Turquoise Health – an end-to-end healthcare pricing platform – has announced a $30 million Series B investment led by Adams Street Partners, with participation from Yosemite and existing investors Andreessen Horowitz and BoxGroup. Turquoise will use the funding to support further transparent pricing workflows across its customer base of over 160 healthcare organizations.
Price transparency data has become critical since the introduction through 2021 federal regulation for hospitals and insurers. And with these negotiated rates and AI at the core, the Turquoise platform recently expanded to support payer and provider contract management, consumer transparency compliance, and advanced platform-based analytics. The new funding round will be used to help facilitate onboarding from recent customer expansion into these products.
Turquoise developed a prominent industry voice on price transparency requirements. And its expertise and new platform offerings have attracted marquee customers like The Mass General Brigham Health System.
KEY QUOTES:
“Healthcare pricing remains frustratingly opaque for many industry stakeholders, including patients. Turquoise tackles this problem head-on with a sophisticated, multi-stakeholder platform that ultimately makes healthcare pricing and packaging look easy. I am excited to partner with the team as they scale towards a seamless healthcare transaction.”
— Tom Bremner, Partner at Adams Street, who will join the company’s Board of Directors
“We’re eager to work with Turquoise towards simplified administration and a clearer conversation with our patients, plans, and care providers around value.”
— The Mass General Brigham Health System CFO Niyum Gandhi
“As we see price transparency legislation take shape through 2027 and beyond, Turquoise accelerates support for healthcare organizations as they embed transparency and simplicity at every step in the transaction.”
— Turquoise CEO Chris Severn
“The complexity and opacity of healthcare pricing disproportionally burdens patients undergoing high-cost treatment like cancer therapy. Price is the mechanism that allows market forces to work, so the lack of clear pricing in healthcare has been a major driver of inefficiency in the industry. As the leader in aggregating and normalizing healthcare pricing data, Turquoise is advancing price transparency to help lower healthcare costs and empower patients to make informed care decisions.”
— Matt Bettonville, Investor at Yosemite
