The holy grail for technology companies working in the healthcare industry is becoming the gateway for all healthcare data.
Big legacy providers like Epic and Cerner are trying to reach out to hospital networks to hoover up all of their data. Google is interested in it. Salesforce is interested in it. Everyone wants to be the resource that organizes and manages healthcare data for physicians and hospital providers, including San Francisco-based startup Innovaccer, which has raised $70 million in new financing to finance its mission.
The new investment from firms including Steadview Capital, Tiger Global, Dragoneer, Westbridge Capital, the Abu Dhabi investment firm Mubadala Capital and Microsoft's corporate investment arm M12.
These are deep-pocketed investors for whom money is no object, but Innovaccer has shown a fair bit of traction among hospitals and health systems with its data analysis and management platform.
The company's software pulls from datasets, generated by Cerner and Epic's healthcare records, insurance companies and pharmacies, to create a more holistic view of a patient, the company says.
Since its launch in 2014, Innovaccer has provided a single source or healthcare information for 3.8 million patients and saved healthcare systems more than $400 million, the company said.
“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,” said Abhinav Shashank, the co-founder and CEO at Innovaccer, in a statement. “We have been fortunate to work with transformational healthcare initiatives that our amazing customers are engaged in. The vision of helping healthcare work 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."
Its technology relies on over 200 APIs to take data from health plans, primary care providers, pharmacies, labs and hospitals and serves that data to 25,000 care providers. The company hopes to take that number to over 100 million healthcare records and 500,000 caregivers over the next several years.
It's a lofty goal, but one that appeals to the Ravi Mehta, the founder of the $2.5 billion hedge fund Steadview Capital.
“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," said Mehta. "We believe this will achieve greater efficiencies, enable better care and reduce overall healthcare spend in the years to come.”