GoHealth, Inc. is seeking to raise $100 million in Class A common stock during a proposed upcoming initial public offering (IPO), according to a filing with the U.S. Securities and Exchange Commission (SEC). The health insurance marketplace is seeking to list with the “GHTH” symbol on The NASDAQ Global Market.
“Our platform utilizes proprietary technology, machine-learning capabilities, data, efficient business processes, and highly skilled and trained licensed agents, or agents, to connect consumers with health insurance carriers, or carriers, through multiple channels,” the company said in its filing.
The firm said in the filing that its net revenues jumped 104.1 percent to $141 million for the quarter concluding March 31 of this year, in comparison to $69.1 million for the quarter that concluded on March 31 of last year.
The development comes as hospitals and doctors’ offices in the United States closed their doors for all but the most important medical services early in the pandemic due to worries of spreading the coronavirus to patients or staffers. But now, an inability to pay after layoffs related to the health crisis is keeping patients away.
But Flywire recently said that it brought on additional functionality to its healthcare payments platform, with a nod in the direction of personalized installment plans that can assist patients in paying what they can afford while getting their health needs met. Providers can offer payment plans before and after services, harnessing data in addition to advanced analytics to ascertain patient affordability.
The digitization of healthcare didn’t abruptly begin with COVID-19, as telehealth companies have been emerging for many years. The pandemic, however, has very much accelerated things, Conversa Health CEO Murray Brozinsky recently told PYMNTS.
The American workforce has transitioned to telecommuting nearly overnight, and regulators have discovered methods to accelerate decision-making from months and years to hours and days.
“The ability for American commerce and American business and American healthcare to be agile and embrace technology, it shows we can make fast changes to make things better,” Fiserv’s Senior Vice President of Healthcare Solutions Colin Mellon said during a recent On The Agenda Digital Roundtable conversation. “It’s just not very clear how well we can adapt and overcome.”