HealthEdge, a Burlington, Mass.-based provider of claims and benefit administration for healthcare payers, has raised $13 million from Psilos Group.
HealthEdge, the leading provider of next-generation claims and benefit administration, business intelligence and portal software products for healthcare payors, today announced that it has secured a $13 million investment commitment from Psilos Group, a leading healthcare venture capital and private equity firm.
“We believe that HealthEdge's HealthRules is the only software platform that meets the needs of today's healthcare marketplace,” said Dr. Albert Waxman, senior managing member of Psilos Group. “The legacy systems currently in use at most health plans cannot respond to the evolving consumer-focused healthcare economy which demands support for personalized benefits and complex financial transaction management. HealthEdge is uniquely positioned to provide payor organizations of all sizes the ability to quickly offer the kinds of innovative products that the market demands and to make long overdue reductions in administrative overhead. Psilos is excited to extend our support of HealthEdge as it continues to expand its products and services.”
“We are seeing unprecedented demand for our products,” remarked Rob Gillette, CEO of HealthEdge. “The healthcare payor community has now realized that a contemporary software platform, built with the next generation of healthcare in mind, is no longer a luxury, but a necessity. We are extremely pleased to have Psilos Group as our investment partner.”
HealthEdge will use the funds to increase the size of its business and to continue to invest in advanced product capabilities.
HealthEdge provides health plans, TPAs, PPOs and insurers of all sizes unique software products that enable them to compete in the new healthcare market. Payor organizations are able to pursue innovative, new strategies focused on increasing revenue, decreasing costs and improving the quality of healthcare. HealthEdge provides HealthRules(R), a next-generation, patented software platform for core administrative processes, business intelligence, and web self-service. The company is headquartered in Burlington, Massachusetts.
About Psilos Group
Psilos Group has been a successful healthcare venture capital and private equity firm since its founding in 1998. With over $500MM under management, Psilos focuses its investments across the healthcare services, healthcare information technology, and medical technology sectors. Psilos invests nationwide in businesses that are poised to create enduring market value by fundamentally improving the U.S. healthcare system. Our portfolio companies are sustainable and high-value businesses that have a demonstrated ability to reduce the costs of healthcare delivery, improve clinical quality and advance the alignment of payer, patient and provider incentives. Psilos has offices in New York, the San Francisco Bay Area and Santa Fe, New Mexico.