Icario, the healthcare industry’s largest health action company, today announced substantial momentum in the year since rebranding, accelerating its ability to deliver on its mission to make the world a healthier place, one person at a time. Specifically, the company achieved significant growth in revenue, added world-class talent and expanded its health plan client base, while adding new partnerships, acquisitions and initiatives to help augment Icario’s industry-leading health action platform, Icario Connect.
The company’s banner year was fueled in part by an investment from CVC Capital Partners (CVC), a leading global private equity firm, which acquired a majority interest in Icario through its CVC Growth Partners II fund. The investment has helped power Icario’s growth and accelerated its technology and product roadmap.
“We’re extremely proud of the strides we’ve made since becoming Icario one year ago, especially with the exceptional talent we’ve added and the mission-driven culture we’re building. For us, it begins and ends with people: creating an environment where people can do their best work in support of a mission that is both ambitious and important.”
Steve WiggintonCEO, Icario
Icario’s team and platform represent the integration of NovuHealth, Revel Health, and ChipRewards–three leaders in consumer engagement with decades of experience in healthcare, each bringing a unique set of strengths and capabilities that were combined under the Icario banner in January 2021.
Growth Abounds in Icario’s Inaugural Year
Icario has shown impressive growth on a number of fronts over the past year, including:
- The number of customers grew by 56%. Icario now works with health plans in all 50 U.S. states, including eight of the 10 largest plans in the country.
- Icario’s products now support the health of more than 100 million Medicaid, Medicare Advantage, Exchange, and Commercial members.
- Expanded client needs and accelerated R&D investments led to a 20% increase in employees.
New Partners, Acquisitions and Initiatives
Already well-established in the Medicaid, Medicare and Medicare Advantage arena, Icario over the past year has expanded its business to help members of commercial plans take health action as well. It also added to its capabilities with the acquisition of ChipRewards, a leading SaaS platform used by health plans and employers to configure and manage consumer and employee engagement programs that lead to better health and lower total costs.
In addition, the company started a new partnership with ConnectureDRX, the leading Medicare Advantage shopping and enrollment solution that provides consumers and agents with a superior experience for identifying which Medicare Advantage plan best fits their needs.
Major Member Impact
Over the past year, Icario’s health action programs have proven their ability to deliver impressive results, including reduced member abrasion, increased engagement, and improved member satisfaction. Examples include:
- 75% member attestation of improved overall health plan satisfaction
- 63% increase above the national average in annual wellness visits
- 14X higher Medicaid and Exchange HRA completion rate
- 337% increase in cancer screenings over 12 months
- 7.5 million HRAs completed in 2021
- 30% decrease in HRA administration costs
- 72% engagement rate using smart incentives
Demonstrating the company’s ability to respond to the ongoing public health emergency, Icario’s platform facilitated a program to reward health plan members for uploading their COVID-19 vaccine cards. To date, nearly 650,000 vaccine cards have been uploaded.
Also in 2021, Icario launched a new 501(c)(3) non-profit foundation for employees and their families, designed to support team members in times of extraordinary need or hardship. The foundation, a manifestation of the Icario culture of community, aids employees and their families during emergencies and other serious situations on an as-needed basis.
Finally, Icario assembled a Medicaid Advisory Council made up of leading innovators with deep expertise in supporting Medicaid eligible populations. The Council continues to inform company leadership on strategy, offerings, and programs to states and leading Medicaid health plans, with a goal of helping beneficiaries and driving overall better health outcomes.