Discover how Hive Health is using $6.5M in new funding to enhance HMO solutions for SMEs in the Philippines, ensuring better access to quality healthcare!

PRESS RELEASE

Hive Health raises US$6.5m to transform the HMO experience for more SMEs in the Philippines

Manila, Philippines – Hive Health, a digital health insurance company, raised US$6.5m in Pre-Series A funding to transform healthcare access for more SMEs in the Philippines.

Key investors of the fundraise included Sy family-backed Gentree Fund and global VC firm BEENEXT. Other institutional investors include Y Combinator, The Graduate Syndicate, Amasia, and Oak Drive Ventures. Angel investors include David Wells (former CFO of Netflix and the Chairman of Wise), Lee Kheng Nam (former Deputy Chairman of Temasek subsidiary Vertex Holding), Natasha Reyes (former owner of HMO HPPI), and Dr. Edwin Mercado (founder of one of the largest healthcare systems in the Philippines now part of the Healthway Qualimed network).

“We see immense potential in Hive Health’s innovative approach to transforming healthcare for SMEs. Leveraging our extensive local consumer knowledge and operational expertise, we are confident in Hive Health’s ability to cement its market leadership in the SME space and drive significant positive change in the Philippine market. We are excited to support their journey,” said Mark Sng, representing the third-generation SM conglomerate Sy family’s Gentree Fund.

“From the first time we met, I’ve seen how Hive Health has consistently executed on their vision of transforming the way healthcare is experienced by building a full-stack health insurtech company. The BEENEXT team, with our global experience spanning health insurtech and other industries, is excited to support their next phase of growth. We believe that they can create a legendary long-lasting company,” said Dirk van Quaquebeke, Managing Partner at BEENEXT.

Hive Health’s CEO and Co-Founder Camille Ang notes: “We’ve validated that SMEs love what we’ve built and now we want to reach more lives by accelerating our penetration of the underserved SME market in the Philippines. The fresh funds will help us grow our superstar mission-driven team and invest in our technology platform and operations to further elevate the patient and employer experience.” In addition, Hive Health will be expanding its already extensive nationwide network to more healthcare providers, including those in more remote areas of the country. 

TRANSFORMING HEALTHCARE ACCESS

Founded at Harvard and Stanford Universities in 2021, Hive Health is a full-stack digital health insurer offering hassle-free, comprehensive HMO health plans for SMEs and startups, encompassing outpatient, inpatient, emergency, and dental care through an extensive nationwide network of 1,700 hospitals and clinics, and over 60,000 doctors across locations. Prior to this raise, Hive Health made history by being the first startup to acquire one of the pioneering Health Maintenance Organization (HMO) insurance companies in the Philippines, Health Plan Philippines, Inc. (HPPI), securing a full insurance license and 37-year nationwide provider network. 

Co-Founders Camille Ang and Jiawen Tang started Hive Health from a shared discovery that while health insurance is extremely inaccessible in developing countries like the Philippines, there is an opportunity to leverage their unique backgrounds in fintech, data, and public-private partnership to solve this problem. From their Harvard masters thesis, they were shocked to learn that out of 110M population, less than 10% had access to comprehensive health coverage beyond PhilHealth, and over 50% of healthcare costs are still paid out of pocket, resulting in more than 1.5M Filipinos falling into poverty each year due to health shocks.

Camille and Jiawen set out to change the status quo by questioning: “Why do health plans in the Philippines barely cover critical illnesses or services like mental health and medicine? Why do we need to wait for hours just to get a Letter of Authorization (LOA) to see a doctor? Why is customer service often out of reach?”  

Beyond offering innovative, inclusive benefits such as mental health, medicine, and LGBTQIA+ partner coverage, Hive Health has built a digital platform that empowers patients to manage their care easily through its one-of-a-kind vertically integrated telehealth and care coordination model that bridges virtual and in-person care. Additionally, companies can use Hive Health’s HR dashboard to centrally manage plan enrollments, invoices, and understand employee wellness. Furthermore, Hive Health has developed its own Electronic Medical Records system and integrated provider portal that facilitates transparent claims management and faster payouts for its partner doctors and clinics.

“Change in healthcare is notoriously slow, but we’ve seen promising results from our ‘test fast and fix things’ approach, and the new round of funding will help us accelerate this further,” notes Jiawen Tang, President and Co-Founder of Hive Health. “We have not only iteratively innovated on the traditional aspects of health insurance administration but now are increasingly working towards our ultimate goal of transforming the total patient experience through changing care delivery models.” Hive Health has built robust foundations from the ground-up over the past three years, and plans to lead the industry in adoption of new technologies such as generative AI and machine learning predictive analytics.

HAVING AN HMO IS NO LONGER ENOUGH

With the growing competition for talent, SMEs have been flocking to this startup to serve their employees, largely from word-of-mouth. From its launch in 2021, Hive Health is now serving hundreds of small medium businesses and has grown 8x in the past year alone. Beyond providing more holistic healthcare for employees, one employer shares how critical one’s HMO is for talent acquisition and retention. “We’re seeing the trend now when people apply for companies. They don’t only look at how much money they’re getting, how big their salary is, but how holistic the package being offered to them is. We make sure that we partner with the right people, with the right benefit partners, and that’s why we chose to partner with Hive Health,” notes Sam Tangco, COO of Five Story Group of Companies, who recently renewed their contract with Hive Health.

