“Helping healthcare organizations care as one” is the motto of San Francisco-based healthcare technology company, Innovaccer. The organization is pursuing a mission to connect and curate the world’s healthcare information to make it accessible and useful.
The company was born in 2014 out of a desire to discover the missing link in healthcare technology, which was the untapped power of data.
Over the last decade, the industry has spent billions of dollars on digitizing healthcare processes with great success. Yet, Innovaccer believes that was only the “first” step of a long, never-ending journey.
“Now, we have troves of information on our health locked in electronic silos. We need to bring this information together using a cloud platform that not only unlocks the power of data but also provides a platform on which new digital services and solutions can be built with native interoperability,” says the team behind the company.
Innovaccer has realized that healthcare service providers – now more than ever – need a platform that allows them to obtain a 360-degree view of their patients, drive down unnecessary IT costs, and improve care quality and cost-effectiveness.
Innovaccer Health Cloud combines the company’s integrated data activation platform and application suite with an extensive set of platform services and tools. These allow customers and third-party developers to easily develop interoperable applications that leverage unified patient records to improve patient outcomes and lower costs.
Wide Range of Clients
Through its four offices across the United States and India, Innovaccer has helped over 37,000 providers at more than 1000 locations to navigate the intricate labyrinth of the healthcare system more effortlessly, efficiently, and intelligently.
Their products have been used at a large number of institutions and governmental organizations as well as several corporate enterprises, such as Mercy ACO, Banner Health, BCBS Arizona, Lee Health, PSW, and Elevate Health, among others.
As per the company, their Health Cloud has unified records of more than 24 million patients and generated at least $600 million of savings for the healthcare ecosystem.
Innvoaccer says simplifying complex data from all points of care and streamlining the information helps organizations make “powerful” decisions and realize strategic goals based on key insights and predictions from their data.
Partnerships with Tech Giants & Unicorn Status
The company has partnered with several tech giants, including Amazon Web Services and Microsoft, to create more meaningful user experiences.
It uses a range of AWS services to support cloud versions of its data activation platform and seamlessly enables data integration to offer customized analytics modules.
M12, Microsoft’s venture fund, has invested in the health-tech organization because of its ‘unique approach to data aggregation and analytics that help healthcare organizations deliver value-based care’. With their support, Innovaccer is expanding its AI-assisted decision support capabilities and building an ecosystem of clinical experts and leaders to power innovation in care.
In February of this year, the team announced a new round of growth funding at a $1.3 billion post-money valuation, led by Tiger Global Management. This Silicon Valley-based firm has invested in companies like Facebook, Square, and Coinbase. The investment brought Innovaccer’s valuation to $1.2 billion, allowing it to take its place among other health-tech unicorns such as Oscar, Hims, and Clover.
Like any other success story, Innovaccer’s achievements result from exceptional teamwork led by its co-founders, Abhinav Shashank, Sandeep Gupta, and Kanav Hasija.
Mr. Shashank, who serves as CEO, has received recognition as a top leader in the healthcare industry on the list of Rising Stars: 90 Healthcare Leaders Under 40 published by Becker’s Hospital Review.
Under his leadership, Innovaccer has internalized the belief that “the best way to predict the future is to create it,” and is taking determined steps to realize the vision of “powering the future of health.”
Mr. Shashank has published more than 300 articles on the company’s approach to health IT in international media outlets. He also got a mention as Forbes’ 30 Under 30 – Asia and Entrepreneur India’s 35 Under 35. He is also a member of Forbes Councils.
Mr. Gupta is another pillar of the company contributing to this ambitious roadmap in his role as the Chief Operating Officer.
“As we dream of a different future – a future where machines will talk, a future where organizations will be organisms, and a future where life will be different – we will need a fundamentally easy way to embrace big data. We need the will, the vision, and flamboyance to make big data accessible for everyone,” he says.
This view is shared by Mr. Hasija, who aspires to turn Innovaccer into a pioneer of the Healthcare Cloud movement through shaping exemplary population health, preventive healthcare, and network optimization strategies for healthcare organizations across the globe.
Transparency lies in the heart of the efforts spearheaded by the co-founders of Innovaccer, which says it is committed to using “transparent, clean, and accurate data” to build a future where “everyone works in the service of patients, like never before – as one.”
Disclosure: This article includes a client of an Espacio portfolio company.