HealthQuest led a $20 million investment into Springbuk, the leading employer-facing health intelligence software. HealthQuest was joined in this investment by Echo Health Ventures and Lewis & Clark Ventures.
Springbuk was founded in 2015 by Rod Reasen and Phil Daniels, co-founders of the Healthiest Employers awards program, with the mission to empower employers to lower their healthcare costs by harnessing their health data. Today, over 1,000 employers use Springbuk’s software to glean actionable insights to improve their population’s health.
With this capital investment, the health analytics software company aims to identify $4 Billion in potential health cost savings by the end of 2020. To date, their software has analyzed over $7 Billion in health claims and identified over $250 Million in potential cost savings for employers. The growth and expansion include a heavy emphasis on product innovation, data operations, and investments in customer success initiatives.
The software, which has already been heralded by clients as “extremely important” and “an absolute game changer,” offers industry-leading functionality and is poised for continued enhancements in the coming year.
“The Springbuk platform has been built to solve a very large problem—the rising costs of healthcare—and this round of financing is representative of the scope of the challenge that we’ve undertaken,” said Reasen. “As someone who has spent over 20 years in the health insurance space, I believe that this platform will truly revolutionize the industry.”
Springbuk evaluated several venture capital firms, with the goal of finding strategic partners who could help realize meaningful growth and provide best-in-class thought leadership on product and infrastructure development and market characteristics.
“We had conversations with over 75 venture capital firms nationally. For us, it was all about finding partners who could help us execute our vision,” Reasen said. “By partnering with HealthQuest Capital and Echo Health Ventures, we are one step closer to accomplishing our ultimate goal of preventing disease with data.”
Springbuk’s new partners were equally complimentary. “Springbuk has proven that employers play an increasingly critical role in reducing healthcare costs. The software goes beyond historic reporting to provide HR leaders and benefit consultants with the intelligence and direction needed to tackle rising costs and improve compliance of care for today’s workforce,” commented Dr. Garheng Kong, Founder and General Partner at HealthQuest Capital.