Funding Will Help Ribbon Bring Accurate and Reliable Data to More Customers and Expand Team
Ribbon Health, a health care data platform for payers, providers, and digital health companies, announced it has closed a $10.25 million Series A funding round and launched a new cost and quality solution. The round was led by Andreessen Horowitz (“a16z”) and included Y Combinator and BoxGroup, as well as health care and technology leaders Nat Turner, CEO of Flatiron Health; Vivek Garipalli, CEO and co-founder of Clover Health; and Eric Roza, the former CEO of DataLogix. As part of the round, Julie Yoo, General Partner at a16z and an experienced digital health entrepreneur, will join Ribbon’s Board of Directors.
Read More: H&R Block Advances Transformation Strategy With New Vice Presidents
“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.”
Ribbon’s platform provides the critical infrastructure to power accurate provider directories, reliable referral management, and efficient care navigation. Ribbon is the only solution to offer all of these capabilities in one platform, and does so through a seamless API layer that easily integrates into each customer’s existing workflow to improve connectivity across the health system. Ribbon is uniquely able to deliver the most comprehensive data on doctors, insurance plans, and cost and quality measures because the platform culls information from thousands of sources as it spreads and is used.
Read More: Three ISACA Credentials Rank Among 10 Highest-Paying Tech Certifications
“The majority of decisions in health care rely on data about a provider or health plan, yet our industry lacks the systematic infrastructure to centralize this information and contextualize it for those who need it. There is a clear need for a single platform that can provide comprehensive, up-to-date data to enable informed decision making across health care, and we believe Ribbon is poised to lead in this space,” said Yoo. “This financing round will accelerate Ribbon’s growth, and enable expansion of its solutions, team, and customer base.”
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.
“So much of the innovation in health care relies on accurate data. Our goal is to provide these companies the critical data infrastructure needed to improve quality of care, health outcomes, and control costs,” said Nate Fox, co-founder and CTO at Ribbon Health. “Our platform and seamless API make it easy for customers to trust us to deliver the most comprehensive, accurate data, allowing them to focus on what they do best on the front lines of health care.”
Read More: xSuite to Present P2P Solutions for Business Process Automation at SAP Financials 2020
