HBM+

What HBM+ does

HBM+ operates as GreenShield Administration, a Canadian non-profit health benefits management organization headquartered in Windsor, Ontario. It is part of the GreenShield organization, structured around three non-profit entities — Green Shield Canada (GSC), Green Shield Association (GSA), and Green Shield Canada Foundation (GSCF) — with wholly-owned operating subsidiaries covering insurance (GSCI), health services, claims adjudication, and benefits administration. The company serves employers of all sizes (small businesses with 2-149 employees through to large organizations), individual consumers, and healthcare providers across Canada, offering an end-to-end integrated suite of health and benefits technology and services under the positioning "Unlocking Better Health for All." GreenShield Cares operates as the social impact arm focused on mental health, essential medicines, and oral health accessibility.

The platform combines a claims adjudication engine for drug, dental, and extended health services with pharmacy benefits management infrastructure and a flexible benefits administration system. Proprietary components include the GreenShield+ integrated member portal (combining insurance with pharmacy, mental health, and telemedicine), the Honeybee platform for small business administration, the ProviderConnect practitioner portal, specialty pharmacy capabilities with cold-chain home delivery and infusion clinics, digital pharmacy, telemedicine, mental health services, and an employee assistance program. The technology processes over 32 million claims annually from more than 2 million drug claimants, generating the proprietary dataset underlying its annual Drug Trends Report. Distribution is primarily digital via self-serve portals, supported by a phone-based customer service center operating weekdays 8:30am-8:30pm ET.

Revenue is generated through four streams: subscription-based health insurance premiums (annual billing for groups, monthly for individuals), managed services contracts for benefits administration and pharmacy benefits management, transaction-based claims adjudication, and fees tied to specialty pharmacy and integrated care services. Pricing is quote-based and not publicly disclosed. The go-to-market combines sales-led outreach for group business, direct-to-consumer digital acquisition for individual coverage, and provider-side onboarding for healthcare practitioners integrated into the network. Awards include Fortune Change the World 2025, Canada's Most Admired Corporate Cultures, Buy Social Canada Certified, and Caring Company certification from Imagine Canada.

Name

HBM+

Legal name

Green Shield Association

Website

https://hbmplus.ca

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

101–250 employees

Short description

HBM+ (GreenShield Administration) is a Canadian non-profit health benefits management organization that provides integrated claims adjudication, pharmacy benefits management, benefits administration, and specialty pharmacy technology and services to employers, individual consumers, and healthcare providers across Canada.

Ownership category

akta.pro rank

Product category

Health Benefits Management

NAICS

Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292), Direct Health and Medical Insurance Carriers (524114), Health and Welfare Funds (525120)

SIC

Services-Health Services (8000), Insurance Agents, Brokers & Service (6411), Retail-Drug Stores And Proprietary Stores (5912), Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro primary industry

Pharmacy Benefit Management (PBM) & Pharmacy Network Administration (HLAFALAI)

akta.pro secondary industries

Group Pharmacy Benefit (Rx) Coverage & PBM-Integrated Plans (FSAIAFAN), Flexible Benefits Administration (FSA/HSA/HRA) (HLAEALAK), PBM Technology Platforms (ePA/eRx/Real-Time Benefit Tools) (HLAEAKAL), Chronic Condition Management & Remote Monitoring (e.g., diabetes, HTN) (HLALADAD)

Keywords

• Health benefits management
• Pharmacy benefits management
• Claims adjudication services
• Group health insurance
• Benefits administration technology

Headquarters

HQ city

Windsor

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Revenue model

1. Health Insurance Premiums: Collection of insurance premiums from employers and individuals for comprehensive health and dental coverage
2. Benefits Administration Services: Flexible and scalable benefits administration technology and outsourcing solutions for group and business clients
3. Pharmacy Benefits Management: PBM services managing drug benefit plans with expertise and focus on plan member experience
4. Claims Adjudication: Processing and adjudication of drug, dental, and extended health service claims

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels4 records

Core offering

HBM+ (operating as GreenShield Administration) delivers an end-to-end suite of integrated health and benefits technology and services for the Canadian market. Its core business encompasses pharmacy benefits management, drug, dental, and extended health claims adjudication, and scalable benefits administration for organizations ranging from small businesses to large enterprises, complemented by personal health coverage, specialty and digital pharmacy, telemedicine, and mental health services delivered through the GreenShield+ integrated platform.

Product overview

HBM+ (GreenShield Administration) offers an end-to-end suite of integrated health and benefits technology and services, encompassing Health Benefits Management as the core platform. The core products include Benefits Administration (flexible and scalable technology and outsourcing solutions), Claims Adjudication (industry-leading drug, dental, and extended health service adjudication), and Pharmacy Benefits Management (expertise in managing complex drug benefit plans). Supporting services include Specialty Pharmacy (clinical support and network for high-cost drugs), Digital Pharmacy (online prescription management), Telemedicine, Mental Health Services, and an Employee Assistance Program. GreenShield+ serves as an integrated platform combining insurance benefits with health providers. GreenShield Cares represents the social impact arm covering mental health, essential medicines, and oral health programs. The company provides solutions for organizations of all sizes from large enterprises to small businesses (2-149 employees) and individuals.

