CHICAGO, Jan. 13, 2022 /PRNewswire/ -- Avaneer Health, a fully interoperable, participant-based network developed for and by the healthcare industry, today announced several industry-leading organizations have committed a total of $50 million in seed funding to the venture. Within the U.S. healthcare system, persistent challenges continue to exist in achieving real, fluid data interoperability, which can result in inefficiencies.
"Addressing administrative costs and creating a positive consumer experience requires connectivity and the type of data fluidity we have come to expect in other industries," said Stuart Hanson, founding CEO of Avaneer Health. "We are very excited to jumpstart our network to enable healthcare organizations to work together with a foundation of trust to solve the 'last mile' problem in healthcare. This group of well-known industry backers gives Avaneer Health the initial capital, scale and knowledge base from launch, and positions us for additional growth and industry venture investments in 2022."
The first network participants on Avaneer Health represent 80 million covered lives and 14 million annual patient visits and include Aetna, a CVS Health company, Anthem, Cleveland Clinic, Health Care Service Corporation, a Mutual Legal Reserve Company (HCSC), The PNC Financial Services Group, Inc., Sentara Healthcare and a global healthcare technology firm.
According to The Centers for Medicare and Medicaid Services, U.S. healthcare spending grew 4.6% in 2019, reaching $3.8 trillion or $11,582 per person, with a forecast to escalate to $6 trillion by 2025. Addressing data flow inefficiencies in healthcare would help immensely and save tens of billions of dollars annually, according to the CAQH 2020 Index Report.
With a single connection to Avaneer Health, network participants will have access to a range of solutions for securely transacting and administering healthcare and deploy innovative solutions that streamline processes. The platform enables more expedient access to care while enhancing the consumer experience, reducing administrative waste and improving outcomes. Participants are rewarded with improved consumer loyalty, lower physician burnout and reduced technology and operational costs. Avaneer Health began rapidly growing in late 2021 and plans to use the funding to invest in the talent and technology to launch its nationwide network, solutions, and marketplace.
"Interoperability is essential to help increase efficiency, enhance security and improve the healthcare experience for our members and their families, and we're honored to be part of this collaboration that helps further our commitment to create affordable, sustainable pathways to health," said Marv Richardson, co-chair of Avaneer Health's Board of Directors and senior vice president and chief information officer, HCSC, which operates health plans in Illinois, Montana, New Mexico, Oklahoma, and Texas.
"Together, we're changing the paradigm of healthcare data flows with a secure network empowered by blockchain, FHIR and other leading technologies," said Tim Skeen, co-chair of Avaneer Health's Board of Directors and senior vice president and CIO, Sentara Healthcare, an integrated healthcare system in Virginia and northeastern North Carolina. "To achieve truly frictionless and seamless care, healthcare needs greater transparency and ease of navigation for all parties involved, particularly as we move toward greater adoption of value-based care. The Avaneer Health network will achieve this with an inclusive, participant-based ecosystem with common practices and utilities."
About Avaneer Health
Avaneer Health is a participant-based, inclusive and secure network designed for and by healthcare to drive efficiencies and optimize care for people across their lifetimes. Built on blockchain and FHIR technology, the Avaneer Health network provides access to the data needed for transparency and interoperability in healthcare. In addition to a robust marketplace designed for innovation, Avaneer Health offers solutions for payer-to-payer data exchange, eligibility, prior authorization, and more. Avaneer Health was founded in 2020 by a consortium of industry leaders, including Aetna, a CVS Health company, Anthem, Cleveland Clinic, Health Care Service Corporation, a Mutual Legal Reserve Company (HCSC), IBM, The PNC Financial Services Group, Inc., and Sentara Healthcare. With continuing support from the biggest players in healthcare, Avaneer Health will play a key role in transforming how the industry operates to address consumers' needs more efficiently and effectively. For more information visit www.AvaneerHealth.com follow Avaneer Health on Twitter @AvaneerHealth.
SOURCE Avaneer Health