Abett Raises $11.6 Million for Health Plan Data Management Platform
Abett has raised $11.6 million to grow its software platform that helps large employers manage and analyze health plan data.
The company’s Lockbox product helps benefits teams share, store and analyze this data, aiming to help them save costs by altering benefits, GeekWire reported Tuesday (May 21).
“Very proud to be part of an amazing team,” Abett said in a LinkedIn post that linked to the report.
Abett’s latest funding round was led by Acrew Capital and brought its total funding to $27 million, according to the report.
The company’s mission is to increase transparency in the healthcare system, according to a mission statement posted on its website.
“We believe the system can be changed, cleansed, and that sunlight is the best disinfectant,” the statement said. “That’s why we’ve created technology to expose what’s been hidden for too long — the data. And this transparency will birth accountability and the better care we all deserve.”
PYMNTS Intelligence has found that baby boomers and seniors are often overwhelmed by the complexities of health insurance coverage and have difficulties navigating the healthcare system.
Only 41% of older, insured consumers are very familiar with the products and services their health insurance covers, according to “The Digital Platform Promise: What Baby Boomers and Seniors Want from Digital Healthcare Platforms,” a PYMNTS Intelligence and Lynx collaboration.
The report also found that 39% of baby boomers and seniors said they are slightly or somewhat familiar with their health plans’ coverage, while 21% said they are only slightly or not at all familiar with what their health insurance offers.
In another recent development in the health insurance space, healthcare technology firm Zelis said in March that it introduced an in-network pricing/contract modeling service for health plans designed to help them understand and navigate claim pricing, processing and financial impacts resulting from contract changes.
In October 2023, insurance technology software company TPA Stream introduced a consolidated invoicing product for third-party administrators (TPAs). This solution allows administrators to generate a single invoice for all the services they provide, including CDH/COBRA administration, transit, cafeteria plans, medical premiums and retirement benefit fees.
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