- Apervita, a leading platform for value-based collaboration in healthcare, announced it raised $22 million in incremental investment to further accelerate growth
Apervita — a leading platform for value-based collaboration in healthcare — announced it has raised $22 million in incremental investment to further accelerate its growth. Optum Ventures provided the investment along with previous investors Pritzker Group Venture Capital, Baird Capital, Math Ventures, Levy Family Partners, Illinois Venture, and Wintrust.
This announcement comes on the heels of the merger between Apervita and Qcentive along with the appointment of industry veteran Kevin Hutchinson as CEO — both of which happened in the third quarter of 2019.
“I’m thrilled to have partnered with our board of directors and current investors to secure the necessary capital for this next phase of Apervita,” said Hutchinson. “Apervita has led the way with the next generation infrastructure supporting digital performance measurements and value-based transactions, helping payers and providers as they transition to more fully aligned value-based healthcare. As a result, our payer and provider clients are pioneering far more comprehensive and cost-effective models of quality measurement and value-based arrangements. This new capital will allow us to accelerate investment in our leading-edge technology and support expansion in partnership with our growing client base.”
Apervita has launched the industry’s first cloud-based, integrated build, test, and run environment for complex clinical algorithms. And in serving The Joint Commission — which is the leading hospital accreditation organization — the company’s solutions support a nationwide end-to-end digital quality program, currently empowering over 2,000 hospitals. And in so doing, The Joint Commission helped eliminate manual processes, improve access to quality information, and save participating hospitals $20,000-$50,000 each in administrative spend.
Today the Apervita platform computes over 10 billion quality computations every year using digital measures like The Centers for Medicare and Medicaid’s electronic quality measures (eCQMs). And Apervita is the first to receive certification from National Committee for Quality Assurance (NCQA) for clinical quality language (CQL) based execution of eCQMs. Plus it is currently among the first companies pursuing certification for digital versions of Electronic Clinical Data Systems (ECDS) and Healthcare Effectiveness Data and Information (HEDIS) measures released by NCQA.
Through its cutting-edge cloud-based quality solution, Apervita can now incorporate standard and custom digital quality measures into the industry’s value-based contract administration solution, serving leading payers covering more than 7 million lives and $32 billion in total medical expense.
“At Optum Ventures, we believe seamless and trusted transactional infrastructure is a critical accelerant to value-based relationships between payers and providers,” added Sarah McGinty London, Senior Principal of Optum Ventures, which participated in the funding. “With established interactions across more than 2,000 hospitals nationwide and partnerships with some of the country’s most innovative payers in this space, Apervita is well-positioned to be an indispensable enabler of value-based healthcare.”