BeneStream's signature product, Medicaid Migration™, identifies and connects qualified employees to government-sponsored health insurance and other benefits. The product leverages Medicaid expansion under the Affordable Care Act to help workers and families access more affordable coverage and to deliver cost savings as part of employer health packages. BeneStream's broker partner network includes more than half of the nation’s leading brokerages, and the company partners with processors of the Work Opportunity Tax Credit (WOTC). The founders launched the business with a grant from the Ford Foundation and support from Stax Inc.'s Dev Co., which helped develop the company's core business model. The company recently closed its Series A after an additional $2.0 million investment, bringing the total Series A to $6.26 million. Leadership has signaled plans to pursue national-scale distribution and has added new board representation following the investment. BeneStream's core product, Medicaid Migration™, identifies and moves eligible employees onto government-sponsored insurance to deliver cost savings for employers. The company sells this service through broker partnerships and is currently working with more than half of the top 10 largest brokerages. BeneStream raised $4.26 million in a Series A round to support anticipated demand around the fall enrollment period. Management says the company will use the funds to deepen broker partner networks and expand relationships with firms that process the Work Opportunity Tax Credit (WOTC). BeneStream is investing in partnerships with Human Capital Management providers to tie its Medicaid Migration product to federal and state hiring incentives. The company was launched with support from a Ford Foundation grant and Stax Inc.’s Dev Co., and is led by CEO and founder Ben Geyerhahn; Michael Sachs will join the board as chairman. BeneStream provides employers a paid service to satisfy the ACA Employer Mandate by screening and enrolling qualifying employees into Medicaid rather than private insurance. The company combines screening and monitoring software with a multilingual call center to identify and enroll eligible workers and to generate data that can help employees apply for other benefits such as SNAP and Lifeline. BeneStream says it is contracted to work with tens of thousands of workers across Medicaid expansion states and targeted screening of 10,000–15,000 people per month in 2015. The company plans to expand its geographic and operational reach among Medicaid expansion states and has a stated goal to identify and enroll 2 million Medicaid-eligible employees. CEO and founder Ben Geyerhahn leads the company and its Board of Advisors includes figures from labor, health insurance, and health tech sectors. Financially, the company has received external funding to scale operations, including the recent Ford Foundation financing. BeneStream offers an alternative solution that enables employers to assess which low-income staff qualify for Medicaid and guides qualifying employees through the enrollment process. The company combines screening and monitoring software with a multilingual call center to simplify a typically confusing and time-consuming process for employees. BeneStream positions this service as a way for employers to ensure staff have coverage, avoid fines, and significantly cut their insurance costs—CEO Ben Geyerhahn said businesses can save between 80% and 90% of premium costs. The firm raised $1.58 million in a seed round from angel investors to support anticipated demand when the Employer Mandate took effect on January 1, 2015. Its board of advisors includes figures from labor, health insurance, and tech investment sectors such as Andy Stern, Esther Dyson, Kevin Hill, Martin Babinec, and Ashok Subramanian. The company was founded by Benjamin Geyerhahn and leverages its technology and call-center operations to shepherd eligible workers into Medicaid coverage.

Total raised

$9M

Funding rounds

4

Latest round

Series A

Latest activity

Sep 2015