– Innovaccer has recently raised $70 million in Series C funding from Tiger Global, Steadview Capital, Dragoneer, Westbridge, Mubadala and M12 (Microsoft’s Venture Fund) bringing their total capital raised to $120 million.
– 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.
Innovaccer Inc., a Silicon Valley-based healthcare data platform company, announced today it 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 to $120M.
Today’s State of Disconnected Silos of Healthcare Data
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.
Intelligent workflows Powered by Unified Patient Records
Founded in 2014, Innovaccer Inc. is on a mission to drive efficiency in healthcare by unleashing the power of data. Its leading healthcare data platform, InData, already ingests, normalizes, and manages millions of patient records for over 20 customers such as Mercy Accountable Care Organization of Iowa, UniNet Healthcare Network of Nebraska, and StratiFi Health Network. The fully integrated healthcare data platform consists of:
– InData: puts you in control of data integration by leveraging our proprietary visual extraction, transfer, and load pipelines.
– InCare: manage your day-to-day administrative tasks with a smart platform, saving time and energy and focusing on your primary objective of providing quality health care.
– InNote: pulls information from multiple clinical and financial systems so that physicians can easily access a comprehensive view of the patient without having to leave the EMR.
– InGraph: switch from pre-made dashboards. InGraph brings you customizable features to meet your specific needs and give you a competitive edge.
“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.”
Traction to Date
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. 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.
The Underlying Importance of Making Patient Data More Accessible
“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.
