Humana Expands Partnership with Accolade
Strategic Investment from Humana Designed to Strengthen and Expand the Integrated Offering from Accolade and Humana
SEATTLE and LOUISVILLE, Ky., Oct. 10, 2019 /PRNewswire/ -- Accolade and Humana Inc. (NYSE: HUM) announced today an expansion of their existing partnership that includes a $20 million strategic investment from Humana. The investment comes as Humana affirms its commitment to advance member engagement within its offerings for commercial employer groups, leveraging Accolade to strengthen its consumer-optimized health platform.
Humana and Accolade first announced their partnership in March 2019, where both companies agreed to integrate their capabilities to create a differentiated healthcare and benefits experience for individuals and their employers. The companies are expanding their partnership agreement as they continue to create personalized and simplified member experiences and leverage new opportunities around solution flexibility, service delivery, partner integration, and economic value in healthcare.
Specifically, the strategic investment will allow the two organizations to tailor the Humana with Accolade solution for a broader base of fully-insured and ASO prospects and clients. The investment will enable robust integrations and seamless engagement options that make it easy for new members to access convenient and affordable care. Humana and Accolade will also significantly expand geographies in 2020 and beyond, while building out the teams needed to support product and market expansion.
"Accolade is doing highly unique work in the healthcare space, as their connected platform and personalized service create impressive member satisfaction and value for employers," said Chris Hunter, president of Humana's Group and Military Segment. "Given our existing relationship, we see the opportunity for Accolade to emerge as a key element of the value proposition for Humana's employer group business, further enhancing the benefits of the service to our joint customers and their members."
Humana with Accolade Advantage
Humana recognizes the value of a strengthened relationship with Accolade based on the Accolade service model, supported by an advanced machine learning and intelligence engine that produces highly personalized services across an entire member population. With dedicated Health Assistants and Clinicians, mobile and online messaging, a fully integrated benefits center, member activation campaigns, and intelligent insights, Accolade shows an increase in program utilization among its members. Accolade achieves measurable member satisfaction and cost savings for its employer customers, while reducing complexity, time and waste.
Humana with Accolade brings employers and their health plan members the benefit of Humana's provider networks and innovative medical, dental, pharmacy, Employee Assistance Program (EAP), Work-life Services, and Go365 wellness reward program capabilities, together with Accolade's robust member engagement services and integrated health and benefits partner programs. With a mission to dramatically improve member engagement, experience, outcomes and costs in healthcare, Humana with Accolade leverages an open and intelligent platform and a personalized advocacy solution to create a whole person, whole population health offering for its self-funded employer clients, their employees and families.
"Humana has been a supportive and successful partner from day one, and we're happy to extend our relationship to a level that more deeply aligns our vision and supports our product and service delivery in exciting ways," said Rajeev Singh, Accolade CEO. "We have long seen the value of industry collaboration, leveraging people-centric innovation, and Humana is a model in the industry with their approach for how companies can align for mutual benefit and success."
Humana with Accolade is currently available in the Milwaukee, Wis., and Cincinnati, Ohio, areas. For more information on Humana with Accolade or to see a demonstration of their shared solution, please contact [email protected].
SVB Leerink LLC served as exclusive financial advisor to Humana in connection with the transaction.
About Accolade
Accolade is a leader in personalized health and benefits solutions that dramatically improves the experience, outcomes and cost of healthcare for employers, health plans and their members. With a unique blend of compassionate advisors, clinical experts and intelligent technologies, we engage individuals and families in their health, establish trust, and influence their decisions at every stage of care. Accolade connects the widest array of personal health data and programs to present a single point of entry to the most effective health and benefits resources, while coordinating with providers at every step. Accolade consistently achieves 60 and higher Net Promoter Scores, 98% consumer satisfaction ratings, and up to 15% employer cost savings. Accolade has been recognized as one of the nation's 25 most promising companies by Forbes, a fastest-growing private healthcare company by Inc. 5000, and is consistently rated a Top Workplace across the country. For more information, visit www.accolade.com.
About Humana
Humana Inc. is committed to helping our millions of medical and specialty members achieve their best health. Our successful history in care delivery and health plan administration is helping us create a new kind of integrated care with the power to improve health and well-being and lower costs. Our efforts are leading to a better quality of life for people with Medicare, families, individuals, military service personnel, and communities at large.
To accomplish that, we support physicians and other health care professionals as they work to deliver the right care in the right place for their patients, our members. Our range of clinical capabilities, resources and tools – such as in-home care, behavioral health, pharmacy services, data analytics and wellness solutions – combine to produce a simplified experience that makes health care easier to navigate and more effective.
More information regarding Humana is available to investors via the Investor Relations page of the company's web site at www.humana.com, including copies of:
- Annual reports to stockholders
- Securities and Exchange Commission filings
- Most recent investor conference presentations
- Quarterly earnings news releases and conference calls
- Calendar of events
- Corporate Governance information
SOURCE Accolade
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