Malaysia-based private investment firm RHL Ventures recently announced its follow-on investment into healthcare SaaS platform HealthMetrics. RHL Ventures participated in HealthMetrics’ seed round, along with other prominent institutional investors.
HealthMetrics was founded in 2015 by Alvin Yuan and Advent Phang, who possess extensive experience in healthcare administration and software development respectively. The company’s core solution is centred around healthcare benefits – acting as an automated platform for companies to manage their employee health benefits with better cost and productive efficiency.
“HealthMetrics has developed an intuitive platform to cater to a severely overlooked sector of corporate management; empowering companies to streamline the opaque costs and processes typically associated with claims management”, said Rachel Lau, Managing Partner at RHL Ventures. “The company’s stellar growth over the past year demonstrated its ability to tap into this underserved market segment, and we are excited to support their journey to extend its solution across Malaysia and beyond.”
HealthMetrics was founded with the vision to change the way companies manage their employees’ medical benefits. This has been an overlooked segment which has resulted in companies overpaying on employee insurance premiums and in employees underutilising their benefits due to the lack of transparency, inconvenience and overcomplexity involved in the management of employee benefits via conventional third-party administrators.
The platform performs all the necessary human resource (HR) administrative tasks related to employee well-being whilst providing valuable real-time insights to HR teams to make strategic decisions, by integrating its solution to a company’s existing HR management system. Employees, on the other hand, can use HealthMetrics’ proprietary mobile app to check their medical benefits balance and enjoy cashless visits to the clinics.
According to HealthMetrics Co-Founder, Alvin Yuan, “While we have plans to extend our footprint across the region, we still see a lot of space to grow in Malaysia. RHL has been extremely supportive; advising us on the right strategies to approach the right investors and backers to help with our growth. As such, we are now better-positioned to build an extensive network of healthcare suppliers to cater to more companies in not only Kuala Lumpur, but also in strategic cities across Malaysia’s Peninsula such as Penang, Johor and Malacca.”
After achieving a fourfold growth in 2018, HealthMetrics is now on track to support over 1,500 companies in Malaysia and 3,000 companies in Southeast Asia by 2022. Over the past year, the company has doubled the size of its team, is now working with over 360 companies in Malaysia and aims to achieve an employee user base of around 100,000 by the end of January 2019.