The Next Step on a Moonshot Journey
We recently closed our Series D round, led by Tiger Global Management, which brings our valuation to $1.3 billion. We’ve raised $225 million to date from a series of incredible partners who believe in our mission—to help healthcare care as one. It’s a monumental milestone for us, and a great testament to the faith our customers have placed in our team.
And just as important, it’s a milestone for the millions of hardworking, dedicated and highly skilled people who work in healthcare. For decades, healthcare innovators everywhere have been striving toward the goal of truly patient-centric healthcare. Collectively, this industry has invested hundreds of billions of dollars and millions of hours digitizing healthcare, all in service of higher quality care, lower costs, and better health outcomes.
It’s been an elusive goal. Until now.
Thanks to the funding we’ve received today, we’re one major step closer to making sure all that money and time pays off. And the investment couldn’t come at a better time. Our healthcare system is already strained beyond capacity. Lives are on the line. And it’s never been more important to give everyone in the entire healthcare ecosystem every possible advantage.
And that’s exactly what we’re here to do.
On The Cusp of a New Era
Transforming the future of healthcare is a monumental task—much bigger than any one company could achieve on its own. The good news is, we’ve got a strong foundation to build on, and an ecosystem of customers, partners and innovators who are already taking on the challenge.
Thanks to years of healthcare digitization, led by many of our partners and industry pioneers, 96% of all hospitals and 90% of physician groups now use EHRs. And we now have an invaluable stockpile of healthcare information—approximately 2,314 exabytes of it, according to the World Economic Forum—that has the potential to drastically improve the quality and efficiency of care people receive.
As one of Innovaccer’s advisors, Dr. Steve Klasko writes in UnHealthcare, A Manifesto for Health Assurance, “This is, essentially, the iPhone moment for healthcare–a flash in time that opens up a universe of new possibilities.”
Of course, the iPhone’s meteoric rise would not have been possible without a ubiquitous, interoperable platform and iOS. When it comes to healthcare’s iPhone moment, the trouble is the troves of data are trapped in proprietary silos, disconnected from one system to the next. EHR systems were not built to aggregate, curate and share data–they were built to optimize billing. And the other systems in healthcare–claims, lab, pharmacy, clinical trials, etc.–have proprietary data models. None of them was built for interoperability, and most were built on architectures that are several decades old. As a result, there’s a massive gap in what our doctors and nurses see, what our insurance companies see, what life sciences companies see, and what we as patients see. Think about that. All that data, and almost none of it actually being used. It’s fair to estimate that 99% of your healthcare data will never be used to keep you healthy … and that’s the problem.
This is where Innovaccer comes in …
A Platform to Power the Future of Health
When you come down to it, what’s been missing all this time: a common platform that unifies this data into a single, longitudinal patient record that allows everyone in the care ecosystem to care as one. Indeed, Deloitte’s landmark Future of Health report outlines a future that’s defined by radically interoperable data, open yet secure platforms, and consumer-driven care. More specifically, Deloitte identifies the need for data and platform infrastructure builders who will develop and manage site-less health infrastructure to link consumers and health stakeholders and set standards for platform components.
This is exactly what we are delivering with the Innovaccer Health Cloud, a platform as a service that delivers the pieces of the puzzle required to build the future of health, including:
- A cloud-native data activation platform that acquires, aggregates and normalizes clinical, claims, lab, and other healthcare data across myriad systems and settings, giving providers and other stakeholders a 360-degree view of the patient and her care journey.
- Flexible, configurable applications that work together seamlessly to streamline workflows and provide analytics-driven decision support to improve patient health.
- An innovation toolkit that empowers providers, payers, partners and innovators to work together with capabilities that support the development of interoperable third-party applications that drive patient engagement and better outcomes across the entire care journey.
In short, the Innovaccer Health Cloud provides the foundational infrastructure to form the backbone of tomorrow’s health ecosystem. And we are seeing leading organizations leverage our Cloud to bring that future to life—today …
- Banner Health is building the future of the connected enterprise. This leading health system is using the Innovaccer Health Cloud to unify patient data across multiple systems, simplify workflows across teams, and support its population health management strategy for more than one million lives. With the Innovaccer platform, Banner is not only transforming patient care but also driving significant savings in its IT operating expenses. Indeed, Banner has achieved $4M in savings from rationalizing various population health solutions with Innovaccer’s comprehensive suite, and a 70% reduction in IT infrastructure cost by moving to a SaaS-based model.
- Physicians of Southwest Washington (PSW) is building the future of care management. PSW has leveraged the Innovaccer platform to integrate all aspects of care delivery, including the care management and emergency department (ED) optimization process, using a combination of Innovaccer’s application suite and third-party applications developed using the Innovaccer Health Cloud innovation toolkit. PSW has leveraged Innovaccer’s intelligent APIs to successfully obtain insights into network performance, driving a reduction of approximately 8% in ED utilization year-over-year.
- Elevate Health is building the future of healthier communities. Elevate has leveraged the Innovaccer Health Cloud to create interoperable applications that allow them to leverage unified patient records to track the patient journey and analyze patient needs. Elevate is also using the Innovaccer Health Cloud to connect patients with community resources in real-time and help its partners successfully address critical medical and social service needs for their patients.
A Proven Approach that’s Already Transforming the Future of Healthcare
The results speak for themselves. Over the last four years, Innovaccer customers have achieved combined efficiency gains of more than $600 million in cost savings and an 8% increase in quality of care. And thanks to all the hard work of our teams, customers and partners, Innovaccer was recently rated #1 by KLAS for population health management, just one of many use cases supported by the Innovaccer Health Cloud.
It’s so humbling and inspiring to see our customers reaping immediate benefits from a platform that will pave the way toward long-term innovation for the entire healthcare ecosystem. What’s more, we’re blessed with unwavering support from our superhero customers, innovative partners and our terrific investors.
Enabling the Next Generation of Moonshots for Healthcare
It’s one thing to aim for a moonshot for healthcare. But it’s another thing entirely to enable a whole new generation of innovation. And that’s exactly our goal with the Innovaccer Health Cloud. We must ensure that the future of health we build together is a connected, coordinated one that’s laser-focused on generating better outcomes.
The risk is that data continues to explode at an incredible rate, and without a common platform, we risk overwhelming the system with unusable static. Today there are more than 3,000 health tech startups innovating new solutions, and more than 47,000 healthcare apps in the hands of consumers and patients.
We have to make sure that all of this innovation is turned into positive health outcomes. That has to be our shared goal for the future. Otherwise, it’s all for nothing. And embracing a common cloud platform is just what our future needs.
Just imagine the possibilities.
What if every doctor, nurse, pharmacist and care provider in the world never had to waste a single second on making sure their patient’s data was accurate and actionable?
What if we could eliminate billions of dollars of wasted money, millions of hours of wasted time, and hundreds of thousands of missed opportunities to make people healthier?
What if there were a way to make every single patient interaction result in the best possible outcome, over and over again, at a global scale and speed?
What if every new innovative healthcare idea didn’t have to start with the problem statement, “How will we get the data?”
What if we were able to remove any technical friction to interoperability so that technology companies and other business partners could develop applications that worked together as seamlessly as lego blocks in service of improving patient health?
What becomes possible for our people, our care providers and our shared prosperity when we finally give doctors, nurses, pharmacists and care providers the same digital advantages we give advertisers, investment bankers and entertainment networks?
Simply put, what if our healthcare system finally worked as a system, the way we need it to?
It’s a future that wants to emerge—a future driven by the brilliance, dedication and ingenuity of millions of healthcare innovators around the world.
And it’s a future we invite you to come build with us.