Revel Health Receives $17 Million Investment from TT Capital
Revel Health recently announced $17 million in investment from TT Capital Partners. The Minneapolis-based company plans to use the investment to continue to expand and grow the service.
CEO Jeff Fritz, 48, a veteran emerging-technology executive, said Revel will use the funds to increase marketing efforts, further develop its technology and grow the North Loop-based company from 40 to 100 or so employees over the next two to three years.
“This company has had a 35 percent year-over-year sales growth without a robust sales and marketing team and effort,” said Fritz, who joined the company in January and is a minority shareholder. “We see a lot of opportunity to innovate this ‘engagement engine.’ ”
Revel provides a healthcare-engagement platform designed to help providers encourage patients to the active participants in their own health care. The platform allows health providers to run personalized campaigns- for example, by reaching out to people whose health records indicate that be at higher risk of contracting the flu and reminding them to get the vaccine.
Insurers hire Revel to use technology to prompt people to get their checkups, cancer screenings or take at-home steps to maintain or improve an acute condition or general health.
“Even elder loneliness,” Fritz said. “It’s a large contributor to morbidity and mortality. We [connect] by iPhone, laptop or even have a live person call.”
The interactions are driven by the customer — by requests, medical history, data analytics of his or her case and artificial intelligence.
“The shift is toward how do we help people to do things that are good for them. Listening and learning,” he said. “In the past if we had a flu prevention campaign we’d do a single campaign and push that to 1 million members to get a flu shot. Now we’re nuanced.”
Revel said in a statement one of the goals also is to reduce long-term costs through the customer interactions.