A New Model for Employer-Sponsored Health Care is Poised for Greater Reach
EAGAN, Minn. and WAUKEE, Iowa, Nov. 1, 2021 /PRNewswire/ — Coupe Health, LLC (Coupe) today announced that it has purchased SPH, LLC (SPH), formerly known as SimplePay Health, from Holmes Murphy & Associates (Holmes Murphy), one of the largest employee-owned and controlled insurance brokerage firms in the nation.
Launched by Holmes Murphy in 2018, SPH is an alternative healthcare product for self-insured commercial employers. With a simple user-interface design, SPH makes it quick and easy to search for high-quality medical care and pharmacy with results that include straightforward, “no surprise” variable co-pay price certainty. And, unlike traditional insurance, SPH verifies actual out-of-pocket co-pay costs before any appointments or procedures take place or any prescriptions are filled.
In the fall of 2021, Stella Health – a parent company for a growing number of businesses across the health care industry – announced the creation of Coupe Health, LLC, a SPH-powered health plan option that Minnesota-based self-insured employers could offer next year. Now, through the acquisition of SPH – and by establishing Coupe Health, LLC as a diversified business entity under Stella – a benefits plan under the Coupe name has the option to expand its reach into other states.
“Using health insurance can be an incredibly complex and expensive consumer experience. We wanted to make it easier for patients to connect to top quality medical services and to eliminate the financial surprises linked to traditional insurance plan designs,” said Den Bishop, president of Holmes Murphy. “We believe that we have reached the point where it is time to partner with a company that can scale SimplePay Health to help the business reach its full potential. Coupe Health is that partner.”
“We built Coupe as an offering that could fully leverage SPH’s innovative approach to removing the price uncertainties and complexities of health care,” said Chris Fanning, senior vice president at Stella. “Coupe members will receive one monthly statement for the exact co-pay prices they saw and selected before going to the doctor. Then they submit payment just like they would with any other bill. The genius of the model is how it doesn’t ‘feel’ like a health insurance experience. As the new owners, we can’t wait to bring this experience to even more employers and members.”
The equity purchase includes the SPH platform and benefits hub; current SPH employees; all intellectual property; and the client roster.
Coupe isn’t just a health insurance plan, it’s a whole new way of healthcare that’s focused on you.
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SOURCE Stella Ventures