Ribbon Health Raises $43.5M Series B to Become the Leading API Data Platform in Healthcare
Ribbon's technology is the infrastructure for a future where every patient care decision is convenient, cost-effective, and high-quality
NEW YORK, Nov. 16, 2021 /PRNewswire/ -- Ribbon Health, an API data platform that powers high-quality, cost-effective, and convenient care decisions, announced a $43.5 million Series B investment led by General Catalyst and with participation from new and current investors, including Andreessen Horowitz (a16z), BoxGroup, Rock Health, and Sachin Jain. As part of the round, Holly Maloney, managing director at General Catalyst who is focused on investing in later-stage healthcare companies, will also join Ribbon's Board of Directors. Ribbon will use this funding to prioritize team expansion and technology investments to build a best-in-class data platform to simplify healthcare decisions across the industry.
Despite significant investments in digital health and focused innovation specific to patient experience, patients struggle with the seemingly basic task of finding an in-network and conveniently located provider or facility that focuses on appropriate care. This confusion is caused by fundamentally flawed and disparate data that has become particularly burdensome as digital health advances.
Data on medical providers, including information as basic as address and phone number, have been cited as being only 48% accurate. These provider data flaws directly impact patients' ability to compare procedure prices before seeing a clinician. With one in three patients skipping care due to cost concerns, there is a critical need for accurate data on providers, specialties, and insurance that takes price transparency and quality into account.
"While consumers can easily find the address for a local restaurant, the same can't be said for patients who are looking for a phone number to make an appointment for a critical MRI or to confirm they are seeing a clinician who is in-network and of high-quality, so there are no unexpected costs associated with their care visit," said Nate Maslak, CEO and co-founder at Ribbon Health. "This doctor data problem harms patients as it often leads to people delaying care, opting out of treatments, or dealing with unnecessary and burdensome financial impact."
Nate Fox and Nate Maslak co-founded Ribbon Health because of their personal experiences with the healthcare system. These shared experiences and commitment to running toward hard problems drove them to create Ribbon and set out to simplify healthcare for all Americans. Since its founding in 2016, Ribbon has raised a total of $55 million in funding to help health plans, provider organizations, and digital health companies solve the costly "doctor data" gap and streamline how patients connect with in-network, quality care that is personalized to their unique needs.
Ribbon's API data platform delivers comprehensive data across providers, insurance, conditions, and procedures treated, as well as cost and quality metrics. Customers use Ribbon as the core infrastructure to build innovative healthcare solutions, and Ribbon continues to expand and enhance its data set to support many different use cases across the industry. With Ribbon, companies can seamlessly integrate and quickly update provider data directly into their existing workflows. These real-time updates made by Ribbon customers also create a network effect across the entire platform so that everyone can reap the benefits.
"Ribbon helps us connect members with high-quality providers and ensure patients are making knowledgeable decisions on their care, leading to improved outcomes, reduced costs, and peace of mind," said Marcia Otto, vice president of product strategy at Health Advocate. "We take great pride in empowering patients to take charge of their healthcare experience. That starts by ensuring that we are offering members comprehensive coverage of providers and practices nationwide so they can fully trust the quality of provider data insights that we're surfacing."
Based on growing patient expectations and advancements in digital infrastructure, the healthcare industry is now in a better place to prioritize improvements to the patient experience. As a result, notable organizations such as Oak Street Health, Decent, PacificSource, and Firefly Health are partnering with Ribbon to streamline healthcare decision-making and improve patient access to top-notch care. In just the last year, Ribbon has quadrupled its team size to serve this growing customer base. In addition, the company is aggressively growing and hiring employees who are passionate about simplifying healthcare.
"Ribbon is on a path to power the next generation of care navigation for both patients and referring clinicians," said Holly Maloney, managing director at General Catalyst. "What Ribbon Health has built is not only a leading healthcare data platform that solves the decades-old issue of not being able to easily find the highest quality and most affordable clinician but a mission-driven culture that has set them up to scale and succeed. General Catalyst is thrilled to be leading Ribbon's Series B, as they share our vision of healthcare as a powerful, connected ecosystem."
For providers, health plans, and digital health companies interested in partnering with Ribbon to power smarter, simpler patient care decisions, please visit: ribbonhealth.com.
About Ribbon Health
Ribbon Health offers the most comprehensive, accurate API data platform that is the infrastructure for a future where every patient care decision is convenient, cost-effective, and high-quality. Built to integrate seamlessly into existing healthcare workflows, Ribbon offers a reliable and straightforward way for health plans, providers, and digital health solutions to develop and maintain accurate provider directories and competitive networks, simplify referral management, and ensure efficient care navigation — all in one platform. For more information, visit ribbonhealth.com or follow us on LinkedIn or Twitter.
About General Catalyst
General Catalyst is a venture capital firm that invests in powerful, positive change that endures -- for our entrepreneurs, our investors, our people, and society. We support founders with a long-term view who challenge the status quo, partnering with them from seed to growth stage and beyond to build companies that withstand the test of time. With offices in San Francisco, Palo Alto, New York City, London, and Boston, the firm has helped support the growth of businesses such as: Airbnb, Deliveroo, Guild, Gusto, Hubspot, Illumio, Lemonade, Livongo, Oscar, Samsara, Snap, Stripe, and Warby Parker. For more: www.generalcatalyst.com.
Media Contact: KT McGraw, [email protected]
SOURCE Ribbon Health
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