Picwell raises another $3M to help users pick the right health insurance


Picwell has raised another $3 million for its health insurance decision support system, according to a Form D filing with the SEC. The funds come on the heels of the $4 million Series A that was completed in July of this year.

Picwell offers services through partnerships with retail pharmacies, payers, self-insured employers, exchanges and brokers. Its software uses predictive analytics to provide individuals with the right plan based on answers to questions covering projected costs, risk tolerance, lifestyle preferences and behavioral patterns. On the other hand, Human Resources professionals benefit from Picwell’s tool that seeks to optimize subsidies that companies provide employees using specific goals such as minimizing costs or improving employee welfare. It also provides consulting services to its clients, claiming that the service can help save customers 20 percent of their total healthcare spending.

Picwell says its service can help save customers 20 percent of their total healthcare spending.Among Picwell’s venture investors are MassMutual Ventures and Osage University Partners, as well as few notable angels, including: Trevor Fetter, the chairman and CEO of Tenet Healthcare; Paul Kusserow, CEO of Amedisys, and former chief strategy officer of Humana and senior vice president of corporate strategy and ventures of Tenet Healthcare; and Bruce Perkins, Humana’s former president of health and well-being services.

Other startups fighting for the space in the health insurance literacy market include Stride Health, Sherpaa, Lumity, and HoneyInsured.

[Via: MedCityNews]