BLOOMINGTON, Ind. (Inside INdiana Business) — Bloomington-based Advise Health Holdings, which helps senior citizens steer through the maze of Medicare offerings, has completed its first round of capital funding totaling $100 million.
The company says the investment will allow it to add approximately 550 employees over the next 12 months as it expands to more states, 150 of which will be in Indiana.
The Medicare-licensed agency says it is currently in 20 markets in 12 states, but the new capital will allow it to expand to about 100 markets across 40 states over the next two years.
“Our team advocates for patients in helping them find the right Medicare plan with the ability to continue seeing their preferred doctor,” said Sherman Rogers, chief executive officer and co-founder of Advise Health Holdings.
The investment was led by Oak HC/FT, a venture growth equity fund based in Connecticut. The investment group focuses on healthcare information products and financial services technology.
Advise helps Medicare-eligible customers to compare and select health insurance plans from the different providers of Medicare.
The company, which launched in 2018, says it will also use the funding to further scale the technology that supports and engages with patients.
“We need innovative solutions that make it easier and more convenient to find the right Medicare plan,” said Annie Lamont, co-founder and managing partner at Oak HC/FT. “With Advise, patients are able to confidently find the right health insurance plan that allows continued access to their primary care physician.”
Rogers is also the founder of Bloomington-based Bloom Insurance which he launched in 2007.