The Harvard and Stanford-founded insurance technology (insurtech) startup Hive Health said that with its acquisition of Health Plan Philippines Inc. (HPPI), one of the country’s first health maintenance organization (HMO), it will transform healthcare access for small and medium enterprises (SMEs).
In a statement, the digital health insurer co-founder and CEO Camille Ang said they have started the “hard work” of making healthcare “radically more accessible.”
“The goal is for all Filipinos to feel secure that their health is taken care of, and to give employers a sustainable way to take part in making that happen," she said.
She added that “Hive Health’s journey to date, especially with the acquisition of HPPI, marks a significant milestone, not just for our company but also for the Philippine startup landscape” and that it “underscores the potential of startups like Hive Health to shrink the change and make an impact on intractable problems.”
Hive Health’s technology and data-driven innovations will benefit HPPI’s existing members, the company said, by integrating HPPI’s nationwide provider network and its 37-year institutional knowledge.
“Hive Health has been a valued partner of HPPI given our shared missions. I have seen how the team is able to deliver changes to improve the patient experience much faster than I would have expected, and how they genuinely care about making healthcare accessible to more Filipinos. We are excited for the journey ahead as Hive Health and HPPI join forces," according to Natasha Reyes, CEO of HPPI.
Hive Health in the statement said that as a full-stack digital health insurer, it offers a hassle-free, comprehensive HMO health plans for SMEs and startups. They cover outpatient, inpatient, emergency, and dental care with 1,700 hospitals and clinics, and over 60,000 doctors across the country.
“We started Hive Health with the mission to make healthcare more accessible in the Philippines and in many other developing countries where social safety nets are capped. Our goal is to leverage tech and data to make quality healthcare more affordable and easier to use, especially for the underserved SME segment,” said Jiawen Tang, Hive Health’s president and co-founder.
“We’re also proud of our one-of-a-kind vertically integrated telehealth and care coordination model that bridges virtual and in-person care. Patients can book on-demand video teleconsultations with our team of Hive doctors, who use our in-house electronic medical records system to enable patients to get more accurate diagnoses and access the right care whenever they need it,” he added.
Hive Health is founded at Harvard and Stanford universities in 2021. The company claimed it is “backed by top global investors” including Y Combinator, Beenext, and Gentree Fund.