Virgin Pulse, a healthcare customer relationship management and engagement platform, and HealthComp, a benefits and analytics platform, announced Thursday the completion of their $3 billion merger.
WHY IT MATTERS
The unified company aims to reduce healthcare costs and improve outcomes by delivering a comprehensive healthcare platform-as-a-service that they say improves member decision-making and behavior.
According to the announcement, the combined technologies, including artificial intelligence-based analytics, will:
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This results in average savings of up to $3,000 per employee per year through flexible health plan designs.
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Encourage members to return to the platform an average of six times per day with sustained engagement rates of up to 50% through concierge-level experiences.
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Reduce hospital costs by 48% for members and deliver 3:1 value-on-investment for customers through healthcare advocacy, support and navigation.
THE BIG TREND
Virgin’s Homebase for Health platform for employers integrates plan management, plan design, payments, preventive care, health navigation and digital therapeutics, while HealthComp provides concierge services, analytics and cost management.
Earlier this year, Virgin Pulse added Headspace expanded outside the US, in its AI-enabled Homebase for Health platform to provide members with access to the digital mental health application. The platform was also upgraded with workforce wellness tools and advanced social determinants of health data.
The companies announced in September that they would do so to combine to create a comprehensive employer-centric health platform that would eliminate waste, friction and avoidable risks.
“This combination with HealthComp creates a new category in healthcare that will transform the way employers tackle the dual challenges of reducing costs and improving member outcomes,” said Chris Michalak, president and CEO of Virgin Pulse. now the CEO of the combined entity, when the companies announced the deal.
ON THE RECORD
“Together we are stronger as one purpose-driven organization with the technology, talent and opportunity to revolutionize the way people interact with and navigate the healthcare ecosystem,” said Chris Michalak, CEO of Virgin Pulse and HealthComp . “This combination will deliver on the ultimate vision of the Homebase for Health platform, and I look forward to making a greater impact on the lives of millions of people.”