Turquoise Health
Overview
Turquoise Health is a pioneering healthcare pricing platform founded in 2020 and based in San Diego, California. It focuses on price transparency in healthcare, making it easier for patients, providers, and insurers to access crucial financial information about healthcare services. The company was co-founded by CEO Chris Severn and CTO Adam Geitgey. Turquoise Health has raised $55 million in funding across multiple rounds, with its latest Series B round bringing in $30 million to expand its operations.
Recent Developments
- January 2024: Turquoise Health raised $30 million in its Series B funding round led by Adams Street Partners, with participation from existing investors like Andreessen Horowitz and BoxGroup. The funding will enhance its healthcare transparency tools and support technology development, including AI and machine learning capabilities.
- April 2024: Turquoise Health acquired Bramble Health to further strengthen its position in the healthcare pricing data market.
- October 2023: The company submitted comments on the CMS's OPPS Proposed Rule for 2024, advocating for standardized hospital MRF schemas to improve data utility.
- 2024 Price Transparency Trends: Over 90% of hospitals have posted machine-readable files (MRFs), with a significant increase in hospitals posting negotiated rates. These efforts align with federal requirements to improve healthcare pricing transparency.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2020 |
| Headquarters | San Diego, CA, USA |
| Founders | Chris Severn, Adam Geitgey |
| Key Investors | Adams Street Partners, Andreessen Horowitz, BoxGroup, Bessemer Venture Partners |
| Industry | Healthcare Information Services |
| Number of Employees | Approximately 144 |
Early History
Turquoise Health was launched to address the growing need for price transparency in healthcare, sparked by legislation requiring public disclosure of pricing information. It quickly became a key player in compiling and organizing public healthcare pricing data, providing a platform for patients to compare medical service costs. This innovation aligned with regulatory changes demanding transparency in how healthcare prices are communicated to consumers, payers, and providers.
Company Profile and Achievements
Turquoise Health is dedicated to eliminating the financial complexity of healthcare pricing. Its platform aggregates and normalizes data from hospital-published MRFs, enabling stakeholders to access and compare healthcare service costs. Key achievements include:
- Launching a comprehensive database that helps patients estimate and comparison-shop for medical services.
- Developing AI-based solutions like "Rate Sense" and "Instant Good Faith Estimates" to enhance its platform.
- Expanding their offerings to include contract management and consumer transparency compliance tools.
- The company serves over 160 healthcare organizations nationwide, including notable clients like Mass General Brigham Health System.
- It positioned itself as a neutral platform that brings together payers, providers, and patients to improve pricing transparency.
Current Operations and Market Position
Turquoise Health operates as a central hub connecting healthcare market stakeholders to foster price transparency, driving down costs by providing clear, accessible pricing data. The company's platform benefits multiple stakeholders, including patients, who can easily access price estimates; payers, who gain competitive insights; and providers, who can benchmark rates against peers. The company's strategic partnerships and robust data analytics position it as a leader in the rapidly expanding market of healthcare pricing transparency.
Conclusion
Turquoise Health stands at the forefront of the healthcare transparency movement, dramatically changing how stakeholders within the industry access price data. By continuing to innovate and expand its platform capabilities, it is poised to further influence healthcare cost determinations, making pricing fairer and more predictable for all parties involved. As healthcare regulations evolve, Turquoise Health's role in ensuring compliance and clarity is set to grow, potentially reducing healthcare costs nationwide.