Definity Health In the News

Definity Health was recently named one of the top emerging Minnesota companies by a leading Twin Cities business publication:

The Hot Zone - Twin Cities Business Monthly Annual List of 20 Emerging Minnesota Companies on the Fast Track (June 2001)

The 20 private companies profiled in Twin Cities Business Monthly's annual list of emerging companies were selected by local venture capitalists, angel investors, and industry analysts as candidates for growth in the near future. The vast majority of these companies have experienced healthy increases in both revenues and number of employees in the last year. Those that haven't are poised to. The majority of these companies were founded in the past decade; some that have been established for a while have gone through major transformations and name changes. While their purposes are different, they have one thing in common: great potential.

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DEFINITY HEALTH
3033Excelsior Boulevard, Suite 10
Minneapolis, MN 55416
612-836-1600

WEB SITE: www.definityhealth.com

LEADERSHIP: Tony Miller, CEO; J. Scott Spiker, President and COO

REVENUES: "We've had revenue for six months now, but releasing that information wouldn't provide a very good gauge of where we're heading and what we're accomplishing," says Chris Delaney, VP of Marketing at Definity Health.

FOUNDED: 1998 as the Lemhi Group, changed to HealtheCare in 1999, and re-branded as Definity Health in July 2000

EMPLOYEES: 117

WHAT THEY DO: "We provide consumer-driven health benefits for employers, which give employees more choice and greater control over their personal health and wellness decisions. There are three elements: We offer a personal care account, which is an employer-funded spending account that employees can draw upon for everyday health and wellness needs; complementary health insurance to provide a safety net of coverage; and tools and resources, available online and over the phone, to help employees make decisions."

GOALS: "To continue to develop employer partners and to grow our member base."

INSPIRATION: "The founders had all worked in health care and saw that managed care wasn't changing the system. They saw that consumers didn't have the power, control, and involvement that they had in almost every other facet of their lives."

ON GOING PUBLIC: "Most likely we'll go through another round of private placement, and then see where that takes us on our journey to the public markets."

INITIAL FUNDING: Self-funded and angel investors. An initial private placement was completed in April 2000.

by Phil Bolsta