Navigating healthcare can be an extremely confusing and costly process. Rightway Healthcare leverages its team of expert navigators, including nurses and doctors, to help guide members to the best treatment plans at the best prices. Healthcare costs are soaring out of control, crippling employers while their employees are often unable to decipher the complexities of their healthcare options. By engaging both parties, Rightway helps employees understand the logistics associated not only with their plans but also their clinical options. Rightway has a Net Promoter Score of 84 and has plans to expand its navigation solutions to pharmacy benefits.
AlleyWatch sat down with CTO Ion Feldman to learn more about Rightway’s growth, the company’s expansion plans, and latest round of funding, which brings its total funding raised to $30M.
Who were your investors and how much did you raise?
Our Series B raise was for $20M led by Thrive Capital.
Tell us about the product or service that Rightway Healthcare offers.
We offer a healthcare navigation platform that provides an ecosystem of human service and technology to navigate members to the highest quality care and optimize total healthcare costs.
What inspired the start of Rightway Healthcare?
Rightway was started because of a dual stakeholder issue: healthcare costs are rising for employers, and employees are increasingly frustrated by high costs and lack of transparency surrounding their coverage. We solve both these problems by providing employee-members with a clinical Navigator, who is a doctor or nurse, with expertise in healthcare to guide them to make the best decisions around their care. This approach lowers costs for the members and their employer by directing to in-network providers and the most economical facilities.
How is Rightway Healthcare different?
Rightway is known for its employee engagement. We have a 50% engagement rate and a Net Promoter Score of 84 – one of the highest in the industry. Because members interact with a Navigator who they get to know and who understands their needs and history, members really connect to our solution and use Rightway as their starting location for all their healthcare needs.
What market does Rightway Healthcare target and how big is it?
We target employer groups of all industries from 150 – 50K employees
What’s your business model?
We work directly with employer groups and with relevant channel partners.
Why do your clients choose your company over your competitors?
Clients see the value of Rightway’s ability to deeply engage their employees. We have been told by many clients that we are their employees’ favorite benefit because of the relationship they build with their Navigator and our ability to save them time and money.
What factors about your business led your investors to write the check?
They were impressed with how we have modernized the healthcare ecosystem with innovative technology and dedicated healthcare experts. They were also excited by the opportunity to help us expand our services into pharmacy benefits and revolutionize that ecosystem in a similar way.
What are the milestones you plan to achieve in the next six months?
Building out a pharmacy benefits solution is one of our biggest goals right now, as is continuing to grow our team with top talent in both business and tech.
Building out a pharmacy benefits solution is one of our biggest goals right now, as is continuing to grow our team with top talent in both business and tech.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
The best part of being headquartered in New York is that there is an extensive talent pool of professionals with both tech and industry knowledge. Build a team of experts who are scrappy and can hit the ground running.
Where do you see the company going now over the near term?
Our next big endeavor is in pharmacy benefits. This is the number one thing our clients ask for and we are exploring bringing out navigation solution to pharmacy benefits.
What’s your favorite restaurant in the city?
Cookshop.
