SAN DIEGO, CA, (January 24, 2024) — Turquoise Health, an end-to-end healthcare pricing platform, today announced a $30M Series B investment led by Adams Street Partners, with participation from Yosemite, as well as existing investors Andreessen Horowitz and BoxGroup. Turquoise will use the funding to further support transparent pricing workflows across its customer base of over 160 healthcare organizations.
“Healthcare pricing remains frustratingly opaque for many industry stakeholders, including patients,” says Tom Bremner, Partner at Adams Street, who will join the company’s Board of Directors. “Turquoise tackles this problem head-on with a sophisticated, multi-stakeholder platform that ultimately makes healthcare pricing and packaging look easy. I am excited to partner with the team as they scale towards a seamless healthcare transaction.”
Price transparency data has become critical since its introduction through 2021 federal regulation for hospitals and insurers. With these negotiated rates and AI at its core, the Turquoise platform recently expanded to support payer and provider contract management, consumer transparency compliance, and advanced platform-based analytics. The new capital will help facilitate onboarding from recent customer expansion into these products.
“As we see price transparency legislation take shape through 2027 and beyond, Turquoise accelerates support for healthcare organizations as they embed transparency and simplicity at every step in the transaction,” says Turquoise CEO, Chris Severn.
Turquoise has developed a prominent industry voice on price transparency requirements. Their expertise and new platform offerings have attracted marquee customers such as The Mass General Brigham Health System. “We’re eager to work with Turquoise towards simplified administration and a clearer conversation with our patients, plans, and care providers around value,” says the system’s CFO, Niyum Gandhi.
“The complexity and opacity of healthcare pricing disproportionally burdens patients undergoing high-cost treatment like cancer therapy,” said Matt Bettonville, Investor at Yosemite. “Price is the mechanism that allows market forces to work, so the lack of clear pricing in healthcare has been a major driver of inefficiency in the industry. As the leader in aggregating and normalizing healthcare pricing data, Turquoise is advancing price transparency to help lower healthcare costs and empower patients to make informed care decisions.”