Ribbon Health, a NYC-based health care data platform for payers, providers, and digital health companies, closed a $10.25m Series A funding.
The round was led by Andreessen Horowitz with participation from Y Combinator and BoxGroup, as well as health care and technology leaders Nat Turner, CEO of Flatiron Health; Vivek Garipalli, CEO and co-founder of Clover Health; and Eric Roza, the former CEO of DataLogix. As part of the round, Julie Yoo, General Partner at a16z and an experienced digital health entrepreneur, will join Ribbon’s Board of Directors.
The company intends to use the funds to bring its health care data platform to more payers, providers, and other health care stakeholders and to build out its expert team at its headquarters in New York, recruiting talent to join in software engineering, business development, and product roles.
Led by Nate Maslak, CEO, and Nate Fox, CTO, Ribbon Health provides a platform powering provider directories, referral management, and care navigation through an API layer that integrates into each customer’s existing workflow to improve connectivity across the health system. In addition to its provider directory and insurance network offerings, the company launched a new solution that offers customers access to outcomes indicators as well as up-to-date cost information. For health plans, this comprehensive data enables up-to-date network designs and the ability to offer members care navigation tools that deliver personalized out-of-pocket cost estimates based on their deductible, plan design, and provider prices. And, for at-risk providers and payers, this solution can provide insights on patients’ total costs of care and help ensure referrals to providers. Already, Ribbon is used by established health care companies such as Oak Street Health and Well (Well Dot, Inc.).