Product

Integrations in the healthcare industry are broken. Out-of-pocket claims and reimbursement processes make it a pain for users and healthcare providers. Couple that with the competitive pressure from digital health players, larger health insurers are constantly looking at ways to better understand their users and offer a personalised experience.

Currently it takes up to 12 months for a health insurer to onboard a new provider, delayed by digital integrations and clinical vetting. Also, they lack transparency over how their users are availing the different health providers.

The lack of integration means health insurers have slow and costly processes to onboard new providers, and do not have the necessary user data to improve their offering.

HealthKey is an API-first platform that allows digital health companies to be accepted by large payers (e.g. health insurers, employers).

Pay - Integrate directly with healthcare providers as a payment option and automatically split payments with no reimbursement process needed

Integrate - Provide simple and easy-to-use integrations for health insurers to connect to a growing network of providers

Data - Health payers get access to how their end users are interacting with providers

Founder

David Joerring, Co-Founder & CEO - Previously senior operations and commercial manager at Thriva Health and consultant at BCG. BA, LLB, LLM - Philosophy and Law, University of Copenhagen

Tudor Cotop, Co-Founder & CTO - Previously engineering manager at Seedlegals and head of product development at Pirean (acquired by Exostar). BSc - Computer Science, Babeș-Bolyai University

Spotlight Analysis

Strengths

• Commercial partnership: strong traction with leading UK insurer (Aviva) and pilot rollout to individual and commercial customers

• Network effects: as the number of health insurers and providers increases, the value of the API grows

• Long-term moat: the aggregation of health and payment data will allow it to offer data-driven personalised recommendations

Weaknesses

• Long sales cycle: the GTM strategy is hindered by incredibly long sales processes to onboard health insurers

• Demand sentiment: large payers are likely to reduce spending on non-essential health providers during recessionary periods

Market

Thatch - Raised $5.6M seed round from a16z and Google Ventures in February 2023

Hi.Health - Raised €6m seed round from Speedinvest and others in January 2023

Key Details

Year founded: 2023

Summary: HealthKey is an API-first platform that allows digital health companies to be accepted by large payers (e.g. health insurers, employers).

Raised to date: £250k pre-seed round

Currently raising: Raising £2m with 50% committed

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