SeeChange Health Reports Substantial Growth in Value-Based Businesses, Projects a 600% Increase in Revenue for 2012
1/24/2012 6:07:16 PM
Innovative Provider of Value-Based Benefit Design Solutions for Employers Achieves 250% Growth Rate in SaaS-Based Health Solutions Business and 300% Growth Rate in California Health Insurance Business
January 24, 2012 | SAN FRANCISCO, CA–(Marketwire) – SeeChange Health (www.seechangehealth.com), an innovator in value-based benefit design solutions to improve health and reduce health care costs, today announced that the company’s growth is accelerating and is on pace to exceed $50 million in revenue over the next 12 months.
SeeChange Health offers value-based benefit design solutions to meet the needs of businesses of all sizes. SeeChange Health Insurance provides value-based benefit plans to fully insured employer groups in California and is the first to bring this unique approach to small and midsize companies. SeeChange Health Insurance is now the fastest-growing health plan in the market, as brokers and employers alike are embracing the value-based model.
According to Martin Watson, chief executive officer of SeeChange Health, growth is accelerating quickly, exceeding more than 300% in January alone. He also reports SeeChange Health Insurance will soon be launching in Colorado and the company has plans to expand into four additional states over the next two years.
SeeChange Health Solutions offers the first Software as a Service (SaaS)-based turnkey solution that enables large self-funded employers and health plans nationwide to offer highly customized engagement and incentive programs that motivate employees to improve their health; and recently launched an Administrative Service Only (ASO) solution that allows SeeChange Health Solutions to directly meet increasing demands from self-funded employers now seeking to take advantage of cost controls derived from value-based benefits.
According to Watson, the company closed 2011 with a 250% growth rate in the SeeChange Health Solutions business, which recently announced they will provide services to more than 1 million members this year. Meanwhile, customers of SeeChange Health Solutions are realizing meaningful results that provide empirical proof of the value-based concept. Employers that have implemented SeeChange Health’s private-label engagement and incentive platform have experienced just a 2.3% cost trend, as compared to the 7.3% industry norm. More specifically, they are reporting 13%-18% reductions in costly claims for employees with diabetes and cardiac problems.
“We are committed to this value-based health benefits model because we believe it will save lives, keep individuals healthier and ultimately make health insurance more affordable for businesses of all sizes,” said Watson. “What we are also proving is that we have the right idea at the right time and the right people in place to execute on our vision. We have successfully moved from a small company with a big idea to a fast-growing corporate enterprise.”
“We are very excited about what 2012 has in store for us and are optimistic that we are in the process of leading a new category in the health insurance marketplace, one that has the real potential to help employers achieve that elusive goal of a healthier workforce at a lower cost,” said Watson.
About SeeChange Health
SeeChange Health is the leader in value-based benefit design solutions for employers — delivering the plans and services they are looking for to create better health and quality of life for employees, increase workforce productivity and lower their health care costs. SeeChange Health’s unique approach encourages individuals to play an active role in the management of their own health to prevent, detect and treat today’s most serious health conditions. SeeChange Health Insurance provides value-based benefit plans to fully insured employer groups — and is the first to bring this unique approach to small and midsize companies. SeeChange Health Solutions provides flexible, efficient administrative services with the proven cost-control advantages of value-based benefit designs to self-insured employers. SeeChange Health Solutions also provides the leading consumer engagement and health incentive platform to employers, health plans and third party administrators. For more information, go to www.seechangehealth.com.