BeneStream is a healthcare technology company that connects qualified staff to government health benefits through its signature product, Medicaid Migration. The process helps workers gain access to affordable, quality health coverage and other benefits. The company raised a total of $2 million from BlueCross BlueShield Venture Partners and Sandbox Advantage Fund, bringing the total Series A round to $6 million. 26 million dollars
‘This investment by BlueCross BlueShield Venture Partners and the Sandbox Advantage Fund shows that health insurance companies understand the importance of Medicaid enrollment as a strategy for managing the overall cost of health insurance for businesses while increasing access to health benefits for employees,’ said Ben Geyerhahn, CEO and Co-Founder. ‘We look forward to working with Blue Cross Blue Shield Venture Partners and their limited partners to support our efforts to seek national distribution. ”
The BeneStream process informs employees if they qualify for government-sponsored health insurance and is proven to deliver cost savings as part of a health insurance package to qualified companies. The process uses the Medicaid expansion section of the Affordable Care Act (ACA), which makes access to health care more affordable for many employees and their families who have not previously been eligible.
‘I’m excited to join the BeneStream Board as the team deals with a key piece of the benefits puzzle. The company is emerging as a market leader to inform employees of the benefits to which they are qualified. BeneStream is also well positioned to capitalize on the opportunities emerging from further expansion of Medicaid and the spread of Managed Medicaid,” said Anna Haghgooie, Managing Director of Sandbox Industries, who will represent BlueCross BlueShield Venture Partners on the Board of Directors.
The round was led by Michael Sachs, now Chairman of the Board of BeneStream, and his firm TLSG Investments, LLC. Haghgooie joins the existing board members Julius Mokrauer and Kevin Hill. Mokrauer is Investment Manager for Serious Change Investments LP, led by BeneStream’s Seed Investment Round Hill is a former TEU of Oxford Health Plans and CEO of the Northeast Division of United Healthcare. He has served as an advisor, board member, or chair of a number of VC-supported entities, including Liazon, HealthPlanOne, Symbiosis Health, Picwell and CheckPointHR.
Other Series A investors include Kapor Capital and Relativity Healthcare Partners as well as Serious Change, LP, Kevin Hill, Martin Babinec, ARC Angel and George V. Duckzak
A complete list of members of the BeneStream Board can be found at http://benestream. Com/approximately/
ABOUT BENESTREAM-The Medicaid Migration Company
BeneStream provides innovative, cost-saving products and services to businesses by linking their qualified staff to government benefits. The company’s exclusive product, Medicaid Migration, informs employees if they are eligible for government-sponsored health insurance. The BeneStream Health Insurance Broker Partner Network comprises more than half of the nation’s leading brokerages. In addition, BeneStream is a partner in a growing list of nation-leading business opportunity tax credit (WOTC) processors.
The founders of BeneStream started the business with a grant from the Ford Foundation and with the support of Stax Inc. ‘S Dev Co’ With this support, the company developed its value proposition and core business model in time to meet the demand created by fully implementing the Affordable Care Act.
Watch the video of the BeneStream Explainer
BLUECROSS BLUESHIELD VENTURE PARTNERS
BlueCross BlueShield Venture Partners, P: P It is a corporate venture fund licensed by the Blue Cross and Blue Shield Association, an association of independent Blue Cross and Blue Shield companies. The Fund is investing in promising emerging companies of strategic relevance to Blue Cross and Blue Shield Plans. Sandbox Industries is the exclusive provider of investment management services for BlueCross BlueShield Venture Partners. Please visit www for more information. bccbsvp Come on,
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