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An employer's view of its Collective Health data. Photo: Collective Health

Collective Health is raising $205 million in a new funding round led by a new investor, SoftBank's Vision Fund.

Why it matters: Employers are looking to make health benefits simpler and cheaper for their workers. That's the thesis behind Collective Health's technology, and the startup now has one of the largest investment firms in the world in its corner.

How it works: Collective Health often charges companies $20-$30 per employee per month to serve as the sole health benefits interface for employees. (Not every company falls within that pricing range, which is based on a company's employee population.)

  • Collective Health takes all of a company's existing health offerings — medical and vision benefits, telemedicine, on-site clinics, etc. — and plugs them into its technology.
  • Workers only need to use Collective Health when they have health care questions, like what their plan covers or what doctors are in-network.
  • Employers can track what their health care spending is in real time.

The big picture: Collective Health has 45 companies, such as Activision Blizzard and Pinterest, using its technology and plans on expanding that base with this new round, according to co-founder and CEO Ali Diab.

  • Diab says the company is more than just a third-party administrator. It's trying to make health care easier to navigate for workers, show employers what they are spending, and help companies see where waste could be.

Yes, but: People change their jobs all the time, so Collective Health won't follow them.

  • People also don't really use health care transparency tools when given the option.

The bottom line: Collective Health targets employers that are self-insured, which is how more than 60% of U.S. workers get their health insurance. Employer coverage is notoriously wasteful, and with $435 million now in outside funding, many investors think Collective Health can address some of the gaping holes.

Go deeper

California wildfire explodes in size, destroys historic town

Battalion Chief Sergio Mora looks on as the Dixie fire burns through downtown Greenville, Calif. on Aug. 4, 2021. Photo: Josh EdelsonAFP via Getty Images

The small Sierra town of Greenville, California, was heavily damaged on Wednesday night into early Thursday as the Dixie Fire surged northward amid high winds, extremely dry air and hot temperatures.

The latest: The Dixie Fire, California's biggest blaze, continued to threaten communities in Plumas County into Thursday night, as more mandatory evacuation orders were issued in the region.

Updated 3 hours ago - Politics & Policy

Top labor leader Richard Trumka dies unexpectedly at 72

Photo: Samuel Corum/Getty Images

AFL-CIO president Richard Trumka, who led the largest federation of unions in the country for over a decade, has died at 72.

The big picture: Trumka began working as a coal miner in 1968 and would go on to dedicate his life to the labor movement, including as president of the 12.5 million-member AFL-CIO beginning in 2009.

Biden signs bill awarding Congressional Gold Medals to officers who responded to Jan. 6 attack

President Biden, joined by Vice President Harris, lawmakers and members of law enforcement and their families, signs legislation to award Congressional Gold Medals to law enforcement in the Rose Garden. Photo: Win McNamee/Getty Images

President Biden signed legislation awarding Congressional Gold Medals to the law enforcement officers who defended the Capitol during the Jan. 6 insurrection.

Why it matters: The Congressional Gold Medal is Congress' "highest expression of national appreciation," notes the New York Times.