BeneStream has raised USD4.26 million a a series A funding round with commitments from health insurance industry investors and existing investors.
BeneStream is a health technology company that connects qualified employees to government health benefits, saving their employers the cost of insuring those employees. The company is currently working with more than half of the top 10 largest brokerages in the country.
“Our series A financing is led by health insurance professionals who understand the need for a product that reduces the overall cost of health insurance to businesses while increasing employee access to health benefits,” says Ben Geyerhahn (pictured), CEO and Founder. “With this round of funding, BeneStream will deepen its broker partner networks as well as begin to expand its relationships among companies that process the Work Opportunity Tax Credit (WOTC).”
BeneStream’s process moves eligible employees onto free government sponsored health insurance and is proven to deliver cost savings as a component of a healthcare package for qualified companies. The process utilises the Medicaid expansion portion of the ACA which was designed to help employers save and provide employees with quality insurance through Medicaid enrolment.
"I am thrilled to join BeneStream's board as Chairman. Enrolling eligible workers in Medicaid will become an industry standard best practice for businesses to manage their healthcare costs. BeneStream created the market and will lead it," says Michael Sachs, who led the Series A round with his firm TLSG Investments, LLC, and who will join and chair the BeneStream board. Sachs was co-founder of bSwift, recently acquired by Aetna, Inc, and is a veteran health care executive who brings substantial experience to the board. Sachs is a pioneer in the healthcare analytics field, founding several companies in the area, and most recently selling Sg2, LLC to MedAssets, Inc.
