Turquoise Health Raises $40 Million in Series C Funding
Turquoise Health, a healthcare pricing and payments platform based in San Diego, California, has successfully raised $40 million in a Series C funding round. The investment was led by Oak HC/FT, with additional participation from Andreessen Horowitz, Adams Street Partners, and Yosemite.
Company Overview
Turquoise Health aims to streamline the complexities of healthcare pricing and payments by offering a comprehensive platform that integrates pricing data, contract terms, and clinical coverage rules. Their platform includes features such as Clear Rates, which standardizes pricing data, and Contracts, an AI-driven tool for contract portfolio management. Additionally, AskTQ is a tool designed to expedite pricing and contract research.
Founders and Leadership
The company was co-founded by Chris Severn, who serves as CEO, and Adam Geitgey, the CTO. Chris Severn commented on the company's mission: "Our goal has always been to move the industry toward clear, accurate, and actionable healthcare pricing."
Strategic Use of Funds
The newly acquired funds will be directed towards expanding Turquoise Health's market reach, accelerating product development, and increasing the company's workforce. With nearly 200 employees, Turquoise Health is positioning itself as a key player in the healthcare contracting and payments sector.
Platform Adoption and Impact
Turquoise Health reports a growing customer base, with over 280 clients including major health systems, national payers, pharmaceutical companies, and insurance brokers. The platform's adoption is evident as 35% of its monthly active users utilize multiple products within the system.
By centralizing and simplifying healthcare pricing and contracting, Turquoise Health aims to reduce administrative costs and improve the billing experience for patients, ultimately contributing to a more efficient healthcare system.