Differentiator

Problem solved

Functional benefit

Brands

• GreenShield Cares: Social impact program addressing mental health, essential medicines, and oral health accessibility
• GreenShield+
• Honeybee
• providerConnect

Products and services

• Benefits Administration Flexible and scalable benefits administration technology and outsourcing solutions for organizations of all sizes, from large enterprises to small businesses and entrepreneurs.
• Claims Adjudication Industry-leading drug, dental, and extended health service adjudication solutions processing more than 32 million claims from over two million drug claimants annually.
• Pharmacy Benefits Management Expertise paired with a renewed focus on plan member experience to help manage the growing complexity of today's drug benefit plans for group clients.
• Specialty Pharmacy Patient adherence and clinical support services with a pharmacy network for high-cost and complex drugs, including OnePoint coverage navigation, infusion clinics, and cold chain home delivery for conditions such as IBD, rheumatoid arthritis, and psoriasis.
• Small Business Group Coverage Flexible digital benefits experience for small businesses ranging from 2 to 149 employees.
• GreenShield+ First-of-its-kind integrated solution combining insurance benefits with health providers to simplify the health journey, offering health care and benefits experience in one place for personal and group members.
• Mental Health Services Confidential therapy and workplace mental health services integrated with benefits coverage for easy-to-navigate, seamless care, available to individuals and group plan members.
• Digital Pharmacy Manage prescription and delivery online with ease, providing digital pharmacy services to plan members.
• Telemedicine See a healthcare professional anytime, from anywhere, integrated with benefits coverage for group and individual plan members.
• Employee Assistance Program Confidential help for life, work, and everything in between, available to group plan sponsors and their employees.
• Health and Dental Insurance Comprehensive health and dental plans for individuals and employees offering easy-to-navigate, flexible coverage through personal and group policy options.

Quantifiable outcome

• 32+ million claims processed from over 2 million drug claimants annually

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Two partnerships are on record, tiered core.

• Inkblot PracticecoreTechnology or IntegrationIntegration partner providing service provider sign-in portal for mental health practitioners to access and process claims through GreenShield's benefits administration platform
• ProviderConnectcoreTechnology or IntegrationHealthcare provider portal integration enabling practitioners to access and manage claims processing and patient information within the GreenShield ecosystem

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• OptumRx (UnitedHealth Group): PBM arm of UnitedHealth Group combining pharmacy benefit management with integrated data, analytics, and care delivery. Comparable to GreenShield's integrated insurance-plus-provider thesis, and a benchmark for how vertical integration can compound PBM economics.
• Sun Life Financial: Major Canadian life and health insurer with a sizable group benefits business serving Canadian employers, including health, dental, and disability products. Competes directly with GreenShield's group and individual coverage offerings in the Canadian market.
• Express Scripts (Evernorth / Cigna): Largest U.S. PBM with end-to-end pharmacy benefit management, claims processing, and specialty pharmacy capabilities. Highly comparable to GreenShield Administration's PBM and claims adjudication core, though operating at materially larger scale and vertically integrated with a major U.S. insurer and pharmacy services company.
• CVS Caremark: Retail pharmacy and PBM hybrid offering pharmacy benefits administration, specialty pharmacy, and integrated care services. Closely aligned with GreenShield's digital pharmacy, specialty pharmacy, and claims adjudication offering.
• Manulife Financial: One of Canada's largest life and health insurers offering group benefits, dental, and disability coverage to Canadian employers and individuals. Direct competitor in the Canadian group benefits and individual health insurance market where GreenShield Administration sells its coverage and benefits administration services.
• Canada Life: Canadian life and health insurer (part of Great-West Lifeco) offering group benefits, individual health and dental coverage, and benefits administration. Head-to-head competitor in the same Canadian employer and individual coverage segments GreenShield serves.

Regional players

• Desjardins Insurance: Canadian insurer (part of Desjardins Group cooperative) offering group and individual health, dental, and life coverage in Quebec and across Canada. Comparable mutual/cooperative-style competitor to GreenShield in the Canadian benefits market.
• Pacific Blue Cross: Canadian not-for-profit benefits carrier offering health, dental, and group benefits administration primarily in British Columbia. Closest peer to GreenShield's non-profit, regionally focused Canadian benefits model, with overlapping PBM-adjacent services.
• Beneva: Canadian mutual insurer formed from the merger of SSQ Insurance, La Capitale, and Union du Canada, offering group and individual benefits. Comparable Canadian-headquartered mutual benefits provider competing for similar employer and individual customers.

Direct peers

• MedImpact Healthcare Systems: Independent, payer-owned PBM focused on transparent pharmacy benefit management and clinical programs. Directly comparable to GreenShield's PBM and specialty pharmacy capabilities, particularly on the payer-aligned, non-public-equity model.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks1 record

Key highlights6 records

Customer concentration

• Xx.com/hbmplus

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about HBM+