a leading provider of employer health benefits and tools, Flume Health is utilizing the funding to drive rapid product development in order to meet the needs of employers and employees. With this newly acquired capital, Flume is looking to grow their engineering and product teams as well as advance their network of providers.
The Series A raise solidifies Flume Health’s position as one of the most promising technology startups in healthcare. The money will be used to build out its product suite – which already includes products ranging from software solutions for employers to robust employee health benefits – as well as extend their reach across the country. With competitive products backed by cutting-edge technology, Flume has positioned itself for long term success in what is still an underserved market for healthcare solutions.
How Flume Health is Transforming the Health Benefits Industry
NY-based Flume Health is revolutionizing the health benefits industry by offering employers tailored health plans that meet their unique needs. Flume Health recently raised $30M in a Series A funding round, bringing its total funding to $40M. This brings great attention to the company and its mission to improve the health benefits industry.
This article will explore how Flume Health is transforming the health benefits industry and why this is such an important development.
Customized Health Plans
At Flume Health, we understand that each business’s and its staff’s needs are unique. To ensure our clients receive superior benefits solutions, we provide fully customized health plans tailored based on the size of your business, demographics and proposed rates. So whether you want to provide a generous health package to your employees or improve your existing offering, Flume Health has the perfect plan for you.
Our team of experienced consultants will work closely with you to identify the ideal plan for meeting both employer and employee expectations—from cost savings measures to higher-end benefit options including insured health coverage, wellness plans, dental care plans and more. We also have access to extended networks of certain insurers allowing us to offer competitive pricing for a wide variety of products that have been thoroughly underwritten to ensure only the most comprehensive options.
At Flume Health we put our customer service first. Our team strives to remain easily accessible throughout our interactions so you are empowered with clear information and an understanding of how your offer stands out from competing solutions. To this end, our goal is also helping your staff familiarize with every aspect of their health plan before enrolling in any specific offering. So they too can make an informed decision about which plan works best for them!
Streamlined Benefits Administration
Flume Health is revolutionizing the way employers manage and staff their health benefits. The award-winning flume platform streamlines the day-to-day administration of benefits, enabling employers to provide comprehensive coverage that meets their goals efficiently.
Flume makes managing health benefit administration easier for employers through an intuitive platform interface. Employers can quickly configure plans, adjust pricing, and access intuitive reporting tools and analytics. With Flume, employees receive a personalized user experience that simplifies the process of reviewing plan options and enrolling in coverage.
Interconnected self-service portals allow employees to securely access their accounts online and complete basic transactions, including changing plan contributions or modifying dependents. Employers benefit from a secure communications system for electronic document delivery that reduces paperwork and is easier to manage. Plus it allows HR staff to view activities by employees in real time without manually updating employee information stored in multiple systems.
Flume also offers a state of the art mobile app with built-in artificial intelligence capabilities that provide tailored advice to help employees make informed decisions about their health plans during open enrollment periods or when they need assistance understanding complex matters related to insurance or health care topics. AI features also offer real-time data insights on employee behaviors which can be used by HR departments to better understand evolving workplace trends and determine what changes may need to be made over time to maintain cost-effective plans for all relevant stakeholders.
Improved Cost Savings
Flume Health is revolutionizing how employers and employees access healthcare cost savings. Their innovative technology provides a platform to turn traditional health benefits into modern employer health solutions. In addition, they offer valuable insights and security measures to help minimize costs and protect sensitive data.
Employer health solutions like Flume allow employers to manage their own benefits while taking advantage of the cost savings associated with larger risk pools. This system gives HR departments better control over all costs associated with providing employee health benefits, including premiums, payroll deductions and much more. Companies can easily adjust their plan design to better utilize the resources invested in their employer health programs, leading to improved cost savings for both employers and employees.
Flume also offers insights that make it easier for HR departments to compare plans from different providers accurately. For example, data-driven insights provide visibility into plan comparisons that ultimately help determine the best option tailored for each employer’s unique needs, helping them make informed decisions about which plans are best suited for their employees at the most cost-effective rate. Security features also help protect sensitive data such as PHI (Protected Health Information), so employers can rest assured that their employee’s privacy is maintained in a secure environment.
