Back to News

Investors Demonstrate Continued Confidence in Lumenos and Consumer-Driven Health Care
Company Secures an Additional $10 Million in Funding From Investors

ALEXANDRIA, VA -- (MARKET WIRE) -- 07/09/2003 -- Lumenos (www.lumenos.com) announced today that its award-winning consumer-driven health care program has received an additional $10 million dollars in venture capital. The funding signals continued confidence in the Company’s performance and highlights the momentum Lumenos has picked up since its inception in 1999.

“Our most recent round of funding shows investor confidence continues to cycle very high,” said Chip Tooke, president of Lumenos. “Moreover, analysts, employers and employees alike continue to support consumer-driven health care as a serious and viable solution to our nation’s health care crisis,” added Tooke.

One of the key elements of the consumer-driven approach is that employees become actively involved in their own health care. Analysts report that increased consumer involvement has led many individuals to make informed choices that have led to healthier outcomes.

“The momentum that Lumenos’ consumer-driven program possesses is growing each day,” added Tooke. “The range and variety of our growing client base as well as its growing national breadth indicates that consumer-driven health care is on the rise. Our investors continue to recognize the promise of our program.”

The Lumenos program enables an employer to make an annual allocation to each participating employee’s Health Savings Account (HSA). These employees can then use their HSAs to pay for routine medical expenses. The HSA can also be used to pay for certain services other plans typically do not cover -- such as smoking cessation and weight loss programs. A separate preventive care benefit also covers 100 percent of certain preventive care services, without any out-of-pocket expenses for the employee or deductions from the HSA. The dollars remaining at the end of the year can be rolled over and accumulate in the employee’s HSA for future health care needs. In addition, the program includes Traditional Health Coverage that covers the employee if an employee’s expenses exceed his or her HSA dollars. What’s more, Lumenos provides online and offline access to the latest health care information services to help customers spend their health care dollars wisely.

About Lumenos

Lumenos, based in Alexandria, Va., is an award-winning industry leader in the field of consumer-driven health care. The Company’s mission is to engage consumers in their health care by giving them control of routine health decisions and dollars and the tools to make wise and informed decisions about their care. An engaged and knowledgeable consumer is the best long-term solution to current health care industry challenges. Available to self-funded companies, the Lumenos program allows employers to make an annual allocation to each employee’s Health Savings Account (HSA). Participating employees can use these dollars on routine, preventive and most other health care expenses. Lumenos also provides online and offline access to the latest health care information services and support that help consumers reach sound decisions. Unspent dollars can be rolled over year after year and accumulate in employees’ HSAs for future health care needs. A growing number of Fortune 500 companies representing the retail, pharmaceutical, technology and manufacturing industries offer the Lumenos program to employees. The company has been awarded the prestigious Make a Difference Best of Show Award and the E-Healthbeat Award for Outstanding Web Site. For more information on Lumenos, please visit the Company’s Web site: www.lumenos.com.