The company’s cloud platform enables a broad array of critical payor functions including interoperability, risk adjustment, population health, and managing mulitple vendor integrations, reconciling thousands of unique attributes per patient to create a more personalized healthcare experience for their members.
Abacus Insights, a leader in data management and interoperability solutions for healthcare payors, announced it has raised a $28 million Series C round from new and returning investors. The latest round was led by new investor, MultiPlan Corporation (NYSE:MPLN) (“MultiPlan”), a leading value-added provider of data analytics, cost management, and payment and revenue integrity solutions to the U.S. healthcare industry. MultiPlan is joined in this investment by returning investors Blue Venture Fund, CRV, .406 Ventures, Horizon Healthcare Services Inc., and Echo Health Ventures.
“This new funding validates our company’s mission, which is to help health plans liberate health data,” said Dr. Minal Patel, founder and CEO of Abacus Insights. “Doing so empowers consumers to make better health choices and physicians to make more informed treatment decisions. Payors also use the platform to drive efficiency in their business which further lowers costs for their members. We are proud to partner with MultiPlan given their leadership position in data and analytics serving nearly every payor in the country. MultiPlan shares our belief that better data means better care, and this investment represents an important step in achieving our goal to make healthcare more personalized and cost-effective for every individual.”
Abacus’s comprehensive technology platform enables healthcare payors to achieve and accelerate initiatives across their core priority areas, including value-based care, member engagement and digital transformation. The Series C funds will be used to scale the business, accelerate the capabilities and connections of its technology platform, and add to its roster of technology talent. The financing brings the Boston-based company’s total venture backing to $81 million.
SVB Securities acted as exclusive financial advisor to Abacus Insights.
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