Business are bracing for the increase in healthcare costs for their employees with average cost per employee steadily rising. Even with these increase in costs, the experience for employees and employers has not improved with a lack of transparency and timely access to quality care. Seeking to change this paradigm is newly launched Eden Health. It’s a personalized healthcare platform for employers that provides 24/7 digital care, in-person care, guidance and referrals, and even helps employees navigate the complexities associated with health insurance including billing and plan selection. Already being used by NYC companies like Yext, Tapad, and NewsCred, Eden Health is improving the quality of care while reducing cost through its personalized and centralized platform.
Today, AlleyWatch chats with cofounder and CEO Matt McCambridge about the company’s launch, its origin, future plans, and recent funding.
Who were your investors and how much did you raise?
We recently raised a $4M seed round, led by Greycroft Partners with participation by Point Judith Capital, Max Ventures, and 645 Ventures.
Tell us about Eden Health.
Eden Health is a personal health platform available exclusively to employers. We partner with companies to offer their employees access to our platform through their existing health insurance plan.
Through the platform, we serve as the central point to answer any and all health and insurance question that someone may have. When an employee signs up for the platform, they receive access to 24/7 digital care, same-day in-person care, specialist guidance and referrals, and insurance navigation. Best of all, it’s free for employees to use.
For employers, we serve as a hands-on extension of their benefits team – we handle employee engagement and communications, host pop-up onsite clinics and answer all benefits questions. We also provide utilization reporting and claims analysis so companies understand the value of their health care spend.
Like most people, I was drawn to healthcare through a personal experience with the healthcare system that left my family and I extremely frustrated and confused.
After hearing our story, one clinician took on the case and decided to invest the time, knowledge and resources in order to correctly diagnose and treat my family member, while walking us through every single step of the journey. That personal involvement changed my perception of what “good” healthcare could and should be – high-quality, simple and personal.
When I met my cofounder, Scott Sansovich, we both felt there was an opportunity to work with employers to change people’s perception of healthcare while facilitating a meaningful impact in the relationship between provider and patient
How is it different?
While we sometimes get compared to concierge clinics, we really consider ourselves unique given we combine multiple elements of healthcare – insurance navigation, on-site and near-site clinics, and telehealth – in one solution. We act as the first point of access for all employees when encountering the healthcare system, keeping each piece together so employees have one place to go and all of the information they need at their fingertips.
What market you are targeting and how big is it?
We’re starting in the greater NYC and NJ markets, with plans to expand to other geographic locations in the near future. We work with companies of all sizes
and any type of insurance plan, regardless if they’re part of a PEO, fully insured or self-funded.
What’s your business model?
We partner with companies that want to cut healthcare costs while providing their employees with better benefits options. Companies can sign up for the Eden Health platform at any time, without needing to change their company’s existing benefits plan.
What is the typical cost for a company with 20-50 employees to use your service?
Companies should discuss their needs with us directly. Healthcare can be complicated and you’ll want to make sure you’re covered. We will be the most valuable component of your health benefits program.
What was the funding process like?
Fundraising was time consuming. Coming from a venture capital background, I knew that we needed to have proof points and our numbers down. More importantly, there was no substitute for customers that were happy with the product.
What are the biggest challenges that you faced while raising capital?
Healthcare can be a complicated market for investors to dive into. We were fortunate to have found excellent investors who understand the problem we’re trying to solve and were dedicated to tackling it in the right way.
What factors about your business led your investors to write the check?
Investors saw us bring together a tried and tested business model with a unique product. We spoke to an immediate need of most companies in trying control health spend while providing an excellent employee experience. As we grow, there’s no ceiling on the market or the other important pieces of the healthcare system that Eden Health can impact.
What are the milestones you plan to achieve in the next six months?
At this point, we know the product works and we know there’s significant demand. It’s all about adding more employers and patients to the experience while continuing to provide more impactful experiences for patients.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
Make sure to invest in your team. They’re the most important part of your company and are the engine of future growth. It also helps to provide comprehensive healthcare.
Where do you see the company going now over the near term?
We’re expanding to other locations and geographies. Keep an eye on our website!
What’s your favorite restaurant in the city?
Westlight in Williamsburg. You can’t beat the views of New York.