Founded in 2014 by IIT-Kharagpur graduates Abhinav Shashank and Kanav Hasija and IIM- Ahmedabad alumnus Sandeep Gupta, Innovaccer analyses healthcare data to provide actionable insights to healthcare providers, hospitals, insurance companies and other organisations and businesses.
Talking about the Innovaccer Health Cloud, CEO Abhinav Shashank said, “Healthcare is at the brink of a massive transformation. Over the last 10 years, we have spent billions of dollars digitising healthcare information with great success. Now, we have troves of information on our health locked in electronic silos. We need to bring this information together using a cloud platform that not only unlocks the power of the data but also provides a platform on which new digital services and solutions can be built with native interoperability.”
Innovaccer Inc. is a Silicon Valley -based healthcare company that provides physician practices, hospitals, health systems, and other healthcare providers with population health management and Pay-for-performance solutions. Innovaccer also provides solutions for care management, referral management, and patient engagement. and is headquartered in San Francisco, California. In February 2021, the company joined the Unicorn club after a valuation of $1.3 billion. after raising $105 Mn in a Series D round, led by Tiger Global Management.
In 2011, Cofounders Abhinav Shashank and Kanav Hasija started on a data analytics project at Wharton and Harvard University that focused on bringing distributed datasets together and leveraging data through analytical technologies. The project was a basic research on how big data can be studied, crunched, analyzed and the insights that can be derived from the same. This was the basic idea that led to the formation of Innovaccer by Abhinav, Kanav, and Sandeep in Silicon Valley.
Innovaccer’s proprietary product, Datashop helps healthcare organizations provide better care by integrating complex data across multiple distributed sources to give insights. Innovaccer Datashop’s proprietary modeling algorithms normalize the data and links data across multiple disparate data
sources. With a micro-services architecture, Datashop brings Lego-like modularity to help providers and networks pick and choose what they need.[6] Applications within the platform include an Integrated Data Lake, Population Health Management, Care Management, Referral
Management, and Quality reporting.
Innovaccer’s proprietary product, Datashop helps healthcare organizations provide better care by integrating complex data across multiple distributed sources to give insights. Innovaccer Datashop’s proprietary modeling algorithms normalize the data and links data across multiple disparate data
sources. With a micro-services architecture, Datashop brings Lego-like modularity to help providers and networks pick and choose what they need. Applications within the platform include an Integrated Data Lake, Population Health Management, Care Management, Referral
Management, and Quality reporting.
The company’s existing investors, including Steadview Capital, Dragoneer, B
Capital Group, Mubadala Capital and M12 (Microsoft’s venture fund), also
participated in the round besides OMERS Growth Equity, a new investor. The
company has raised more than $225 Mn, with $70 Mn coming in from
the Series C round, raised in February 2020.
Innovaccer is expecting to hit a compound annual growth rate (CAGR) of
100% by the end of 2021, riding on growth across healthcare service
providers, payers and life sciences sectors. The company claims to have
accelerated its customer and user growth in 2020 by adding several clients
such as Dignity Health, Cancer Treatment Centers of America, Washington
DC -based Embright, California-based Valley Integrated Provider Network
(VIPN) and Florida’s Lee Health.
Innovaccer is expecting to hit a compound annual growth rate (CAGR) of
100% by the end of 2021, riding on growth across healthcare service
providers, payers and life sciences sectors. The company claims to have
accelerated its customer and user growth in 2020 by adding several clients
such as Dignity Health, Cancer Treatment Centers of America, Washington
DC -based Embright, California-based Valley Integrated Provider Network
(VIPN) and Florida’s Lee Health.
The platform will be further combined with the company’s flagship SaaS
product called the Healthcare Data Activation Platform, used by several
governments and private institutions to maintain medical records of more than 3.8 Mn patients and generate savings of $400 Mn+ for healthcare providers. The SaaS product is also used by the US-based Catholic Health Initiatives, MercyOne, Orlando Health, Hartford HealthCare and StratiFi Health.
As many as four organizations — Banner Health, Elevate, Physicians of
Southwest Washington and Ora Oncology — are currently using the
Innovaccer Health Cloud. “We are using the Innovaccer Health Cloud to unify
patient data across multiple systems, simplify workflows across teams and
support our population health management,” said Julie F. Smith, vice president of clinical applications at Banner Health.