Maxwell Health Raises $2MM Series A Financing to Help Small Companies Radically Simplify HR Administration, Incentivize Employee Health and Lower Health Care Costs
NEW YORK and CAMBRIDGE, Mass., August 5, 2013-- Maxwell Health (maxwellhealth.com), a human resources platform that manages benefits and promotes employee health, today announced a $2 million Series A funding round led by Tribeca Venture Partners, with participation from Lerer Ventures, Vaizra Investments, BoxGroup, and additional New York and Boston-based investors, including TiE Angels.
Maxwell Health, available nationwide, is a no cost, user-friendly SaaS platform and concierge service for businesses to help them set up and manage their employee health plans, benefits and payroll. The company has an innovative two-pronged approach to lowering health care costs by empowering organizations and employees to have greater selection of and control over their health plans, and by introducing creative incentives to foster employee health. In addition, with the Affordable Care Act creating more choice – as well as more regulations – Maxwell Health can assist employers and employees in navigating the changing health care landscape.
"Maxwell Health is a big-picture solution for companies wanting to eliminate the enormous burden of HR administration, reduce health care costs and increase employee wellbeing," said Veer Gidwaney, co-founder and CEO of Maxwell Health. "We fuse the best of technology and human expertise to manage the full range of employee benefits. Our platform is centered around engaging tools that promote employee health and make peoples' lives easier, including a concierge service to answer even the thorniest of questions employers and employees may have about their health plans and benefits."
Maxwell Health works with businesses to set up, optimize and manage private health care exchanges, empowering employees to choose the benefits that are best for them. The service has an easy-to-use portal that lets companies and employees manage their full range of benefits, including medical, dental, vision, life, disability, COBRA administration, HRA/HSA, FSA and 401(k). Maxwell Health simplifies the process of managing new and departing employees, and its real-time dashboard enables benefits administrators to easily track employee engagement and company spending. The service also enables companies with existing health and benefits plans to seamlessly sync them onto Maxwell Health's platform without making any adjustments to their insurance setup.
Maxwell Health's innovative concierge serves as an informed, unbiased advisor available to recommend physicians, fix billing errors, schedule appointments, compare prescription prices and more. A mobile app makes it convenient for employees to access the concierge service and manage all their benefits.
Employee wellness is central to Maxwell Health's mission. The service enables companies to use incentives, challenges and fitness devices to engage employees and to help them stay healthy. Employers can easily fund rewards for hitting health targets that employees can redeem at a number of high-profile retailers.
"Maxwell Health seeks to disrupt our archaic health system by advancing the 'Triple Aim' of better health, superior health care and lower costs," said Amitabh Chandra, economist and Professor of Public Policy at Harvard University and advisor to Maxwell Health. "Everyone wants more health care options, but it's critically important to be able to make sense of them all, which is why Maxwell Health can play a key role in enabling people to make better choices. More people making better choices will bend the cost curve. And by encouraging employees to be healthier and happier, Maxwell Health can also have a huge impact on a company's bottom line."
Maxwell Health is able to provide its service to businesses at no cost by receiving commissions from insurance companies. Brokers seeking to implement a technology solution to manage benefits on behalf of their clients can also use Maxwell Health's platform.
Said Chip Meakem, managing partner at Tribeca Venture Partners: "Maxwell Health is aimed at the core of what's ailing the American health care system: we spend far too much and get far too little, and prevention is too often just an afterthought. Maxwell not only alleviates the day-to-day HR headaches that company founders, CFOs, and HR personnel have to deal with, but it also plays an important role in getting us closer to a healthier society with a more cost-effective health care system."
About Maxwell Health:
Based in New York, NY, and Cambridge, MA, Maxwell Health (maxwellhealth.com) is an innovative human resources platform that manages benefits and promotes employee health. The company combines a SaaS platform and a concierge service to simplify benefits, reduce insurance costs and improve employee health.
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