Accolade
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| Public | |
| Traded as | Nasdaq: ACCD |
| ISIN | 🆔 |
| Industry | Healthcare |
| Founded 📆 | 2007 |
| Founders 👔 | Michael Cline, Tom Spann |
| Headquarters 🏙️ | Plymouth Meeting, Pennsylvania and Seattle, Washington |
Number of locations | 6 |
Area served 🗺️ | |
Key people | Rajeev Singh (chief executive officer); Robert Cavanaugh (president); Michael Hilton (chief innovation officer); Stephen Barnes (chief financial officer) and Shantanu Nundy (chief medical officer) |
| Services | Personalized Healthcare |
| Members | |
Number of employees | |
| 🌐 Website | https://www.accolade.com |
| 📇 Address | |
| 📞 telephone | |
Accolade is an American healthcare company co-headquartered in Plymouth Meeting, Penn. and Seattle. Primary services include technology-enabled health and benefits solutions, support from health assistants and clinicians, expert medical opinion services, and virtual primary care. Accolade was founded in 2007 and has acquired companies such as MD Insider in 2019 [1]and PlushCare[2] in 2021. It trades on the Nasdaq.
History[edit]
2007 - 2010[edit]
Accolade was founded in 2007 by Michael Cline and Tom Spann. In 2009, it launched to the public with its first customer and first member call.
2011 - 2015[edit]
Inc named Accolade one of the 100 Fastest Growing Private Companies in 2012.[3] Forbes ranked Accolade #25 on its America's 100 Most Promising Companies list in 2013.[4] In 2015, Accolade hired Chief Executive Officer and Chairman Rajeev Singh. Accolade's Chief Medical Officer and Chief Health Assistant Dr. Alan Spiro was invited to present at the 2015 America's Health Insurance Plan's Consumer and Digital Health Forum in Chicago. Dr. Spiro and Wunderman Health's Chief Marketing Officer, Lindsay Resnick, held a joint panel about the importance of communication between chief medical officers and chief marketing officers at healthcare companies.[5]
2016 - 2019[edit]
In 2016, the company added more than 750 new employees and opened a west coast office in Seattle, as well as its first international office in Prague.
In 2017, Accolade unveiled an intelligence platform and announced a mobile app to further its effort to create a personalized healthcare system.[6] "We're trying to do for healthcare consumers what companies like Amazon and Netflix have done in their respective industries where people get very different experiences that are relevant for them and valuable for them and lead to ideal outcomes," Accolade Chief Product Officer Mike Hilton said of the announcement.[7]
In November 2017, Accolade expanded its partnership with Lowe's, nearly doubling the number of Lowe's employees under its healthcare coverage.[8] "Lowe's is focused on delivering a personalized, omni-channel experience for our customers to make shopping for the home easier and more enjoyable," said Gregor Teusch, Lowe's vice president of total rewards, in a press statement. "We also want to deliver the same ease of experience and level of ease when it comes to our employees' medical care."[9]
It was another milestone year in 2018. Accolade expanded its workforce by having 1,000 internal employees. In 2019, Accolade completed its acquisition of California-based, machine learning-enabled physician performance platform, MD Insider.[10] Accolade gained access to technology which enabled its team of experts and nurses to conduct analyses on provider insights for its members.
2020 - Present[edit]
The company went public in February 2020; the stock is listed as ACCD on Nasdaq. On July 2, 2020, the company was valued at $1.2 billion. Accolade raised more than $237 million in its initial public offerings with investors that included Andreessen Horowitz, McKesson Ventures, Carrick Capital Partners, Madrona Venture Group and others.[11] Prior to the IPO, Accolade secured a $20 million investment from health insurance firm Humana as part of an ongoing partnership.[12]
In 2020, Accolade, along with other companies in a growing trend, pledged to add at least one black director to its board.[13] In February 2021, the company added Cindy R. Kent to its board, fulfilling its promise.[14]
In September 2020, Accolade announced its partnership with on-demand mental health service, Ginger (now known as Headspace Health).[15] This allowed Accolade to launch its Mental Health Integrated Care offering to its members giving them access to on-demand mental health coaching, virtual therapy and psychiatry services. In the first half of 2021, Accolade acquired telemedicine start-up 2nd.MD[16] and clinical AI company HealthReveal.[17]
Accolade acquired virtual primary care start-up PlushCare for $450 million in June 2021.[18] After the acquisition, Accolade rebranded from a navigation and advocacy company to a virtual primary care provider and Personalized Healthcare company.[19] During the rebranding, the company announced two new solutions: Accolade One and Accolade Care.[20] This followed the general trend of companies expanding both their telehealth and mental healthcare offerings following the COVID-19 pandemic. According to Business Group on Health, 87% of large employers improved mental healthcare[21] and 84% expanded virtual healthcare in 2021.[22]
Services and business model[edit]
Accolade offers a variety of services including advocacy, virtual primary care, mental health and behavioral health care, benefits navigation, expert medical opinions, complex case management and provider management.
