BALTIMORE, February 10, 2021 (Newswire.com) - Insightin Health, the industry's only single platform which provides complete personalized member engagement for each step of the healthcare journey, today announced a $12M Series A funding round, co-led by the Blue Venture Fund - a unique collaboration between Blue Cross Blue Shield (BCBS) companies, the Blue Cross Blue Shield Association, and Sandbox, to which 36 BCBS companies have committed over $890 million across four funds - and Blue Heron Capital, an operationally focused healthcare growth equity fund. Existing investors also investing in this round include Health Catalyst Capital, Revolution's Rise of the Rest fund, and SaaS Ventures. As a profitable business, Insightin Health will use this new capital to scale the platform, bring on new clients, and cater to existing customers' unique needs.
"Blue Venture Fund sits at an intersection of venture capital and healthcare plans, which makes us feel uniquely qualified to support brands like Insightin Health," said Binoy Bhansali, Managing Director of the Blue Venture Fund. "We're committed as an organization to improve the health system, and we feel a solution like Insightin Health takes great strides in getting us there. Their ability to leverage data strategically elevates Medicare Advantage and Managed Medicaid Plans' abilities to improve quality, reduce costs, and drive growth and retention by better engaging members."
Since its founding in 2016, Insightin Health has become a leading provider of data-driven decision-making technology for healthcare member acquisition, retention, and engagement, through its proprietary platform, inGAGE™. While the healthcare industry as a whole is highly fragmented and siloed, Insightin Health's AI-driven inGAGE™ platform applies Natural Language Processing (NLP) to collect medical, clinical, cognitive, and social determinants of health to generate the Next Best Action (NBA) algorithm for care management and retention for each person. As a result, inGAGE™ enables health insurers to reduce costs and improve growth and retention by improved engagement with members. Currently, inGAGE™ has aggregated data for over five million lives.
"We're so proud to have built a world-class proprietary platform, and we intend to use this inflow of capital to bring our offerings to even more clients and customers," said Enam Noor, CEO and Founder of Insightin Health. "We're grateful to have experienced investors who understand the vision of our company and the potential of our platform within the healthcare ecosystem, and we're now in a great position to fuel our business growth and continue to further transform the healthcare industry."
About Insightin Health
Insightin Health delivers the industry's only single platform which provides complete personalized member engagement for each step of the health care journey. The core platform inGAGE™ combines medical, clinical, cognitive, and social determinants of health to recommend the Next Best Action (NBA) for each person. Health plans can improve quality measurements, gain higher member satisfaction, and increase member retention. The simple integration and easy to use inGAGE™ creates an effective shift towards a healthier population for health plans. For more information, visit https://www.insightinhealth.com.
Codeword on behalf of Insightin Health
Source: Insightin Health