Holmes Murphy spins off SPH search platform to Coupe Health
BPC Staff Nov 2, 2021 | 3:47 pm
1 min read time252 wordsAll Latest News, Health & Wellness, Insurance & Investments
Minnesota-based Coupe Health LLC has purchased SPH LLC, formerly known as SimplePay Health, from insurance brokerage Holmes Murphy & Associates, the companies announced. Launched by Holmes Murphy in 2018, SPH is an alternative health care product for self-insured commercial employers. The SPH platform is designed to enable employees to easily search for high-quality medical and pharmacy plans. Coupe Health, a subsidiary of Stella Health in Minnesota, plans to launch an SPH-powered health plan option that Minnesota-based self-insured employers could offer next year. Through this acquisition, additional benefit plans under the Coupe name will also have the option to expand their reach into other states. “Using health insurance can be an incredibly complex and expensive consumer experience,” said Den Bishop, president of Holmes Murphy, which is based in Waukee. “We wanted to make it easier for patients to connect to top quality medical services and to eliminate the financial surprises linked to traditional insurance plan designs. We believe that we have reached the point where it is time to partner with a company that can scale SimplePay Health to help the business reach its full potential. Coupe Health is that partner.” Stella Health is governed by the board of trustees of Blue Cross Blue Shield of Minnesota, with a mission “to reinvent health care so it’s more accessible, easy to use and puts better health within reach for everyone,” according to the Stella website. The equity purchase includes the SPH platform and benefits hub, current SPH employees, all intellectual property and the client roster.