HealthMetrics, a Malaysian startup that assists enterprises to manage their employees’ health benefits, has secured US$1 million in funding from local VC firms RHL Ventures and Cradle Seed Ventures, and Japan-based Spiral Ventures.
“Over the last couple of years, HealthMetrics was focused on providing basic outpatient medical benefits to corporates such as general practitioners, dental and optical treatments. With this latest quantum of investment, HealthMetrics will be working to expand its services to other healthcare verticals to provide a more comprehensive employee medical benefits platform for corporates,” Max Thum, Lead (Business Strategist) at HealthMetrics, told e27.
“Not only that, the latest quantum of investment would also be used to further enhance our services to our healthcare providers to help improve their operational workflow and aiding what they do best, diagnosing and treating patients,” he added.
Based in Klang Valley, HealthMetrics was founded in 2016 by Alvin Yuan (CEO) and Advent Phang.
HealthMetrics provides a web-based solution to assist the Human Resource (HR) department in companies in simplifying and managing the complexities of employee healthcare plans. Its solution empowers HR teams to customise their employee benefit plans according to the needs of their employees without having to employ complex monitoring systems. It works by connecting corporates to various healthcare providers around Malaysia according to the employee benefit plans.
“First and foremost, companies do take care of their employees … But there are always problem with controlling their expenditure, how they manage their claims, even problems such as faked medical claims,” Yuan told e27 in an interview in November last year.
“Also, sometimes, employees don’t feel like going to work today [because] they are sick, and they don’t have the proper communications channel with their superiors and their HR [department],” he added.
This is where the HealthMetrics platform comes in handy. Apart from sending real-time notifications of employees, seeking medical treatment, to HR managers, the platform also enables companies get preferred treatment rates at clinics and other healthcare providers.
HealthMetrics claims it currently connects 1,700 health service providers to more than 250 corporate clients and over 50,000 users nationwide.
HealthMetrics plans to venture into larger enterprises as it looks to address the needs of corporates with employees all over Malaysia without compromising their services to the SMEs. “We believe that corporate from each segment has different problems in addressing employee benefit needs, and over the years, the HealthMetrics team has found out the key needs of these larger companies. As a result, HealthMetrics’ team is ready to scale to larger enterprises,” Thum further added.
Back in July 2017, HealthMetrics became the first ever Malaysian startup to join Google Launchpad Accelerator.
The startup has earlier received a RM500,000 (US$127,000) grant from Malaysian state-owned VC fund Cradle Fund.