Turquoise Health's To Use New Funding To Deliver Transparent...

Turquoise Health's To Use New Funding To Deliver Transparent Pricing Solutions

Healthcare Tech Outlook | Tuesday, May 31, 2022

Turquoise Health will use the generated revenue to ensure that transparent pricing is available to all healthcare stakeholders, including payers, providers, and patients.

FREMONT, CA: The main concern in medical institutions is hospitality. People are helpless to avoid paying excessive fees for treatment at private hospitals. Paying huge medical bills can be a significant task for the patients and their family members to avail themselves of the treatment. There should be transparency in the billing system to be convenient for the patients. Turquoise Health, a healthcare pricing platform, declared a $20 million Series A round of funding led by current investor Andreessen Horowitz (a16z), with participation from Bessemer, Box Group, and new investor Tiger Global. Julie Yoo, a16z General Partner, will join Turquoise Health's Board of Directors in conjunction with the funding.

"We're committed to a vision of the new pre-revenue cycle where patients and payers know the costs upfront and providers become accustomed to real-time payment for shoppable services. By creating a clean, easy-to-use direct contracting platform, Turquoise Health is shifting the industry's focus towards complete financial certainty prior to care ultimately resulting in less friction between patients, providers, and payers." says Chris Severn, Turquoise Health Co-Founder, and CEO.

Turquoise Health has created Clear Contracts, a SaaS platform that facilitates the direct contracting process between providers and purchasers atop a pricing database in anticipation of July payer rate announcements. Turquoise Health is working to streamline the pre-revenue cycle through simplified contracts. Single Case Agreements, Retrospective Out of Network Agreements, and Group Health Agreements will all be supported by Clear Contracts. Providers and buyers may now discuss, redline, and sign data-driven contracts on the Turquoise Platform.

 Turquoise wants to bring precise pricing data to all patient encounters at all treatment locations. While most of Turquoise Health's downstream pricing data is delivered to care navigation systems via a Pricing API, hundreds of people search the Turquoise Health website for affordable care across hospitals in all 50 states every month.

"Payor-provider contracts are the tail that wags the dog for most healthcare navigation decisions, and yet they remain amongst the most archaic artifacts in our industry. We're excited to be doubling down on Chris and Turquoise as they digitize the payor-provider contracting process to enable transparent, nimble, and data-driven negotiations using real market pricing data, such that consumers can more confidently maneuver their care journeys." states Julie Yoo.

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