Turquoise Health earns $ 20 million for price transparency platform

Health Price Transparency Platform Turquoise Health has raised $ 20 million in A Series funding. The stage was led by Andresen Horowitz with the participation of Bessemer, Boxing Group and Tiger Global.

WHAT IS DOING

Turquoise offers a platform where patients can search for services և providers for cost information, compare cash prices ք entered insurance information to find out out of pocket. The company gets its data from machine-readable files uploaded by hospitals to stay relevant. CMS Hospital Price Transparency Rulewhich entered into force in January 2021.

The company also provides compliance tools for hospitals, service packaging software, market rate data, pricing APIs for other companies to use in their applications, and a Medicare pricing engine.

Along with the A Series, Turquoise announced a new product called Clear Contracts. Its purpose is to simplify the direct contracting process between suppliers and payers. The platform uses company pricing data և boiler contracts so that the parties can move faster և move forward at affordable prices.

“We are committed to the vision of a new ‘pre-revenue cycle’ where patients and payers know the costs in advance and suppliers are accustomed to paying real-time for purchasing services,” said Chris Severn, co-founder and CEO.

“By creating a clean, easy-to-use direct contract platform, Turquoise Health shifts the industry’s focus to total financial precision before care, which ultimately results in less contact between patients, suppliers and payers.”

MARKET IMAGE

Many hospitals do not yet fully comply with federal pricing rules. According to A. February issue from Patientrightsadvocate.orgOnly 14.3% of the 1000 hospitals followed the rules completely.

About 38% of the hospitals surveyed reported satisfactory contract rates, but more than half did not comply with other aspects of the rule, such as each insurer’s rates plan. Those results were consistent earlier studies finding out that many hospitals are not fully compliant.

Other companies with technology capabilities that aim to increase price transparency in the healthcare sector include CashMD. which launched its spending tool in 2019և “self-paying” Sidecar Health insurance, which: raised $ 125 million with C Series funding In January 2021.

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