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Toronto, May 11 (Canadian-Media): Founded in 2013, Artemis Health, a Salt Lake City, Utah-based maker of data analytics tools to help benefit managers, currently serves more than 20 large employers and covers more than a million lives, announced had been able to raise $8.3 million in a new round of funding led by Maverick Ventures, media reports said.
Existing investors had also contributed to this fund which would help managers understand the channel through which their money, with regards to health benefits, was going and how they could use the system more efficiently, MobiHealthNews reports said.
“Data is at the heart of business decision making, but employers struggle to access actionable, up-to-date data on what they spend on employee healthcare,” Grant Gordon, CEO of Artemis Health, said in a statement. “We’ve been busy putting this funding to work to grow our incredible team, reach more clients, make the Artemis Platform more powerful, and ensure that our customers can easily capture the value in their data. We’re well-positioned to lead the complex work of reducing healthcare costs for employers and employees.”
This innovative feature is set up as a series of apps to be used in a four-step process. An app called Actionable Overspending would be used by users first to find out the biggest areas of waste in their current employee benefit model.
This data can also be shared with anyone else in the company using other apps.
Yet another app gives suggests the ways to decrease healthcare spending, such as telemedicine programs.
Finally, by tracking the performance of these programs the users would be able to if the supposed saving was being generated by this program.
Artemis Health also announced addition of two new members to its board: Ashok Subramanian, former co-founder and CEO of Liazon and the head of the Group Exchange business at Willis Towers Watson, and Ambar Bhattacharyya, managing director at Maverick Ventures.
“We invested in Artemis because it gives benefit managers and brokers an elegant, easy-to-use platform that helps them identify areas of overspending, quickly take action, and evaluate the potential of future benefits offerings,” Bhattacharyya stated. “Benefit managers are inundated with choice, and Artemis allows them to determine the ROI of the programs that are actually working. The reaction has been overwhelming; the customer satisfaction is off the charts.”
(Reporting by Asha Bajaj)