Ribbon Health, a healthcare data platform delivering comprehensive information on doctors, insurance plans, and cost and quality of care, closed a $10.25 million Series A funding round.
Andreessen Horowitz (a16z) led the funding round with participation from Y Combinator, BoxGroup, Nat Turner (CEO of Flatiron Health), Vivek Garipalli (CEO and co-founder of Clover Health), and Eric Roza (the former CEO of DataLogix).
As part of the investment, Julie Yoo, General Partner at a16z, will join Ribbon’s Board of Directors.
“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,” said Nate Maslak, co-founder and CEO of Ribbon Health.
The Ribbon Health data platform provides the critical infrastructure that payers, providers, and digital health companies need to enable accurate provider directories, reliable referral management, and efficient care navigation.
Ribbon Health also launched a new cost and quality solution that offers customers access to accurate quality and outcomes indicators and up-to-date cost information. 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. And, for at-risk providers and payers, this solution can provide insights on patients’ total costs of care and help ensure referrals to high-quality, cost-effective providers.
The company plans to use the new funds to expand its customer base across payers, providers, and digital health companies.
“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,” said Julie Yoo, General Partner at a16z.