With revenue growth over 230%, as well as awards from Fast Company and Inc. magazines among others, 2013 proves remarkable year for company focused on improving health outcomes
SAN FRANCISCO, Jan. 14, 2014 /PRNewswire/ — On December 31st SeeChange Health, closed an enviable year growing revenues over 230% in 2013. At the same time the company and its leadership were recognized by Fast Company magazine, Inc. magazine, Goldman Sachs and the W.K. Kellogg Foundation.
SeeChange Health has two fully owned subsidiaries, SeeChange Health Solutions and SeeChange Health Insurance.
SeeChange Health Solutions offers Software as a Service (SaaS) platform to employers and health plans, delivering clinical and behavioral economic-based solutions that improve health and lower healthcare costs. In 2013, SeeChange Health Solutions grew its paid membership to 1.4 million. The company launched a series of new initiatives in 2013, including unveiling a next generation, value-based care planning product that integrates with a variety of third-party pricing transparency tools. Research published last year reported significant improvements in critical biometric measures, a 15% reduction in hospital admits, and a reduction in hospital readmissions of over 50%.
SeeChange Health Insurance offers medical coverage to small and midsize groups in California and Colorado. In 2013, the company increased revenues by nearly 300% to over $120 million and its insured membership by more than 170% from the previous year. SeeChange Health Insurance incorporates the SeeChange Health Solutions platform in its entire product offerings, which enabled it to assist thousands of members uncover and better manage chronic health conditions such as diabetes, heart disease and asthma.
SeeChange Health's unique and disruptive approach to health care and medical insurance won it widespread recognition. The company placed number 20 on Fast Company's "World's 50 Most Innovative Companies 2013" and ranked 857th on the Inc. 5000 list maintained byInc. magazine. SeeChange Health's "What Are Value-Based Benefits?" video was named the Best Insurance Online Video in their Internet Advertising Competition and the company's CEO, Martin Watson, was recognized by Goldman Sachs as one of the "Most Intriguing Entrepreneurs of 2013." Also in 2013 the W.K. Kellogg Foundation invested in SeeChange Health in furtherance of the foundation's commitment to improving the health and well-being of vulnerable children and families.
"Our accomplishments in 2013 reflect the hard work and passion of the effective and committed team we've assembled at SeeChange Health," said CEO Martin. "But we're not looking backward. 2014 will be a breakthrough year for the company. Both companies have a robust pipeline of innovative product solutions that will be deployed into the marketplace and tangibly improve the health of our members. These efforts will result in continued trends of topline revenue growth, increased membership and profitability."
Watson sees continued growth for SeeChange Health in 2014 and beyond. "SeeChange Health Solutions will leverage our experience to expand into emerging markets. SeeChange Health Insurance will build on their success offering fully-insured health plans in California and Colorado and will launch a portfolio of creative self-insured products in 2014."
"Our track record has been encouraging and the recognitions rewarding," Martin added. "But our best years lie ahead and we're excited about seizing the opportunities it provides us."
About SeeChange Health
SeeChange Health delivers plans, technology and services aimed at creating better health and lowering health care costs by encouraging individuals to play an active role in managing their health to prevent, detect and treat serious health conditions. SeeChange Health Solutions provides clinical and behavioral economic based solutions that improve health and deliver returns to employers and health plans. SeeChange Health Insurance provides PPO plans delivering improved health outcome to employer groups in California and Colorado. For more information, please visit www.SeeChangeHealth.com
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