Seattle-based actuarial and consulting firm Milliman has acquired startup HealthIO to provide self-insured employers a preventive health monitoring tool.
Financial terms of the deal were not disclosed.
Milwaukee-based healthIO was founded in 2016 by president and CEO Sanjay Mohan. The company developed a preventive health monitoring platform for employers and capitated healthcare providers using a health-tracking app and wearable, internet-connected devices for early detection of health problems and prediction of adverse health episodes, the company said.
The consulting firm will launch of Milliman healthIO, a combination of Milliman's predictive health analytics and healthIO's technology. Milliman reported $1.19 billion in revenue in 2019, according to the Milwaukee Business Journal.
The startup's technology has strong synergy with Milliman's predictive analytics capabilities to target rising-risk and high-risk individuals, the company said. Milliman Principal Brian Studebaker said the acquisition of healthIO is well-timed.
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"Having already deployed healthIO together with Milliman in our home state of Wisconsin, we have seen the raw potential of this model. We anticipate steady expansion as the word gets out about the dramatic impact preventive health can have on any organization's bottom line," Studebaker said in a statement.
Health and wellness happens during the 5,000-plus waking hours per year spent away from the doctor, the companies said.
HealthIO's service focuses on the healthcare consumer and their providers, to acquire longitudinal data on the consumer and empower individuals to take charge of their health management. Algorithmic analysis of this data pattern allows for the prediction of high-cost health events as well as early involvement of health providers in the consumer's care.
In 2018, the startup announced a partnership with GE Healthcare, under which the billion-dollar subsidiary of General Electric would fuse its electrocardiography (ECG) algorithm into HealthIO’s app.
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"HealthIO brings a preventive monitoring solution that allows Milliman to act upon our expertise in risk profiling and stratification of employees and patients and then fine-tune this stratification over time on an individual basis," Stephen White, Milliman president and CEO, said in a statement. "With healthIO, we have the ability to operationalize our AI and analytics in a very meaningful and measurable way, benefiting our clients, their employees, members, and patients."
Sanjay Mohan, healthIO's CEO and founder, will continue as managing director of the new business unit.
Mohan said leveraging Milliman's data science and actuarial capabilities will enable the startup to better target and deploy its preventive solutions.