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ABOUT HIVE HEALTH

Hive Health is a digital health platform that offers hassle-free HMO plans tailor-made for small-medium enterprises (SMEs) in the Philippines.

For business owners and HR professionals who want to provide the best for their team, Hive Health provides a hassle-free experience through our all-in-one digital platform. With inclusive dependent policies and comprehensive benefits typically not offered to smaller teams, such as mental health sessions, maternity care reimbursement, and medicine coverage, Hive Health ensures that all employees and their loved ones get the best care possible.

Founded by two women from Harvard and Stanford and backed by top global investors, this award-winning startup is revolutionizing access to quality, affordable healthcare for millions of Filipinos, one SME at a time.

To learn more about Hive Health’s offerings or to join the growing team, visit: ourhivehealth.com.   

ABOUT THE FOUNDERS

Camille Ang, CEO and Co-Founder

Camille Ang is the CEO and Co-Founder at Hive Health. Prior to Hive Health, she has worked across various roles in public-private partnership (PPP). As a Private Equity Executive at Macquarie, the world’s largest infrastructure fund manager with ~$US$573 billion assets under management, she has managed large global and local insurance funds, and played critical roles in the acquisition and management of companies in the Philippines and across South East Asia. She has also extensively worked on PPP policies and projects with the government of the Philippines, McKinsey & Company, and the Rwandan Development Board. In addition, Camille has worked in the technology space in Africa, particularly through Knife Capital, a leading venture capital firm in South Africa.

Camille has an MBA from Harvard Business School and an MPA-International Development from the Harvard Kennedy School. She graduated from Ateneo de Manila University with a B.S. in Management Engineering.

Jiawen Tang, President and Co-Founder

Jiawen Tang is the President and Co-Founder at Hive Health. Prior to Hive Health, she led data science and digital development initiatives with the IMF, World Bank, and UN, and spearheaded economic development projects with TechnoServe Swaziland, a global nonprofit that takes a business approach to reduce poverty. Previously, as an Engagement Manager at Oliver Wyman based in New York, she led transformational strategy & operations projects across consumer, financial services and eCommerce, including developing the go-to-market payments product strategy for a global marketplace player with multi-billion dollar revenue impact. In partnership with the IMF, she is a published co-author of first-of-its-kind research on real-time macro forecasts of economic activity in Africa for COVID-19 using machine learning techniques & innovative open-source data.

Jiawen has an MBA from the Stanford Graduate School of Business and an MPA-International Development from the Harvard Kennedy School. She graduated summa cum laude, Phi Beta Kappa from Columbia University with a B.A. in Economics-Political Science.

MORE CUSTOMER TESTIMONIALS

“Hive Health is actually the first HMO in my experience that has actually given me a peace of mind in terms of my members getting to avail the care that they need.” – Sheilo Matibag, Human Resources and Administrative Manager of HEPMIL

“As HR, I’ve been able to delegate myself and clone myself multiple times through Hive Health’s portal, wherein the employees can already do or book their healthcare needs. It’s empowering the members in taking care of themselves because they know that the HMO, which is Hive, is there.” – Sheilo Matibag, Human Resources and Administrative Manager of HEPMIL

“Business owners build businesses because they want to create impact, and to create impact you need to have a productive and healthy team. That’s one of the reasons why I would recommend Hive Health.” – Mikee Villareal, CEO & Co-Founder of Dot

“People always wonder, ‘How can I even make use of my HMO or my insurance?’ Hive Health is this modern way of making Filipinos understand that health should be #1. If the organization understands how to provide that benefit to their employees, all the more the employees feel safe that they can work in this company and continue to build the vision.” – Mikee Villareal, CEO & Co-Founder of Dot

“I wanted to [know if I had] ADHD, and true enough, I got diagnosed and was prescribed meds during my first session. In our second session, we checked if my meds worked, and it did!] I’m so happy Hive Health will be forever part of this pivotal moment in my life. Your logistics and reminders are flawless. Thank you.” – Hive Health patient shared how our mental health coverage changed his life.

Conclusion

Hive Health’s successful raise of US$6.5M marks a significant step forward in transforming the HMO experience for small and medium enterprises in the Philippines. This funding will enable Hive Health to introduce innovative and efficient healthcare solutions, providing SMEs with better access to quality healthcare services. By empowering businesses with cutting-edge HMO options, Hive Health is set to revolutionize the healthcare landscape, ensuring that SMEs can thrive with improved health support. This initiative highlights the growing importance of accessible and tailored healthcare for SMEs, paving the way for a healthier and more resilient business community in the Philippines.

Key Phrases

1. Hive Health funding
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3. Transforming healthcare experience
4. Philippine SMEs healthcare
5. Innovative HMO solutions
6. Enhanced healthcare access
7. SME healthcare transformation
8. Quality healthcare for SMEs
9. Cutting-edge HMO services
10. Empowering SMEs with health

Best Hashtags

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5. #HealthcareTransformation
6. #InnovativeHMO
7. #EmpowerSMEs
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10. #FundingSuccess

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