Main insurer Centene is investing huge in the way forward for healthcare data-sharing.
The corporate led Diameter Well being’s $18 million Collection B funding spherical. Current buyers Optum Ventures, LRVHealth, Connecticut Improvements, and Activate Enterprise Companions additionally participated. This brings Diameter Well being’s complete funding to $30 million.
“This new financing validates that our expertise is a helpful element to fixing at the moment’s challenges of well being knowledge interoperability throughout an enterprise,” mentioned Eric Rosow, CEO and co-founder of Diameter Well being in an announcement.
“Normalizing, enriching, and integrating knowledge throughout sources is time-consuming and costly. Organizations are utilizing our API to speed up their very own knowledge enterprise technique and are driving actual price efficiencies and worth in closing care gaps, extra precisely assessing danger, strengthening underwriting, and finally enhancing affected person care and outcomes,” he mentioned.
Centene’s funding alerts that insurers see the market worth of knowledge interoperability because the healthcare business strikes in the direction of elevated collaboration and using knowledge analytics.
Diameter Well being’s skill to mechanically combine and normalize medical knowledge will play an vital function as Centene seems to be to speed up innovation and digitization throughout the firm, mentioned Centene government vp and chief info officer Mark Brooks.
Based in 2013, Diameter Well being has constructed a robust fame for normalizing medical knowledge and reworking it right into a helpful knowledge asset through an API that allows real-time knowledge trade, in accordance with the corporate. Its FHIR-enabled integration engine, Fusion, parses, normalizes, and enriches over 225 million medical paperwork on behalf of well being info exchanges, the Veterans Administration, state governments, massive well being plans, well being IT distributors in addition to life insurance coverage corporations.
The funding comes at a key time of progress for Diameter Well being and the U.S. healthcare market as an entire, as current laws outlined within the 21st Century Cures Act will speed up elevated collaboration and knowledge sharing throughout the business. The current funding spherical positions the corporate to construct on its important momentum within the well being plan and life insurance coverage area and to advance its mission to allow knowledge interoperability and optimization throughout an enterprise.
“Diameter Well being’s progress is accelerating within the well being plan markets at spectacular charges. We see the corporate as being basic in supporting using knowledge throughout digital well being transactions for healthcare organizations sooner or later,” mentioned Mike Cunningham, principal with Optum Ventures and Diameter Well being board member mentioned.
Optum Ventures is the unbiased enterprise fund of Optum, which is a part of UnitdedHealthcare.