Brookfield-based and artificial intelligence startup HealthIO, which develops a platform for wearable, internet-connected devices to monitor a person’s health in between clinic visits, has been acquired by Milliman, a Seattle consulting firm.
Terms of the deal were not disclosed.
Through the acquisition, Milliman, which reported $1.19 billion in revenue in 2019, will launch Milliman HealthIO, a combination of the company’s predictive health analytics and HealthIO's preventive health technology.
Sanjay Mohan and business partner Sigvard Bore, both veteran executives in the health care, insurance and financial management industries, co-founded HealthIO after seeing a need for ways to remotely monitor the health of their elderly parents living miles away.
They started the company in 2016 using $1 million they had raised through various angel investors.
Part of their business plan was to partner with physician practices, health service companies and insurance firms that will purchase subscriptions to HealthIO for their clients. The startup’s technology allows an individual to share their health insights with a chosen support network.
"HealthIO brings a preventive monitoring solution that allows Milliman to act upon our expertise in risk profiling and stratification of employees and patients, then fine-tune this stratification over time on an individual basis,” said Milliman CEO and president Stephen White in a statement. “With HealthIO we have the ability to operationalize our AI and analytics in a very meaningful and measurable way, benefiting our clients, their employees, members, and patients. HealthIO is an ideal complement to our consulting services, and we are delighted they are now a part of Milliman."
In 2018, HealthIO announced a partnership with Chicago-based GE Healthcare, under which the billion-dollar subsidiary of General Electric would fuse its electrocardiography (ECG) algorithm into HealthIO's app.
Mohan will continue as managing director of Milliman HealthIO.
"We are extremely excited to be a part of Milliman and to be able to leverage the synergies with their world class data science and actuarial capabilities to better target and deploy our preventive solutions," Mohan said. "This is really a perfect match. Employers and value-based providers will benefit from the combined power of our solution to lower costs and improve health outcomes."
