Collective healthThe health benefits management platform has laid off 54 employees as it realigns its workforce to better align with customer needs.
to the company CEO Ali Diab announced the layoffs on LinkedIn, saying the employees were being let go due to “downsizing,” while urging companies that might encounter those employees in the hiring process to exercise “extreme caution.”
Collective Health acts as a third-party health benefits administrator, bringing a variety of company benefits into one platform to allow employers to manage their offerings while helping employees navigate their health care services.
“We can confirm that as part of our workforce restructuring, we took the difficult decision to make a small number of our staff redundant on Monday. The goal of this reorganization is to better align and balance our resources with our products and customers. needs, as well as current market conditions,” said the company’s representative MobiHealthNews in the letter.
“Collective Health prides itself on being a great place to work. It’s because of how we treat each other and take care of our employees. As we face the difficult task of supporting our impacted employees, we have a responsibility to provide the same care. their individual transitions that we bring to our work every day. For companies with open roles, we encourage you to look now for some great, talented people on the market.”
THE BIGGER TREND
In 2021, the San Francisco-based company scored points $280 million in Series F funding, bringing the company’s valuation to $1.5 billion, joining many digital health companies that year to achieve unicorn status.
The company also announced its A premier partnership program to help employers identify digital health platforms best suited for their employee population, calculate return on investment, judge clinical outcomes and make recommendations based on user data.
The program launched with behavioral health startups Ginger, Lyra Health and Modern Health; telehealth primary care providers 98point6 and Teladoc Health; chronic condition management company Livongo; family planning startups Carrot Fertility and Progyny; cancer startup AccessHope; and musculoskeletal startup Hinge Health.
Two years ago, the platform for employee benefits was raised $205 million in Series E funding, and raised $110 million in funding a year ago.
Several other companies provide health benefits support, including: Nayya, Pebble and HealthJoy.