Appixio Inc. A pioneer in Big Data Analytics for Healthcare, today announced that Bain Capital Ventures, Bain Capital’s venture and growth capital affiliate, along with a number of high-profile Silicon Valley angel investors, has invested a total of $13. 5 million to acquire a minority stake in the Company
‘We are very excited about our new partnership with Bain Capital Ventures and the continued support of our current angel investors,’ said Shawn Dastmalchi, CEO and co-founder of Apixio. ‘The proceeds will be used to boost our sales and operations in support of the strong growth we are experiencing in our risk adjustment business. We also intend to further develop our Big Data technology and build on our vision to provide analytical solutions that drive value-based care. ”
‘We’re thrilled to partner with Apixio,’ said Jared Kesselheim, Partner at Bain Capital Ventures. ‘The risk-adjustment process is becoming crucial to an increasing portion of the payor-provider landscape, and Apixio’s technology platform has the power to deliver unprecedented risk-adjustment accuracy and automation, as demonstrated by the customer traction they see on the market. ”
The need for accurate and efficient reporting of member risk scores is on the rise due to steady growth in the Medicare Advantage plan enrolment combined with increasing audit pressure from the Centers for Medicare and Medicaid Services (CMS) In addition, the Affordable Care Act (ACA) requires commercial health insurance plans to maintain accurate risk adjustment data for their small group and individual plan members, further increasing the demand for risk adjustment solutions. Ultimately, as value-based payment models gain broader acceptance, risk-adjustment solutions will become the foundation for both how payment is determined and how patient care outcomes are tracked.
About Appixio Inc
Apixio is a pioneer in the use of big data technology to extract and analyze unstructured and coded clinical data using natural language processing and machine learning to generate results and cost-related insights. Based in Silicon Valley, Apixio offers solutions that enable health plans and large provider groups to identify member risk scores more accurately and efficiently and to receive appropriate value-based reimbursement.