The insurance company intends to expand its operations to serve more than 30 states with its fully-insured offering by end of 2021
Minneapolis-based insurance provider Bind has secured $105m in a Series B funding round, to speed up its growth and expansion plans pertaining to health insurance offerings.
The company said that its new model of health insurance design will enable people to experience flexibility in health insurance, cost certainty and coverage without any deductibles or coinsurance.
Bind CEO Tony Miller said: “To break the cost curve for both employers and employees, we went all-in on building a health plan that provides the tools needed to see cost and quality comparisons, as well as treatment path options across conditions.
“And we removed unnecessary affordability barriers, like deductibles and coinsurance. Bind has proven when people have cost clarity, they buy more effective and efficient care—and that makes health care more affordable for everyone.”
Bind will use the proceeds from the funding round to expand its personalised health plan
Bind intends to use the proceeds from the funding round to speed up growth and expansion related to the personalised health plan, to be offered on a fully-insured basis to employers in Florida.
Also, the company is planning to expand its operations to serve more than 30 states with its fully-insured offering by end of 2021.
Bind is engaged in operating its self-funded Administrative Services Only (ASO) platform across the US, for employers, including Best Buy, Culligan, Lumen, and Medtronic.
Last month, the company released data, which demonstrated the superior performance of its risk-adjusted industry benchmarks, 23% reduced total cost when compared to the average benchmark and 11% less than the highly managed benchmark.
Ascension Ventures managing director Ryan Schuler said: “It has been rewarding to see Bind progress from an idea of leveraging data and technology to create a next-generation insurance design into a platform that is gaining market traction with employers, including several of our health system partners, and with members, who give the company a high Net Promoter Score for illuminating treatment paths with clear prices.”