Medefy Health Raises $10 million in Series A Funding

Medefy Health, a mobile-first platform dedicated to enhancing the employee health benefits experience through real-time guidance, announced today that it has secured $10 million in Series A funding led by Mercury Fund, with participation from Advantage Capital. This new funding will empower Medefy to further refine its technology platform and artificial intelligence capabilities to operate more efficiently at scale.

Founded in 2018 by Matt Scovil and Nathan Gilchrist, Medefy simplifies how employees engage with their health benefits plan. Their centralized platform assists employees in identifying high-quality care at reasonable costs through personalized, proactive guidance. Utilizing a chat-based interface, Medefy engages health plan members via multi-channel outreach, connecting them with a team of 24/7 real human care guides and benefits experts, with an average initial response time of under 60 seconds. This service replaces traditional, unreliable phone support lines. Additionally, the platform consolidates the company’s overall health plan into one mobile experience, thereby increasing member usage of other vendors, benefits, and programs.

Matt Scovil, Co-Founder and CEO of Medefy, emphasized the importance of human connection in healthcare decision-making, stating, “There is an inherently human element to healthcare, and it is more important than ever to connect employees with real human experts as they determine how to make the best, most cost-effective healthcare decisions.” Scovil expressed gratitude to investors and partners for supporting Medefy’s mission to deliver significant healthcare cost savings to patients and businesses.

Currently serving over 1,500 employers and their members across the U.S., including self-insured employers, insurance brokers, benefits advisors, TPAs, and enterprise groups, Medefy has received recognition for its growth and impact. Recently ranked #288 on Inc. Magazine’s prestigious Inc. 5000 list, the company was also honored with the Oklahoma Venture Forum’s Venture of the Year Award in 2022. Positive user feedback in the App Stores and internal-app and white label reviews reflects Medefy’s commitment to excellence, with an average rating of 4.9.

Heath Bulter, Venture Partner at Mercury, highlighted the challenges faced by enterprises and employees in navigating complex healthcare plans, praising Medefy’s centralized benefits navigation solution. He expressed pride in supporting Medefy’s mission to maximize the value of employee benefits plans.

Medefy’s expansion aligns with the broader movement towards transparent healthcare policies in the U.S. As organizations seek solutions to comply with regulations like the Transparency in Coverage Rule, Medefy aims to enhance cost estimates and provide expert guidance in navigating the evolving healthcare landscape.

Nathan Gilchrist, Co-Founder and COO of Medefy, emphasized the company’s commitment to expanding its offerings and reaching more employees and employers. Through this funding, Medefy aims to address rising healthcare costs and improve the quality of support provided to both employees and employers.