CHICAGO, Nov. 12, 2019 /PRNewswire/ -- Apervita, the leading platform for value-based collaboration in healthcare, today announced that it secured $22 million in incremental investment to further accelerate its growth. The announcement comes on the heels of the merger between Apervita and Qcentive and the appointment of industry veteran Kevin Hutchinson as CEO, both of which occurred in the third quarter of 2019.
"I'm thrilled to have partnered with our board of directors and current investors to secure the necessary capital for this next phase of Apervita," Hutchinson said. "Apervita has led the way with the next generation infrastructure supporting digital performance measurements and value-based transactions, helping payers and providers as they transition to more fully aligned value-based healthcare. As a result, our payer and provider clients are pioneering far more comprehensive and cost-effective models of quality measurement and value-based arrangements. This new capital will allow us to accelerate investment in our leading-edge technology and support expansion in partnership with our growing client base."
Apervita launched the industry's first cloud-based, integrated build, test and run environment for complex clinical algorithms. In serving The Joint Commission, the leading hospital accreditation organization, the company's solutions support a nationwide end-to-end digital quality program, currently empowering over 2,000 hospitals. In so doing, The Joint Commission helped eliminate manual processes, improve access to quality information and save participating hospitals $20,000 - $50,000 each in administrative spend.
Today, the Apervita platform computes over 10 billion quality computations each year using digital measures such as The Centers for Medicare and Medicaid's electronic quality measures (eCQMs). Apervita is the first to receive certification from National Committee for Quality Assurance (NCQA) for clinical quality language (CQL) based execution of eCQMs, and is currently among the first companies pursuing certification for digital versions of Electronic Clinical Data Systems (ECDS) and Healthcare Effectiveness Data and Information (HEDIS®) measures released by NCQA.
With its cutting edge cloud-based quality solution, Apervita can now incorporate standard and custom digital quality measures into the industry's most robust value-based contract administration solution, serving leading payers covering more than 7 million lives and $32 billion in total medical expense.
"At Optum Ventures, we believe seamless and trusted transactional infrastructure is a critical accelerant to value-based relationships between payers and providers," said Sarah London, Senior Principal of Optum Ventures, which participated in the funding. "With established interactions across more than 2,000 hospitals nationwide and partnerships with some of the country's most innovative payers in this space, Apervita is well-positioned to be an indispensable enabler of value-based healthcare."
In addition to Optum Ventures, other previous investors Pritzker Group Venture Capital, Baird Capital, Math Ventures, Levy Family Partners, Illinois Venture and Wintrust also participated. The acceleration capital was welcomed by current Apervita clients as well.
Apervita is the trusted collaboration platform for value-based healthcare. We empower payers and providers and other stakeholders to more efficiently and effectively measure clinical and financial performance, improve clinical quality and administer value-based contracts. By providing an independent, secure, trusted platform to perform shared analyses, Apervita uniquely allows stakeholders to gain mutual, continuous clinical and financial insights and integrate those insights in various systems and workflows simultaneously and at scale. Serving more than one in five hospitals in the United States and several nationally recognized health plans, Apervita conducts more than 10 billion value-based computations and insights for our clients every year. The company maintains office locations in Chicago and Boston.
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HEDIS® is a registered trademark of the National Committee for Quality Assurance (NCQA).