Draft:Accolade (company)

Accolade, Inc. (Nasdaq: ACCD) is an American health technology company offering personalized, technology-enabled solutions to help individuals navigate and utilize the healthcare system and workplace benefits. 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. Accolade is co-headquartered in Plymouth Meeting, Pennsylvania, and Seattle, Washington.

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

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

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. The IPO was managed by Goldman Sachs, Morgan Stanley, and BofA Securities, among others.  The shares are traded on the Nasdaq Global Select Market under the symbol "ACCD".  

In 2021, Accolade acquired 2nd MD, PlushCare, and HealthReveal, and entered the category called Personalized Healthcare, focusing on data-driven value-based care. The company launched Physician-led Advocacy in 2024 to improve access, care coordination, data connectivity, and health equity.

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. The company provides several solutions to enterprise and employer customers, including:


 * Accolade Connect
 * Accolade Plus
 * Accolade Care
 * 2nd MD by Accolade
 * Enhanced Rx (an add-on to Accolade Plus)

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

Accolade announced the integration of PlushCare, a provider of virtual primary care and mental health services, into its portfolio. 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. 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.

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.

Clients, Partnerships and Investments
Accolade's clients include American Airlines, Lowe's, State Farm, and United Airlines.

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

Leadership

 * Rajeev Singh - Chairman and Chief Executive Officer
 * Steve Barnes - Chief Financial Officer
 * Ryan McQuaid - Chief Product Officer
 * Dr. Shantanu Nundy - Chief Health Officer
 * Kelsi McDonald Harris - Chief People Officer
 * Robert Cavanaugh - President
 * Richard Eskew - General Counsel and Chief Compliance Officer
 * Drew Garner - Executive Vice President of Engineering
 * Kristen Bruzek - Senior Vice President of Operations

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

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. 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.

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. This was followed by a $287.5 million Convertible Notes Offering in March of 2021.