Hive Health, a Philippine-based digital health insurance startup, has acquired Health Plan Philippines, Inc. (HPPI), one of the Health Maintenance Organization (HMO) service providers in the country.
With this strategic initiative, Hive Health will be able to share its technology and data-driven innovations with HPPI’s existing members, Hive Health said in a statement on Tuesday.
Moreover, it will be able to integrate HPPI’s nationwide provider network and institutional knowledge built across 37 years with its core capabilities to further redefine the patient experience across virtual and in-person care.
“We have just begun the hard work of making healthcare radically more accessible,
“Hive Health’s journey to date, especially with the acquisition of HPPI, marks a significant milestone, not just for our company but also for the Philippine startup landscape,
“It underscores the potential of startups like Hive Health to shrink the change and make an impact on intractable problems,” she added.
Meanwhile, HPPI Chief Executive Officer Natasha Reyes said that Hive Health has been a valued partner of HPPI given their shared missions.
“I have seen how the team is able to deliver changes to improve the patient experience much faster than I would have expected, and how they genuinely care about making healthcare accessible to more Filipinos,
“We are excited for the journey ahead as Hive Health and HPPI join forces,” she added.
“We started Hive Health with the mission to make healthcare more accessible in the Philippines and in many other developing countries where social safety nets are capped,
“Our goal is to leverage tech and data to make quality healthcare more affordable and easier to use, especially for the underserved SME segment,” said Jiawen Tang, President and Co-Founder of Hive Health.
According to the statement, Hive Health’s digital platform empowers patients to manage their own care and their dependents’ care effortlessly — enabling tasks such as requesting letters of approval within minutes to allow patients to skip the long lines in hospitals, viewing plan benefits, finding nearby providers, scheduling annual physical exams, and accessing medical records — all from their phone or computer.
Additionally, members enjoy fast out-of-network reimbursements within 3-5 days and exclusive wellness perks.
“We’re also proud of our one-of-a-kind vertically integrated telehealth and care coordination model that bridges virtual and in-person care,
It is noted that the company is also dedicated to promoting inclusivity for minorities such as LGBTQIA+ and domestic partners while offering essential benefits like mental health, medicine, preventive care, and maternity care.
Furthermore, for small business owners and human resource (HR) managers who have limited bandwidth to go through cumbersome paperwork, Hive Health’s HR dashboard simplifies onboarding and offboarding, streamlines invoicing, and empowers business owners and HR to encourage employee engagement and wellness.
Born from personal experiences and the challenges brought about by the COVID-19 pandemic, Hive Health’s founders, Ang and Tang, were motivated to address the gaps in healthcare accessibility and affordability in the Philippines.
In particular, the limited coverage and frustrating processes of existing health plans inspired the duo to pioneer transformative changes in the healthcare landscape.
During the pandemic, both Ang and Tang were simultaneously pursuing dual MBA and MPA in International Development degrees at Harvard and Stanford.
“We learned that over 1.5 million Filipinos are forced into poverty each year due to health shocks, while a surprising less than 10 percent of the population have access to health plans beyond PhilHealth,
“For those that are lucky to have an employer-sponsored health plan, the average out-of-pocket spend is at 56%, and Filipinos find it quite difficult to use one’s health plan,” said Ang, who grew up in the Philippines.
Having gaining support from global investors such as Y Combinator, Beenext, and Gentree Fund, the tech accelerator in Silicon Valley, the duo embarked on bringing their thesis coupled with personal challenges into action in 2021.
With a steadfast commitment to making quality healthcare accessible to all, Hive Health said the firm is on a mission to ensure that all Filipino employees receive the best possible care, starting with their groundbreaking health plans.