Today we announced our Series B funding and celebrated an epic milestone for our company.
With healthcare firmly in its price transparency era, we’re doubling down on our ability to support payer and provider contract management, consumer transparency compliance, and advanced platform-based analytics. This new capital is enabling us to build out our team, invest in crazy ideas (in our opinion, not that crazy), and maximize our product expansion efforts. That said, we’re all about transparency over here. So, like our data, let’s take a moment to expand on what we mean and let you in on our future plans.
Contract management with AI, matrices, and modeling
A few short months ago we unveiled Clear Contracts, our contract intelligence platform. To inform our features and functions roadmap, we met with dozens of customers, including national healthcare providers and payers, who needed help organizing and analyzing their contracts to make better decisions at the negotiating table. Moving into 2024, we’ve doubled the size of our engineering and customer success teams to ensure rapid product iteration driven by this feedback. This new capital means we have more resources and talented folks than ever before to ensure customer delight, optimize solutions, and iterate features across all of our products.
Change can be scary for healthcare. But we promise, it’s less ahhh! and more wow! Be on the lookout for new product features in the coming weeks and months.
Finally uncovering the “+” of “Compliance+”
Price transparency data has become critical since its introduction through 2021 federal regulation for hospitals and insurers. As we said in our latest report, 2023 ended with 90.7% of hospitals having posted a file and 83.1% having posted substantial negotiated rates. The number of payers posting data also increased from an initial 67 to 200+.
With this new capital, we’re now ready to help you generate and maintain your machine-readable files. The new hospital schema coupled with soon-to-arrive requirements means that generating MRFs is now priority zero for hospitals and health systems. Thanks to a compliance-obsessed team, we’ve drilled into every facet of the legislation making us able (and frankly, quite excited) to get better MRFs out in the wild. An organization’s potential for machine-readable file maintenance has quickly become a new sign of price transparency health. As CMS triples down on fines, we’re committed to supporting hospitals and payers comply with these regulations.
Moving past data into an integrated pricing platform built around admin efficiency and a simple consumer experience
Price transparency data is the well-oiled machine now serving as the foundation for our entire platform. Across three verticals and upwards of six key modules, we’re moving past simply perfecting data and instead shifting to a fully integrated pricing platform built around admin efficiency and a simple consumer experience.
Going forward, you’ll see us invest heavily in a tightly integrated system that couples payer/provider contract logic with the ultimate patient-consumer experience. We are committed to eliminating the financial complexity of healthcare—for both healthcare organizations and consumers searching for a simpler way to find and pay for care. More to come, we promise!
Hiring the top talent
One of our core hiring principles at Turquoise is the following: “We take our mission and work seriously but not ourselves.” We now have over 110+ hardworking, low-ego team members maniacally focused on eliminating the financial complexity of healthcare. We feel so fortunate that we’ve somehow convinced such a talented team that price certainty in healthcare is a worthy mission. If you’ve stumbled across this blog and you’re passionate about changing healthcare, please don’t hesitate to apply. Don’t second guess your skills or think too hard about it. Just do it! After all, we got to Series B by doing just that 😉