Ribbon Health Raises $10.25 Million; Launches Cost And Quality Solution
Funding will help Ribbon bring accurate and reliable data to more customers and expand team
Ribbon Health, a health care data platform for payers, providers, and digital health companies, today announced it has closed a $10.25 million Series A funding round and launched a new cost and quality solution. The round was led by Andreessen Horowitz (“a16z”) and included Y Combinator and BoxGroup, as well as health care and technology leaders 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 round, Julie Yoo, General Partner at a16z and an experienced digital health entrepreneur, 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. “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.”
Ribbon’s platform provides the critical infrastructure to power accurate provider directories, reliable referral management, and efficient care navigation. Ribbon is the only solution to offer all of these capabilities in one platform, and does so through a seamless API layer that easily integrates into each customer’s existing workflow to improve connectivity across the health system. Ribbon is uniquely able deliver the most comprehensive data on doctors, insurance plans, and cost and quality measures because the platform culls information from thousands of sources as it spreads and is used.
“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 Yoo. “This financing round will accelerate Ribbon’s growth, and enable expansion of its solutions, team, and customer base.”
In addition to its provider directory and insurance network offerings, Ribbon launched a new cost and quality solution that offers customers access to accurate quality and outcomes indicators as well as 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.
“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,” said Nate Fox, co-founder and CTO at Ribbon Health. “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.”
Ribbon will use this funding to expand its customer base across payers, providers, and digital health companies. Already, Ribbon is trusted by established health care companies such as Oak Street Health and Well (Well Dot, Inc.). The company will also continue to build out its expert team at its headquarters in New York, recruiting talent to join in software engineering, business development, and product roles. For more information on hiring and openings, visit: https://www.ribbonhealth.com/careers/
About Ribbon Health
Ribbon Health is a health care data platform that 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 offers a seamless API layer that integrates into each health care organization’s existing workflow to build connectivity across the industry and continuously improve the accuracy of its data with its spread and use. Ribbon is the only solution to offer all of these capabilities in one platform, and delivers the most comprehensive data on doctors, insurance plans, and the cost and quality of care culled from thousands of sources. By providing this infrastructure, Ribbon delivers on its mission of making it easy for every health care decision to be high-quality, cost effective, and convenient. Headquartered in New York, Ribbon is backed by leading investors like Andreessen Horowitz, Y Combinator, BoxGroup, and several leading entrepreneurs.