Aver Informatics Raises $8.5 Million Series A For Episode-Based Billing Solution

2014-05-27_17-39-33

Green Bay, WI-based Aver Informatics closes an $8.5 million Series A round led by Drive Capital and GE Ventures. Prior to its Series A, Aver closed three independent seed rounds between 2010 and 2013, collectively worth $3 million, brining its total funding to $11 million since its 2010 launch. Aver joined Startup Health’s

Aver is building a data analytics platform focused on helping organizations transition from fee-for-service to bundled payments. To accomplish this, Aver builds analytics dashboards on top of its customers existing revenue cycle infrastructure to pinpoint care delivery variances and establish the most cost effective treatment standards, per condition. The platform connects to both EHR databases and claims adjustment systems to extract financial and clinical data, and then allows end users to drill down through this information to better understand where cost saving measures can be implemented in a way that will not compromise clinical outcomes.

While most organizations are still billing in a fee-for-service environment, there has been growing interest in CMS’s accountable care model, in which higher profits can theoretically be realized if care is delivered in the most cost effective manner, and in the most cost effective care setting. Organizations operating in an ACO payment model must still bill private insurance companies through existing fee-for-service agreements, creating a complex reimbursement environment that Aver hopes to monetize by automating the data analysis piece of the puzzle.

Along with the new funding, Aver is announcing that it has signed two new high-profile customers: University of Pittsburgh Medical Center and Molina Healthcare. UPMC operates both as a payer and a provider, creating a hybrid system that administrators hope Aver’s analytics solution will help consolidate and streamline.

"As an integrated delivery system, UPMC has very high standards when it comes to technology that must address the needs of both our payer and provider services organization. The Aver platform is a true end-to-end solution that has the ability to create both retrospective and prospective payment models. They have an extremely user-friendly layer of reporting and analytics to drive performance and quality throughout our organization." – Sandra E. McAnallen, Senior Vice President of Clinical Affairs and Quality Performance at UPMC.

The new funding will be used to expand both the sales and engineering staff at Aver.


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