Apervita, the leading platform for value-based collaboration in healthcare, announced today that it has secured an incremental investment of $22 million to further accelerate its growth. The announcement comes in the wake of the merger between Apervita and Qcentive and the appointment of industry veteran Kevin Hutchinson as CEO, both of which occurred in the third quarter of 2019.
“I’m thrilled to have partnered with our Board of Directors and current investors to secure the capital needed for this next phase of Apervita,” Hutchinson said. “Apervita has led the way with next generation infrastructure supporting digital performance measurement and value-based transactions, helping payers and providers to move towards more fully aligned value-based healthcare. As a result, our payers and suppliers are pioneering far more comprehensive and cost-effective quality measurement models and value-based arrangements. This new capital will enable us to accelerate investment in our state-of-the-art technology and support expansion in partnership with our growing client base. “That’s right.
Apervita has launched the industry’s first cloud-based, integrated build, test and run environment for complex clinical algorithms. In serving the Joint Commission, the leading hospital accreditation organization, the company’s solutions support a nationwide end-to-end digital quality program, currently empowering more than 2,000 hospitals. In doing so, the Joint Commission helped to eliminate manual processes, improve access to quality information and save participating hospitals $20,000-$50,000 each in administrative expenditure.
Today, the Apervita platform calculates more than 10 billion quality computations each year using digital measures such as Medicare Centers and Medicaid’s Electronic Quality Measures (eCQMs) Apervita is the first to be certified by the National Quality Assurance Committee (NCQA) for clinical quality language (CQL) based on eCQMs, and is currently among the first companies to be certified for digital versions of the Electronic Clinical Data Systems (ECDS) and Healthcare Effectiveness Data and Information (HEDIS®) measures released by NCQA
With its state-of-the-art cloud-based quality solution, Apervita is now able to incorporate standard and customized digital quality measures into the industry’s most robust value-based contract management solution, serving leading payers for more than 7 million lives and $32 billion in total medical expenses.
“At Optum Ventures, we believe that a seamless and reliable transactional infrastructure is a critical accelerator for value-based relationships between payers and providers,” said Sarah London, Senior Director of Optum Ventures, who participated in the funding process. “With established interactions across more than 2,000 hospitals across the country and partnerships with some of the country’s most innovative payers in this area, Apervita is well positioned to be an indispensable enabler of value-based healthcare. “That’s right.
In addition to Optum Ventures, other previous investors were Pritzker Venture Capital Group, Baird Capital, Math Ventures, Levy Family Partners, Illinois Venture and Wintrust. Current Apervita customers also welcomed the acceleration capital
About the apervite
Apervita is a trusted collaborative platform for value-based healthcare We empower payers and providers and other stakeholders to measure clinical and financial performance more efficiently and effectively, improve clinical quality, and manage value-based contracts. By providing an independent, secure, trusted platform for shared analysis, Apervita uniquely enables stakeholders to gain mutual, continuous clinical and financial insights and integrate those insights into different systems and workflows at the same time and on a scale. Serving more than one in five hospitals in the United States and several nationally recognized health plans, Apervita performs more than 10 billion value-based computations and insights for our clients every year. The company has offices in Chicago and Boston.
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