• Hymn, digital start-up K Health, and Blackstone Growth may be a joint venture focused on leveraging technology to better improve patient care and lower healthcare costs.
• Nine companies called Hydrogen Health have been in business for several years, the companies said in a press release Wednesday. K Health will use hydrogen to bring information to consumers and digital products and services.
• The financial structure of the company has not been disclosed, but the company will start a joint venture using Anthem and Blackstone. A company spokesperson declined to comment on which members had the opportunity to request/call.
Anthem first used K Health for artificial intelligence technology in 2019 and has invested tens of thousands of dollars in the platform to improve care for its more than 40 million people.
The K Health app helps clients assess the health needs of trainees by asking questions about health, age, and gender to solve health problems. Physician algorithms have been developed with millions of medical records to produce more accurate results. After a short discussion, patients learn how doctors diagnose and treat patients with similar disorders.
Diagnostic tests are free, but a one-time doctor visit costs $ 19 and unlimited telemedicine trips cost $ 9 per month.
K Health has grown since its inception in 2016, has raised $ 271 million in revenue so far, and has grown into a foundation of 4 million employees. As with other digital health initiatives, K Health is growing rapidly during the coronavirus outbreak. Chief Executive Officer Allon Bloch said in November that the company had grown 1,000% in the last year alone.
The five-year-old company focused on primary care and mental illnesses like anxiety and depression and launched K-based child care for parents in February. In addition, the company closed its aerospace partnership, announcing in November its partnership with Mayo Clinic’s largest medical facility through the Mayo Clinic Platform, a digital health and intelligence service.
In addition to Anthem, K Health operates with Maccabi Healthcare Services, Israel’s second-largest HMO with 2.4 million members.
New York-based K Health, an Anthem-funded and Blackstone-funded investment firm, plans to tackle America’s most pressing health problem: increasing budgets.
The company will develop new technologies aimed directly, directly at employers, and directly at insurers. The answer will feed into different health insurance plans, depending on the company.
Hydrogen will focus on “lower costs than other options on the market,” which should reduce drug costs, according to a press release.
While it benefits from pocket-size supporters with a long history in healthcare, Hydrogen isn’t the first player to have high hopes of using technology to lower healthcare costs. The excellent joint support between Amazon, Berkshire Hathaway, and J.P. Morgan closed in February after a three-year attempt to cut prices smoothly, underscoring the difficulty of reforming a complex insurance system.
However, unlike Haven, which focuses on disrupting insurance companies, K Health is trying to improve access to basic services. This, according to its supporters, is a key factor in reducing all costs, as well as improving the quality of care in the United States. Despite the push to improve vaccines in the United States, primary care is only a fraction of the total cost and many medical practices are being forced to close or improve, a situation that has worsened during COVID -19.
Bloch, the forerunner of the Wix website editor and who helped find the online car dealership Vroom, will also serve as the director of Hydrogen.