Draft:Accolade (company)

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Accolade
Accolade
Company typePublic
Nasdaq: ACCD
IndustryHealthcare
Founded2007; 17 years ago (2007)
FounderMichael Cline, Tom Spann
Headquarters
Plymouth Meeting, Pennsylvania
Seattle, Washington
,
U.S.
Key people
Rajeev Singh (CEO)
Robert Cavanaugh (President)
Stephen Barnes (CFO)
RevenueUS$414.3 million (Fiscal Year 2024)
Decrease $(114.453) million (Fiscal Year 2024)*
Decrease $(99.805) million (Fiscal Year 2024)
Total assetsUS$788.151 million
Total equityUS$445.465 million
Number of employees
2400 approx. (2024)
Websiteaccolade.com
Footnotes / references
*Adjusted EBITDA: US$(7.5) million (Fiscal Year 2024)

Accolade, Inc. (Nasdaq: ACCD)[1] is an American health technology company offering personalized, technology-enabled solutions to help individuals navigate and utilize the healthcare system and workplace benefits.[2] The company serves over 12 million members and more than 1,000 customers, including self-funded employers, government agencies, health plan partnerships, and direct-to-consumer services.[1] Accolade is co-headquartered in Plymouth Meeting, Pennsylvania, and Seattle, Washington.[3][4][5]

History

Accolade was founded in 2007 by Michael Cline and Tom Spann to simplify healthcare navigation for employees of large companies.[2][6] Rajeev Singh became the CEO in 2015 and was later named Chairman.[2][3]

The company expanded by opening offices in Seattle, Washington, and Prague, Czech Republic, in 2016.[3] In 2017, Accolade introduced an intelligence platform and a mobile app to enhance personalized healthcare experiences.[4] In 2018, Accolade had a workforce of 1,000 internal employees.[5]

Accolade went public on July 2, 2020, with an initial public offering (IPO) of 10,022,726 shares at $22.00 per share, raising $220 million at a valuation of $1.2 billion.[6][7] The IPO was managed by Goldman Sachs, Morgan Stanley, and BofA Securities, among others.[2][7] The shares are traded on the Nasdaq Global Select Market under the symbol "ACCD".[7][2][6]

In 2021, Accolade acquired 2nd MD, PlushCare,[8][9] and HealthReveal,[10] and entered the category called Personalized Healthcare, focusing on data-driven value-based care.[11][6][12][13][14] The company launched Physician-led Advocacy in 2024 to improve access, care coordination, data connectivity, and health equity.[15]

Services and solutions

Accolade's initial product, launched in 2009, was the navigation and advocacy solution known as Accolade Premier, now marketed as Accolade Plus.[10] The company provides several solutions to enterprise and employer customers, including:[13]

  • Accolade Connect
  • Accolade Plus
  • Accolade Care
  • 2nd MD by Accolade
  • Enhanced Rx (an add-on to Accolade Plus)[16]

In response to the COVID-19 pandemic, Accolade introduced Accolade COVID Response Care in 2020 to assist employers in safely returning employees to work.[10]

Accolade announced the integration of PlushCare, a provider of virtual primary care and mental health services, into its portfolio.[17] This integration aims to enhance Accolade's capabilities by offering direct virtual primary care and mental health consultations. With this addition, Accolade's service offerings and market reach will expand, providing healthcare solutions for acute, chronic, and preventive care needs.[18] PlushCare’s direct-to-consumer offering enables access to high quality primary care and mental health therapy for underserved populations and populations in areas with limited access to healthcare.[19]

Autism Care Demonstration Program

In October 2021, Accolade launched the Autism Care Demonstration (ACD) program in partnership with Tricare for military families with individuals on the autism spectrum. Accolade's Autism Navigators provide support, access to services, and advocacy for comprehensive care.[20]

Clients, Partnerships and Investments

Accolade's clients include American Airlines, Lowe's, State Farm, and United Airlines.[3][6][21][22][23][24][25]

Accolade has raised over $230 million from investors, including Andreessen Horowitz, Carrick Capital Partners, Madrona Venture Group, and McKesson Ventures.[6] In October 2019, Humana invested $20 million in Accolade as part of a strategic partnership.[6]

Leadership

Recognition

Accolade was recognized as one of the 100 Fastest Growing Private Companies by Inc. in 2012,[26][27] and was listed 25th on Forbes' 2013 ranking of America's 100 Most Promising Companies.[27][5] In 2023, Accolade was named to Deloitte's Technology Fast 500 list.[28]

Technology

Accolade integrates technologies such as Artificial Intelligence (AI) and Machine Learning into its services. The company utilizes a machine-learning AI model trained to detect the presence of empathy in member calls and provide real-time feedback to Care Teams.[29] Accolade also uses AI to automatically generate after-call summaries that are integrated into its CRM system to ensure that each member’s record contains an overview of their interactions.[30]