Overall, Flume Health’s advanced technology helps simplify the complexities of healthcare while reducing overall costs associated with employee benefits packages on an individual basis as well as aggregate level across several employers in a risk pool network where applicable – making them a leader in transforming how companies provide access to important healthcare services today and into tomorrow.
Impact of Flume Health’s Funding
NY-based Flume Health, which lets organizations build health plans catered to employers’ needs, recently raised a $30M Series A, bringing its total funding to $40M. This is an important move for Flume Health and the industry, as it demonstrates the promise and potential for employers to tap into custom health benefits for their employees.
In this section, we will analyze the implications of Flume Health’s funding, and how it could impact the industry.
Expansion of Services
Flume Health has recently obtained significant funding to expand its services, making it a leader in the employer health benefits field. This additional funding has had a significant impact on Flume Health’s offerings.
With the support of this new investment round, Flume Health can now provide more comprehensive solutions that cover the full spectrum of health benefits: from traditional group insurance plans to self-funded, and everything in between. As a result, their clients can benefit from their underwriting and risk management expertise and receive access to innovative products, from wellness and preventative care services to personalized healthcare plans.
Moreover, Flume Health’s comprehensive suite of services includes assistance with compliance solutions such as understanding regulatory guidelines and tax incentives, filing claims paperwork, helping clients review claims data for accuracy and other analytic capabilities. In addition, the company has also expanded their partnerships with managed care organizations and financial institutions to offer various financing solutions such as interest-free loans or direct payment options.
As a result of this new funding injection, they can now provide enhanced levels of support for employers seeking solutions adapted to changing market conditions while ensuring efficient cost control measures. All-in-all these advancements provide much needed assurance and flexibility regarding quality health insurance coverage.
Creation of New Jobs
Flume Health’s new funding is expected to create an estimated 9,000 jobs in the healthcare benefits industry. This influx of funds will enable Flume Health to continue to provide innovative health care services and expand its customer base by hiring more employees. Additionally, the job opportunities created by this funding can potentially positively impact the local economy by providing more job opportunities for skilled and trained workers seeking employment in this sector.
The funds provided by Flume Health will also help spur investments into research and development initiatives that can lead to the development of improved health care technology, treatments and services. As a result, the new technology can create even more jobs, fuel economic growth, and reduce costs associated with healthcare delivery systems. In addition, these investments can help employers provide better employee benefits packages while helping businesses remain competitive in an ever-growing global healthcare landscape.
Increased Investment in Technology
Since implementing Flume Health’s funding, the organization has seen an increase in their investment in technology to meet the rapidly growing demands for quality healthcare services. With increased investment, Flume Health has focused on developing innovative solutions that streamline management, reduce administrative burden and automate processes.
The company has strengthened its cloud-hosted platform to improve scalability and performance. This enables them to provide stress-free health care services that are monitored and adjustable in real-time while maintaining superior reliability and security. Furthermore, they have implemented a wide range of artificial intelligence (AI) solutions, enabling more precise delivery of desirable health care outcomes.
Flume Health’s advanced IT infrastructure also helps ensure quality of data management, security and privacy across multiple fragmented systems seamlessly integrated with their customers networks resulting in improved customer experience. In addition, the company has invested heavily in building a user-friendly online portal that allows reliable access to healthcare data across various devices such as mobile phones, laptops and tablets offering added convenience. They also provide personalized interactive dashboards that enhance oversight of patient information for easier navigation and better decision making for administrators and patients.
In conclusion, with the increased funding from Flume Health’s services further establishes their commitment to delivering leading edge solutions allowing smoother operation, significantly improving employers’ cost efficiency when providing employee health care services with far less administrative overhead costs than before .
NY-based Flume Health, which lets organizations build health plans catered to employers’ needs, just raised a $30M Series A, bringing its total funding to $40M.
With this round of funding, Flume Health has solidified its standing as one of the leading providers of employer health benefits.