Aver Raises $11 Million Of Planned $13.6 million Funding Round To Scale Bundled Payment Software


Columbus, Oh-based digital health startup Aver has raised $11 million of a planned $13.6 million Series B funding round, according to an SEC form D filing first reported by the Columbus Business First. Aver has yet to announce the new round, nor did it disclose the round’s current investors. In April 2014, Aver closed an $8.5 million Series A led by GE Ventures and Drive Capital. In total, Aver has raised $22 million since its 2010 launch, with the potential of pushing that to $24.6 million if it succeeds in closing the rest of its current funding round.

Aver is the startup of former United Healthcare auditor Kurt Brenkus. Brenkus has developed a data analytics-based billing system designed to help health systems transition from fee-for-service to value-based reimbursement models. Aver’s system imports clinical data, claims data, and administrative data from a client’s existing health IT systems and uses the information to create bundled payment bills that includes the full cost of care for treating a patient’s condition. Beyond helping hospitals transition their billing process from fee-for-service claims to value-based reimbursement claims, Aver provides data analytics tools that help health systems see which services are profitable, which are losing them money, and where to target improvement initiatives.

Aver runs its platform in the cloud and supports customers by offering a library of risk and cost algorithms designed to work together as the back-end analytics tools to help providers deliver care for different types of patient conditions under a value-based reimbursement model. Called episodes, providers can search Aver’s library, compare different bundles, and download ones that match the requirements of their own practice and patient population. Each episode is configured to support specific conditions, risk levels, and insurance companies.

With HHS recently announcing that it intended to move 50 percent of its reimbursements from fee-for-service to alternative payment models by 2018, demand for companies with specialty knowledge in driving profit and controlling risk under these new contracts is growing. Aver is one of a small handful of vendors building platforms to address this need, and with $11 million in fresh funding, the company is well positioned to carve out a name for itself in the emerging market.

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