When it comes to data, perhaps no sector has as much of it and in as many distinct silos as the healthcare industry.
Hundreds of millions of patient records reside within various electronic health records (EHRs) maintained by vendors like Epic, Cerner and Athena. Insurance companies hold extensive data sets on coverage, reimbursement rates, and patient demographics. Pharmacies and laboratories contribute further data points on medication usage and diagnostic results.
Over the last decade or so, multiple companies have tried to unify all that patient data across health systems and care settings, but according to various investors, over the last few years, San Francisco-based Innovaccer has emerged as a leading player in this space.
Innovaccer currently counts six of the U.S.’s top ten healthcare systems as customers and is making strides in selling its platform to insurers, pharmaceuticals, and government organizations.
The company already provides a suite of applications for value-based care, population health management, and customer relationship management (CRM), all built upon its cloud-based infrastructure.
And now, Innovaccer plans to introduce multiple AI co-pilots and agents, including an AI medical scribe, a tool that simplifies prior authorizations, and another to help with denied claims.
To support its grand ambition of becoming what Innovaccer co-founder and CEO Abhinav Shashank calls “a one-stop shop for healthcare AI solutions,” the company has raised a $275 million Series F from investors including B Capital Group, Banner Health, Danaher Ventures, Generation IM, Kaiser Permanente, and M12.
This round has both primary and secondary components: approximately 35% of the funds are allocated to provide some liquidity for the company’s seed and Series A investors, according to Shashank. Despite this secondary component, this is still enough capital to fuel Innovaccer’s next phase of growth.
While the company dec …