– Ribbon Health, a health care data platform raises $10.25M in Series A funding led by Andreessen Horowitz (“a16z”) and is the first investment by a16z’s newly announced Bio Fund III.
– Ribbon is a health data platform that offers the most accurate, up-to-date data on providers, insurance plans, and price and quality of care.
Ribbon Health, a New York City-based healthcare data platform, that today just announced a $10.25 million Series A round led by Andreessen Horowitz (“a16z”) and a new solution to deliver up-to-date provider cost/quality data. Ribbon marks the first investment by a16z’s newly announced Bio Fund III.
Enterprise Data Platform and API Layer for Healthcare Solutions
Founded in 2018 by CEO Nate Maslak and CTO Nate Fox, Ribbon is a health data platform that offers the most accurate, up-to-date data on providers, insurance plans, and price and quality of care. They offer this through a seamless API layer so that the platform can integrate into any organization’s workflow and UX, such as health plans, providers systems, or digital health companies. The thing that sets Ribbon apart is that the API layer continuously validates and improves the accuracy of the platform’s data through ongoing use/growth.
The platform is the critical infrastructure to power better insurance network design with updated info on provider quality and cost, provider directories, better referral management for providers, and personalized care navigation for consumers to find the right doctors who are high-quality, in-network, and conveniently located.
In addition to its provider directory and insurance network offerings, Ribbon launched a new cost and quality solution that offers customers access to accurate quality and outcomes indicators as well as up-to-date cost information. For health plans, this comprehensive data enables up-to-date network designs and the ability to offer members care navigation tools that deliver personalized out-of-pocket cost estimates based on their deductible, plan design, and provider prices. And, for at-risk providers and payers, this solution can provide insights on patients’ total costs of care and help ensure referrals to high-quality, cost-effective providers.
Expansion Plans for Ribbon
Ribbon will use this funding to expand its customer base across payers, providers, and digital health companies. Ribbon’s platform is already in use by those such as Oak Street Health and Well (Well Dot, Inc.)to drive patients to better, higher-quality care. The company will also continue to build out its expert team at its headquarters in New York, recruiting talent to join in software engineering, business development, and product roles.
“In today’s health care system, it is too difficult to find accurate and reliable data on the cost and quality of care. We created Ribbon to empower people to make health care decisions that are more high-quality, cost-effective, and convenient,” said Nate Maslak, co-founder and CEO of Ribbon Health. “This funding will help us bring our health care data platform to more payers, providers, and other health care stakeholders, allowing them to break through the information barriers in health care.”Nate Maslak, co-founder and CEO of Ribbon Health