Funding

Accolade has raised $228 million over 11 funding rounds prior to its IPO in July 2020. The company raised $253 million in its IPO in July 2020. In a post-IPO round on October 26, 2020, the company raised $221.4 million.[31][32] This was followed by a $287.5 million Convertible Notes Offering in March of 2021.[2][33][34][35][36]

References

  1. ^ a b "Accolade Announces Results for Fiscal Second Quarter 2024". www.sec.gov. Retrieved 2024-05-19.
  2. ^ a b c d e f "ACCOLADE, INC. - UNITED STATES SECURITIES AND EXCHANGE COMMISSION".
  3. ^ a b c d "Healthcare company Accolade's next Czech-up: a new engineering office in Prague".
  4. ^ a b "The Amazon of healthcare? Accolade unveils AI platform and app that personalize healthcare assistance".
  5. ^ a b c Accolade. "Accolade CEO Rajeev Singh Presents the Latest Innovations in Employer Healthcare Strategies at the Piper Jaffray 30th Annual Healthcare Conference". www.prnewswire.com (Press release). Retrieved 2024-05-20.
  6. ^ a b c d e f g "Health tech company Accolade goes public at $1.2B valuation in Seattle's first IPO of 2020".
  7. ^ a b c "Accolade Announces Pricing of Initial Public Offering".
  8. ^ "Accolade scoops up telehealth firm PlushCare in a $450M deal". EMARKETER. Retrieved 2024-06-07.
  9. ^ "Accolade Snaps Up PlushCare for $450M".
  10. ^ a b c "ACCOLADE, INC. - UNITED STATES SECURITIES AND EXCHANGE COMMISSION".
  11. ^ "Accolade introduces new healthcare category: Personalized Healthcare". Accolade. Retrieved 2024-05-20.
  12. ^ "Accolade Care Accolade Business | Accolade Care". Accolade. Retrieved 2024-05-20.
  13. ^ a b Accolade. "Accolade introduces new healthcare category: Personalized Healthcare". www.prnewswire.com (Press release). Retrieved 2024-05-20.
  14. ^ "Accolade: A Rising Personalized AI-Powered Healthcare Platform".
  15. ^ "Physician-led Advocacy". Accolade. Retrieved 2024-05-20.
  16. ^ "Increasing Medication Adherence with Enhanced Rx". Accolade. Retrieved 2024-05-20.
  17. ^ "Accolade to Acquire PlushCare".
  18. ^ "Accolade plans to acquire virtual primary care provider PlushCare in a $450M stock and cash deal".
  19. ^ Chiquoine, Jackie (2020-04-13). "The Rise of Telehealth: Interview With PlushCare CEO". www.uschamber.com. Retrieved 2024-06-28.
  20. ^ "Accolade impact on autism care for military families". Accolade. Retrieved 2024-05-20.
  21. ^ "#Ad paid and presented by Accolade Inc. Finding support on a health journey". www.bbc.com. Retrieved 2024-06-07.
  22. ^ PYMNTS (2020-03-02). "Mobile Health Benefit Platform Accolade Seeks IPO, Has $620M Valuation". PYMNTS.com. Retrieved 2024-06-07.
  23. ^ "Accolade is teaming up with this growing startup to offer virtual mental health for employees".
  24. ^ "Healthtech Startup Accolade Files for $100M IPO | Built In Seattle". Built In. Retrieved 2024-06-07.
  25. ^ "United Airlines nabs an eco-accolade". www.bizjournals.com. Retrieved 2024-06-07.
  26. ^ "Accolade Ranked Number One Healthcare Company on the 2012 Inc. 500 List of America's Fastest Growing Private Companies". www.businesswire.com. 2012-08-21. Retrieved 2024-05-20.
  27. ^ a b "Accolade Ranked Among America's 100 Most Promising Companies by Forbes". Accolade. Retrieved 2024-05-20.
  28. ^ "2023 Technology Fast 500 Award Winners". Deloitte United States. Retrieved 2024-05-20.
  29. ^ "Can AI Do Empathy Even Better Than Humans? Companies Are Trying It".
  30. ^ "Accolade | Observe.AI Customer Stories". www.observe.ai. Retrieved 2024-06-28.
  31. ^ "Accolade prices equity offering (NASDAQ:ACCD) | Seeking Alpha". seekingalpha.com. 2020-10-22. Retrieved 2024-06-08.
  32. ^ "Accolade Announces Closing of Public Offering and Full Exercise of the Underwriters' Option to Purchase Additional Shares".
  33. ^ "Accolade raises $250M via convertible senior notes offering | Seeking Alpha". seekingalpha. 2021-03-25. Retrieved 2024-06-07.
  34. ^ "Accolade - Company Profile - Tracxn". tracxn.com. 2024-06-03. Retrieved 2024-06-07.
  35. ^ "CB Insights - Accolade".
  36. ^ "Accolade, Inc. - Registration No. 333-249540".

External links

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