Plains Ventures is proud to announce our latest investment in Medefy Health, a company revolutionizing how employees interact with their healthcare benefits. Founded in 2013 by Matt Scovil and Nathan Gilchrist, Medefy is on a mission to simplify the often-complex world of healthcare through a centralized, digital benefits navigation tool. With an emphasis on transparency, proactive guidance, and accessible care, Medefy is reshaping the healthcare benefits landscape for over 1,500 employers across the U.S.
Revolutionizing Healthcare Access
Medefy’s platform goes beyond traditional support models, offering 24/7 access to a team of real human care guides and benefits experts with an initial response time of under 60 seconds. In an industry known for long wait times and complex navigation, Medefy’s ability to provide immediate, personalized assistance sets it apart, making it easier than ever for employees to access high-quality care and make informed decisions.
“We are incredibly excited about the continued partnership with Plains Ventures, as this investment marks a significant step forward in our mission to transform access to healthcare benefits,” said Matt Scovil, CEO of Medefy Health. “Our platform is designed not only to provide employees with the guidance and tools they need to navigate their healthcare with confidence, but also to deliver clear, measurable value to employers by reducing costs, improving employee engagement, and reducing administrative burdens.”
Delivering Value to Employers and Employees Alike
By consolidating entire health plans into one mobile experience, Medefy ensures that users can find and engage with their benefits, vendors, and care programs all in one place. This all-in-one approach empowers employees to navigate their healthcare benefits with confidence, reducing costs to them and their employers.
Medefy’s platform is uniquely designed to support both employees and employers by simplifying healthcare access and reducing costs. For employers, Medefy’s solution is a powerful tool that drives efficiency, increases employee satisfaction, and reduces healthcare expenses. By providing clear, actionable guidance and reducing confusion around benefits, Medefy ensures employees make informed healthcare decisions, ultimately lowering healthcare costs and enhancing productivity. Users recognize Medefy’s dedication to customer satisfaction, as 95% of user ratings are 4 and 5 stars with an average user rating of 4.8.
Prioritizing Transparency
Navigating the complexities of modern health plans can be overwhelming, but Medefy brings unprecedented transparency to the process. By providing clear, actionable information on services and costs, Medefy helps eliminate unnecessary expenses, allowing plan members to make better healthcare choices. The platform educates users year-round about the value of their benefits, utilizing both AI capabilities and human expertise to ensure patients are well-informed, ultimately driving direct savings for employers.
Embracing Technology for Better Outcomes
With an impressive 45% average app engagement rate, Medefy’s technology drives engagement and better health outcomes. The platform directs users to high-value providers, with 94% of members who consult with a care guide receiving care from a trusted, cost-effective source. MedefyRX tackles the challenge of rising prescription drug costs, while the company’s on-demand virtual care and advanced claims analytics ensure that users have access to the right care at the right time, with clear insights into resource allocation.
A Bright Future Ahead
Plains Ventures has been a proud partner of Medefy since our initial investment in 2013. We’re thrilled to have invested again in the summer of 2024 as the company continues its trajectory of growth and innovation. The leadership team’s dedication to improving the user experience through cutting-edge technology gives us great confidence in their future.
Medefy has already garnered recognition, earning a spot on Inc. Magazine’s prestigious Inc. 5000 list of the fastest-growing private companies in America for the third year in a row.
Medefy’s continued success is bolstered by strategic partnerships with top-tier investors like Mercury Fund, Advantage Capital and Atento Capital, an affiliate of the George Kaiser Family Foundation (GKFF), further showcasing the founders’ commitment to building a resilient, growth-focused company. With a customer base that includes self-insured employers, brokers, TPAs, and enterprise groups, Medefy is well-positioned to continue its expansion and deliver even greater value to its users.
At Plains Ventures, we’re excited to continue supporting Medefy as they shape the future of healthcare benefits, providing more accessible, transparent, and efficient solutions for employees and employers alike.
