Medefy

About Medefy

Medefy operates as a mobile-first healthcare benefits navigation platform, designed to reduce complexity for employees and lower costs for employers. The company was conceptualized by Matt Scovil after he experienced personal frustration trying to determine the cost of a simple eye exam. This led him and his cousin, Nathan Gilchrist, to found the company, initially launching in Tulsa, Oklahoma, in 2018. Scovil, who serves as CEO, holds an MBA and degrees in international business and marketing, while Gilchrist, the COO, has a background in civil engineering; this venture marked their third business collaboration.

The firm targets the employee benefits market, serving over 1,500 employers across the United States, including self-insured companies, insurance brokers, benefits advisors, and Third-Party Administrators (TPAs). Medefy's business model is centered on a subscription-based service sold to employers, which then provides their employees with the platform. Revenue is generated by providing a solution that simplifies benefits utilization and improves the return on investment for an employer's health plan.

The core of Medefy's offering is a mobile application that centralizes all of an employee's health plan information into a single, accessible interface. A key feature is the 24/7 access to live, human "Care Guides" via an in-app chat, who respond in under 60 seconds to answer questions and proactively schedule care. This human-centric approach is a primary differentiator, eschewing AI-chatbots for direct member support to help users understand deductibles, find in-network providers, and get cost estimates for procedures. The platform integrates various digital health tools and uses its own technology to provide insights to its Care Guides, enabling them to recommend cost-effective care options. This guidance system has proven effective, with 94% of users choosing high-quality, low-cost care options when using Medefy.

Medefy has secured a total of $17.8 million in funding over two Series A rounds. The most recent round in late 2023 raised $10 million, led by Mercury Fund with participation from Advantage Capital, to enhance its technology and AI capabilities for scaling operations. The company has demonstrated significant growth, earning a spot on the Inc. 5000 list of fastest-growing private companies.