As of 2022, Accolade has also partnered with other healthcare companies including musculoskeletal, diabetes programs, prescription savings and more. Its list of partners includes: Contigo Health, Hinge Health[23], Rx Savings Solutions[24], Virta Health[25], Vivante Health[26], Carrot Fertility[27], Sword Health[28], Picwell and Brightside.
References[edit]
- ↑ "Accolade Acquires MD Insider for Machine Learning Physician Performance". hitconsultant.net. 2019-08-05. Retrieved 2022-05-04.
- ↑ "Accolade acquires virtual primary care platform PlushCare". MobiHealthNews. 2021-04-26. Retrieved 2022-05-04.
- ↑ "Everything You Need to Know to Start and Grow Your Business". Inc.com. Retrieved 2022-05-04.
- ↑ "Accolade". Forbes. Retrieved 2022-05-04.
- ↑ "AHIP - Homepage". AHIP. Retrieved 2022-05-04.
- ↑ "The Amazon of healthcare? Accolade unveils AI platform and app that personalize healthcare assistance". GeekWire. 2017-06-13. Retrieved 2022-05-04.
- ↑ "The Amazon of healthcare? Accolade unveils AI platform and app that personalize healthcare assistance". GeekWire. 2017-06-13. Retrieved 2022-05-04.
- ↑ "Lowe's expands concierge service to full-time employees". Employee Benefit News. 2017-11-10. Retrieved 2022-05-04.
- ↑ "Lowe's expands concierge service to full-time employees". Employee Benefit News. 2017-11-10. Retrieved 2022-05-04.
- ↑ "Accolade Acquires MD Insider for Machine Learning Physician Performance". hitconsultant.net. 2019-08-05. Retrieved 2022-05-04.
- ↑ Landi, Heather (2020-07-02). "Accolade raises $220M in its IPO, and stock surges on first day of trading". Fierce Healthcare. Retrieved 2022-05-04.
- ↑ "Health tech company Accolade goes public at $1.2B valuation in Seattle's first IPO of 2020". GeekWire. 2020-07-02. Retrieved 2022-05-04.
- ↑ "Companies pledge to add at least 1 Black director to board". AP NEWS. 2020-09-09. Retrieved 2022-05-04.
- ↑ savoystaff (2021-01-27). "Accolade Welcomes Cindy R. Kent to its Board of Directors". Savoy. Retrieved 2022-05-04.
- ↑ Yedinak, John (2020-09-17). "Accolade and Ginger To Integrate Mental, Physical Healthcare Through New Offering". Behavioral Health Business. Retrieved 2022-05-04.
- ↑ Son, Hugh (2021-01-14). "Healthtech firm Accolade is buying telemedicine start-up 2nd.MD for $460 million, sources say". CNBC. Retrieved 2022-05-04.
- ↑ "HealthReveal". Greycroft. Retrieved 2022-05-04.
- ↑ "Accolade acquires virtual primary care platform PlushCare". MobiHealthNews. 2021-04-26. Retrieved 2022-05-04.
- ↑ Landi, Heather (2021-04-23). "Accolade plans to acquire virtual primary care provider PlushCare in a $450M stock and cash deal". Fierce Healthcare. Retrieved 2022-05-04.
- ↑ "Accolade doubles down on personalized mental health services with new offerings". GeekWire. 2021-09-22. Retrieved 2022-05-04.
- ↑ "2022 Large Employers' Health Care Strategy and Plan Design Survey". www.businessgrouphealth.org. Retrieved 2022-05-04.
- ↑ "2022 Large Employers' Health Care Strategy and Plan Design Survey". www.businessgrouphealth.org. Retrieved 2022-05-04.
- ↑ "Hinge Health announces 4 new partners in healthcare innovation". www.hingehealth.com. Retrieved 2022-05-04.
- ↑ "Personalized Healthcare Evolves Around Partnerships". Rx Savings Solutions. 2021-10-21. Retrieved 2022-05-04.
- ↑ "Virta Health Partners with Accolade to Expand Access to Type 2 Diabetes Reversal Treatment". Virta Health. 2022-02-28. Retrieved 2022-05-04.
- ↑ Health, Vivante. "Vivante Health Joins Accolade Trusted Supplier Program". www.prnewswire.com. Retrieved 2022-05-04.
- ↑ "Accolade Welcomes Carrot Fertility to the Trusted Supplier Program". TecHR. 2021-07-23. Retrieved 2022-05-04.
- ↑ "WTF Health: Accolade Navigates Itself into New Territory: CEO on Personalized Healthcare & Tech Infrastructure". The Health Care Blog. 2021-11-30. Retrieved 2022-05-04.
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