The pandemic has been a boon for healthcare giants, especially those who use personalized health tech to ensure savings for employers. Crossover Health, founded in 2010, seeks to provide personalized care to employees within a workforce to keep them healthy and motivated. They use a digital-first model and monitor populations, offering preventative screenings and assistance with behavior changes.
Major companies including Amazon, Microsoft, Square, Facebook and Apple use Crossover Health for their employee health plans. In fact, in the middle of 2020, they announced that they would be opening clinics near Amazon fulfilment centers to cater exclusively to Amazon warehouse employees and their families. Crossover Health’s success has been due largely to its projected savings to employers through better health outcomes with fewer urgent care visits.
As the pandemic has exposed how much motivation affects work, personalized, virtual healthcare could be essential to the future of business operations – especially that which includes a mental health component. That begs the question, when will Crossover Health, a behemoth of its industry, go public via IPO?
According to Pitchbook, Crossover Health, a Series C company, received a $92M investment in 2016, and currently has 3 investors. In 2019, they acquired Sherpaa, an $8M company that connected employees with doctors and insurance guides.
Their diverse leadership team includes co-founders Scott Shreeve, CEO, Nate Murray, COO, and Richard Patragnoni, Chief Medical Officer, who have decades of combined experience working in the healthcare industry. Crossover Health’s main competitors include Duet Health and Alignment Healthcare, both of which work heavily on healthcare technology initiatives. Alignment Healthcare filed for a $100M IPO earlier this month.
Crossover Health’s approach to healthcare of monitoring patients to keep them healthy and save employers money in the long run seems to be the trajectory for the industry. The personalized approach, monitoring of wearable devices and telehealth options appeal to consumers who have become wary of visiting doctors offices and hospitals for fear of catching the coronavirus.
The Amazon announcement was major, not only because of Amazon’s poor track record on employee treatment, but also because other companies are looking to Amazon’s leadership as one of the highest valued companies in the world. Businesses trust that Amazon will find how to save on costs, and Amazon trusts Crossover Health to do that.
If Crossover Health were to file an IPO in the near future, it would likely be strong, as they have acquired millions in funding, continued to grow, and have shown an estimated $100M+ in revenue. Crossover Health did not respond to a request from Grit Daily to comment about plans to file an IPO in the near future. The company did not immediately respond to Grit Daily’s request for comment.