On 27th May 2014, Aver Informatics announced that it had received $8.5 Mn in Series A round led by GE Ventures and Drive Capital. Aver Informatics is a data management platform that simplifies the healthcare reimbursement process.
"For the last three-plus years, we've been working hard to create a sustainable change in healthcare,” stated Founder and CEO of Aver Informatics, Kurt Brenkus, in a press release. “Today is a pivotal moment for us that will help transform the healthcare reimbursement process, providing higher quality care to patients at a substantially lower cost to payers,”he added.
"Aver delivers an innovative approach to Medicaid payment reform. Our health plans in New Mexico and Ohio have sophisticated episodic care definitions that are tailored to improving cost and quality outcomes in our most vulnerable populations. Aver has a unique capacity to dynamically adjust the definition of a bundle to accommodate variations between state bundling programs,” stated MD and Chief Medical Officer for Molina Healthcare New Mexico, Irene Krokos, in the same release. “Additionally, provider engagement in payment reform is critical for success. Aver offers providers the ability to conceptualize bundles in a meaningful way."
- Aver Informatics says that it takes an alternate approach to healthcare reimbursement by - analyzing the vast amounts of data already available through current claims systems to compartmentalize patient care services into bundled payments.
- These bundles -- known as "episodes of care" -- create standard protocols for patient treatment and reduce the delivery of unnecessary, expensive services.
- Transforming the cumbersome "fee for service" system into an "episodic care" system, Aver says that it improves efficiency for medical providers, simplifies the payment process for patients and cuts costs for insurance companies.
- The company has also secured Molina Healthcare and the University of Pittsburgh Medical Center as customers.
- Aver stated that the new funding will be utilizedd to accelerate growth, as well as expand the company’s engineering and sales teams.
"By leveraging technology we can align best with federal and state initiatives toward value-based payments. In Ohio, we are working in collaboration with the Ohio Department of Medicaid and the Ohio Office of Health Transformation to further the state's objective of providing value based health care by implementing a new episode-based payment model," commented MD and Chief Medical Officer for Molina Healthcare of Ohio, Martin Portillo, in a press release. "The goal is to develop a program that would incentivize and pay our providers while improving quality and managing costs," he added.
"As an integrated delivery system, UPMC has very high standards when it comes to technology that must address the needs of both our payer and provider services organization. The Aver platform is a true end-to-end solution that has the ability to create both retrospective and prospective payment models,” stated Sr. VP of Clinical Affairs and Quality Performance at UPMC, Sandra E. McAnallen, in the same release. “They have an extremely user-friendly layer of reporting and analytics to drive performance and quality throughout our organization," she added.
"Healthcare innovation isn't just about advances in scientific processes and devices. We are always seeking to partner with companies that provide practical solutions that drive down the costs for all of us to be healthy. It is important for companies to provide affordable and competitive healthcare benefits to employees,” said Director of GE Ventures Healthcare, Jason Sibley, in the same release. “We are impressed with Aver's use of data exploration to navigate the healthcare system from not just a business point of view, but the consumer and patient view as well."