Reveleer Secures $65 Million To Expand Capabilities To Deliver End-To-End Data Analytics Platform To Healthcare Payers
Funding led by Oak HC/FT will advance mission to provide health plans transparency and flexibility
Reveleer, a leading cloud-based platform empowering data-driven healthcare, announced that it has secured $65 million in funding led by Oak HC/FT. Oak HC/FT is joining previous investors including Upfront Ventures and Boston Millennia Partners. The funding will enable Reveleer to expand its platform capabilities and further its mission to help health plans obtain an accurate picture of their covered members’ health and improve the quality and accuracy of data-driven programs.
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Reveleer helps prevent incomplete, untimely, or erroneous data by providing health plans with a powerful self-service platform to gather, extract and analyze member and provider data. By bringing complex Risk Adjustment and Quality Improvement programs in-house, healthcare insurers gain total control over processes that have been traditionally managed by their vendors. This flexibility results in increased data transparency, productivity, and agility; all while delivering decreased costs and better outcomes for their members.
“Payers are facing mounting pressure as they navigate complex regulation and reimbursement models in the shift to value-based care. We are excited to partner with Oak HC/FT and deploy this new capital on organic and inorganic growth initiatives to provide health plans with a comprehensive in-house solution, all under one platform,” said Jay Ackerman, CEO of Reveleer.
To date, the Reveleer platform has supported some of the nation’s largest health plans in their efforts to automate complex processes related to Risk Adjustment and Quality Improvement programs, and to bring the management of those programs in-house. Within one year of onboarding the platform, Reveleer’s leading technology enabled a national healthcare insurer to manage their data acquisition and review process all in-house, leveraging Reveleer’s platform to manage multiple integrated technologies, and currently expanding usage across multiple use cases.
“At Oak HC/FT, we’re always seeking to partner with companies that are addressing the leading challenges in healthcare, and there’s an urgent need for automation to reduce inefficiencies and unnecessary costs,” said Andrew Adams, Co-Founder and Managing Partner at Oak HC/FT. “We’re looking forward to supporting Reveleer as it continues to expand its capabilities and reach as the industry increasingly shifts to value-based care.”
Through M&A, strategic partnerships, and further development of Reveleer’s proprietary technology, the Company will look to enhance its platform through more efficient data retrieval methods, insight analytics, and submission capabilities.
“Since backing Reveleer from the Series A, it’s been incredible to watch the team scale rapidly and become a leading platform to large, national payers,” said Kevin Zhang, Partner at Upfront Ventures. “We are excited to continue supporting the team as they seek to accelerate growth both organically and through acquisitions.”
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