- Leading healthcare tech company Aver announced it raised $27 million in Series C funding
Aver — a leading healthcare tech company for bundled payment and value-based healthcare solutions — announced it has raised $27 million in Series C funding. Cox Enterprises made a majority investment in this round and it also included participation from current investors Drive Capital, Heritage Group, Hearst Ventures, and NCT Ventures.
This round of funding will enable Aver to scale operations and grow platform capabilities with the focus of supporting customer needs in the execution of bundled payment and value-based programs.
“Our goal in deploying this capital will be to help our large commercial payer customers execute the design, implementation, and administration of bundled payment programs,” said Bill Nordmark, Aver’s president and CEO. “We are also proud to welcome Cox Enterprises to the Aver family. As a $21 billion innovative company, Cox Enterprises will bring a critical lens for the innovation and adoption of value-based programs. This view will allow Aver to bring more value to our payer customers as they launch and expand bundle programs.”
Since healthcare costs continue to rise, the move towards value-based reimbursement has become a key focus for the industry. And the need for cost reductions and price transparency are both achieved through bundled payment programs.
“It’s been exciting to watch Bill and his team innovate as they built Aver into the impactful company it is today. We believe Aver will continue to grow into the market-defining company for bundled payments,” added Mark Kvamme, co-founder and partner of Drive Capital.
In the past couple of years, Aver has been one of the fastest-growing platforms in the industry as it helped health plans execute the implementation of bundled contracts. The current customers using Aver’s services have seen proven medical spend savings of over 20% across a wide range of procedural and medical-based bundle programs.
Currently, Aver provides payers and large health systems with a platform for designing, analyzing, and implementing episode-based contracts in a strategic effort to enhance quality, eliminate redundant costs, and improve clinical outcomes. And Aver’s value-based and bundled payment platform offers distinctive features allowing clients to effectively deploy and operate value-based arrangements, including functional characteristics designed for administrative simplicity and the highest product configuration flexibility available in the industry. And it also features automated analytics and reporting for efficient financial management and transparency for both payers and providers. Plus it has the ability to monitor the patient’s journey through their clinical episode in real-time.
“Aver’s products and services are making healthcare more consumer-centric by enabling payers and healthcare providers to more effectively participate in value-based care arrangements,” explained Tim Howe, senior director of Strategy and Corporate Development for Cox Enterprises. “We are excited to be a part of the Aver team and to support solutions that enable price transparency and ultimately better health outcomes.”