Medicare is an integral part of the American healthcare system. In 2020, 62 million people were enrolled in Medicare, which is over 18 percent of all people living in the US. By design, Medicare covers the portion of the population for whom medical insurance is critically important – those over 65 or with disabilities.But Medicare is also extremely confusing – and not just for consumers. On the consumer side, just choosing a plan is daunting. Those eligible have to sift through a growing number of options, with hundreds of variables. Then, after enrollment, many consumers don’t know how to utilize the plan benefits properly.
Navigating the system is equally complicated for carriers and agents. On the carrier side, reimbursements are shifting from quantity- to value-based care and are increasingly influenced by Star ratings and HEDIS measures. Additionally, missing patient data results in lost revenue. For agents, generating leads to sell policies is challenging enough. Many agents also lack the scale to distribute through the optimal carriers, so have limited options to offer. Overall, this means that the sales process is highly manual and very slow.
Balancing this against the aging population in the US (Medicare enrollment for the 65+ has increased by 35 percent in the last 10 years), it was clear to us at Anthemis that there was a massive opportunity, and a social imperative, to modernize Medicare.
EasyHealth is an innovative agency paired with a digital platform, which is positioned to solve these challenges for all three groups. On the consumer side, EasyHealth’s platform not only helps consumers choose the right plan, ultimately saving them money, but also uses data to optimize plan benefits. By collecting accurate data on patient satisfaction, EasyHealth helps the carriers capture NPS ratings, increasing revenue and retention. Finally, on the agent side, the EasyHealth platform optimizes sales activity and efficiency by allowing agents to leverage options from multiple carriers, and surface the best policy choices for customers instantly.
When we met the EasyHealth founding team – CEO David Duel and COO Aaron Schiff ( who we had the pleasure of working closely with at another Anthemis portfolio company he co-founded) – we were immediately drawn to their approach. Firstly, they were building a mission-led organization with the goal of creating ease, access and simplicity for a population whose decisions at these junctures could have life-and-death implications. They had passion, conviction and enthusiasm for improving the health of their customers, which resonated deeply with our own focus on creating virtuous cycle outcomes.
Secondly, they understood that, to succeed, they would have to embed the tech, data and finance behind a human frontline. From day one, the EasyHealth platform and business model have been built around simplifying the agent-customer relationship. Their tech is undoubtedly impressive, the data they surface is game-changing, and their innovative approach to financing organic and inorganic growth is yielding massive results. But, at the end of the day, it’s all in the service of making Medicare work better for members, agents and healthcare providers.
So, we were thrilled to lead EasyHealth’s Series A, and to work closely with David, Aaron and the entire team to expand their efforts and realize their mission to improve health outcomes.