- Ribbon Health, a health care data platform built for payers, providers, and digital health companies, announced it raised $10.25 million in a Series A round of funding
Ribbon Health, a health care data platform built for payers, providers, and digital health companies, announced it raised $10.25 million in a Series A round of funding. And the company also launched a new cost and quality solution.
This round of funding was led by Andreessen Horowitz. And Y Combinator and BoxGroup also joined the round along with Flatiron Health CEO Nat Turner, Clover Health CEO and co-founder Vivek Garipalli, and former DataLogix CEO Eric Roza. In connection with the funding round, a16z general partner Julie Yoo has joined the Ribbon board of directors.
Ribbon’s platform is known for providing the critical infrastructure to power accurate provider directories, reliable referral management, and efficient care navigation. And Ribbon is the only solution to offer all of these capabilities in one platform, and does this through a seamless API layer that easily integrates into each customer’s existing workflow to improve connectivity across the health system. Plus Ribbon is uniquely able deliver the most comprehensive data on doctors, insurance plans, and cost and quality measures since the platform pull information from thousands of sources as it spreads and is used.
Along with its provider directory and insurance network offerings, Ribbon also launched a new cost and quality solution offering customers access to accurate quality and outcomes indicators as well as up-to-date cost information. And for health plans, this comprehensive data enables up-to-date network designs and the ability to offer members care navigation tools that deliver personalized out-of-pocket cost estimates based on their deductible, plan design, and provider prices. For at-risk providers and payers, the solution can provide insights on patients’ total costs of care and help ensure referrals to high-quality and cost-effective providers.
With this round of funding, Ribbon will expand its customer base across payers, providers, and digital health companies. Ribbon is trusted by a number of established health care companies like Oak Street Health and Well Dot. Plus the funding will also be used to continue to build out its team at the company headquarters in New York and recruit talent to join in software engineering, business development, and product roles.
Key Quotes:
“In today’s health care system, it is too difficult to find accurate and reliable data on the cost and quality of care. We created Ribbon to empower people to make health care decisions that are more high-quality, cost-effective, and convenient. This funding will help us bring our health care data platform to more payers, providers, and other health care stakeholders, allowing them to break through the information barriers in health care.”
– Nate Maslak, co-founder and CEO of Ribbon Health
“The majority of decisions in health care rely on data about a provider or health plan, yet our industry lacks the systematic infrastructure to centralize this information and contextualize it for those who need it. There is a clear need for a single platform that can provide comprehensive, up-to-date data to enable informed decision making across health care, and we believe Ribbon is poised to lead in this space. This financing round will accelerate Ribbon’s growth, and enable expansion of its solutions, team, and customer base.”
– Julie Yoo
“So much of the innovation in health care relies on accurate data. Our goal is to provide these companies the critical data infrastructure needed to improve quality of care, health outcomes, and control costs. Our platform and seamless API make it easy for customers to trust us to deliver the most comprehensive, accurate data, allowing them to focus on what they do best on the front lines of health care.”
– Nate Fox, co-founder and CTO at Ribbon Health
