With the latest round of funding, Innovaccer will focus on its vision to help healthcare organizations care as one and scale the unified patient record.
Press Release – updated: Feb 14, 2020 10:35 EST
SAN FRANCISCO, February 14, 2020 (Newswire.com) – Innovaccer, Inc., a leading healthcare technology company, has raised a total of $70 million in capital in its Series C funding round from Steadview Capital, Tiger Global, Dragoneer, Westbridge, Mubadala and M12 (Microsoft’s Venture Fund) bringing the total capital raised by the company to $120M.
Founded in 2014, Innovaccer is on a mission to organize the world’s healthcare information and help healthcare organizations care as one. Innovaccer plans to use the latest funds to improve existing processes that digitize healthcare for providers, payers and patients by strengthening its Data Activation Platform.
Healthcare information remains disconnected for consumers, physicians, pharmacies, payers and myriad other care providers. Patient data is distributed across data systems in various organizations that make the entire healthcare system unnecessarily complex, redundant and prone to wastefulness. These disconnected silos of information have necessitated a unified patient record that is accessible across the care continuum to help healthcare organizations care as one.
“Despite technology growing steadily, the deep-rooted inefficiencies in healthcare make it difficult to deliver patient-centered care. The fragmented nature of the current healthcare system is the biggest challenge we have to address in enabling healthcare to care as one and make care delivery substantially more efficient. Our work at Innovaccer has always been focused on creating innovative technology that can enable personalized care while reducing operational costs,” said Kanav Hasija, Co-founder and Chief Customer Success Officer. “We are delighted that such an esteemed group of investors has endorsed our vision of how Innovaccer will change the healthcare landscape.”
To date, Innovaccer’s Data Activation Platform has helped its customers unify more than 3.8 million patient records and generate savings of more than $400M. Through 200+ pre-built connectors, Innovaccer has streamlined data from health plans, primary care providers, pharmacies, labs and hospitals, and made it available to more than 25,000 providers. By further advancing its core technology, Innovaccer aims to generate 100 million unified patient records accessible to 500,000 care team members through its platform over the next few years.
Ravi Mehta, Founder and Managing Director of Steadview Capital said, “We are excited to partner with Innovaccer which is working with top care organizations in the U.S. to transform healthcare to value-based care. By using their connected care framework coupled with their leading-edge data aggregation and analytics platform, they are unifying patient records and enabling care teams to coordinate patient care at a new level. We believe this will achieve greater efficiencies, enable better care and reduce overall healthcare spend in the years to come.”
“Healthcare still needs a lot of work to become patient-centered and connected by organizing information and making it more accessible. It is really important to make patient data seamlessly available to all providers along the patient’s care journey,” commented Abhinav Shashank, Co-founder and CEO at Innovaccer. “We have been fortunate to work with transformational healthcare initiatives that our amazing customers are engaged in. The vision of helping healthcare organizations care as one needs a connected and open technology framework. We are excited to be at the forefront of providing the tech platform for our customers to drive that change,” he concluded.
“Innovaccer is reimagining the way patients and providers experience healthcare. The healthcare system needs a robust foundation that can optimize the way care is being delivered. With Innovaccer, we look forward to enabling the provider’s ability to deliver high-quality, patient-centered care. We are excited to have top tier investors such as Tiger Global, Steadview Capital, Dragoneer, Westbridge, Mubadala and M12 stand behind our product and our vision,” said Sandeep Gupta, Co-founder and COO at Innovaccer.
Innovaccer is a leading San Francisco-based healthcare technology company committed to making a powerful and enduring difference in the way care is delivered. The company leverages artificial intelligence and analytics to automate routine workflows and reduce manual overhead to facilitate more patient-centered care. Its KLAS-recognized products have been deployed all over the U.S. across more than 1,000 locations, enabling more than 25,000 providers to transform care delivery and work collaboratively. Innovaccer’s Data Activation Platform has been successfully implemented in healthcare institutions, government organizations, and corporate enterprises including Catholic Health Initiatives, MercyOne, Orlando Health, Hartford Healthcare, and Stratifi Health. By using the connected care framework, Innovaccer has unified 3.8 million patient records and generated more than $400M in savings. For more information, please visit innovaccer.com.
Source: Innovaccer Inc.