SAN FRANCISCO, CA--(Marketwired - Apr 4, 2017) - Amino, a healthcare transparency company that connects everyone to better, more affordable care, today announced that it has raised $25 million in Series C funding led by Highland Capital Management and including Accel, Aspect Ventures, CRV, Northwestern Mutual Future Ventures, Pilot Wall Group, and others.
The new capital will fuel Amino's continued efforts to meet people when they are making healthcare decisions and empower them with personalized, unbiased information about nearby doctors, hospitals, imaging centers, and much more. It will also support Amino's goal of creating a single source of truth for American healthcare, where everyone -- consumers, doctors, hospitals, payers -- has access to the same information about access, cost, and quality.
With today's announcement, the company is also inviting industry stakeholders to ensure better, more affordable healthcare within their communities, on Amino. Employers can now sponsor enhanced experiences for their employees, ensuring that they get ahead of rising healthcare costs by connecting them with affordable, in-network care. Separately, Amino is partnering with providers to leverage its award-winning user experience to power search and booking within their networks. These industry partners -- and others looking to gain further insight into the cost, quality, and delivery of care -- will also have the opportunity to access Amino's proprietary healthcare data platform of over 9 billion commercial and Medicare claims.
"Rising healthcare costs coupled with a shifting policy landscape bring both uncertainty and opportunities for private sector innovation and growth in a $3 trillion industry. Chief among these opportunities is the ability to deliver true transparency across the ecosystem. Amino, with its unprecedented database and highly engaging consumer products, is well-positioned to lead the next generation of transparency efforts," said Michael Gregory, Head of Healthcare Investments at Highland Capital Management.
Amino, which launched in October 2015, currently helps Americans estimate healthcare costs and book nearby care. The company recently added search, booking, and cost estimates for common imaging center services, and has plans to expand into other healthcare needs in the coming months. In addition to its freely accessible website, the company extends the reach of its unbiased care recommendations by integrating with nonprofit organizations and health resources such as American Liver Foundation, Healthline, Melanoma Research Foundation, Men's Health Network, and the National Stroke Association.
Amino for Employers
With today's announcement, Amino is opening up its experience to employers on an invite-only basis to further empower employees -- Amino's largest category of users, and the largest category of healthcare consumers in America. Eligible employees will gain access to newly launched Amino Plus accounts, where they can track their deductible in real time, ensure they're booking in-network healthcare providers, and see personalized out-of-pocket costs for upcoming procedures. The Amino Plus account can be accessed on Amino.com and in its partner network across the web. Sponsoring employers gain an easy-to-implement solution to help employees find higher quality, lower cost care, especially amidst the shift to high deductible plans.
"There are billions of healthcare searches on the open web each year and thus billions of opportunities to reach people in the moments they're researching and making healthcare decisions," said David Vivero, CEO and co-founder of Amino. "We create products that meet millions of people where they are, with unbiased, personalized, and actionable information that isn't locked away behind portals or muddled by complex industry terms. This type of transparency is the first major milestone we as an industry must reach, if we are to create an efficient healthcare marketplace where consumers are truly empowered."
Amino for Providers
Amino is also extending its search and booking platform to providers that wish to offer a seamless, transparent user experience for new and existing patients. Providers, including hospital systems and physician networks, can leverage Amino's award-winning search experience for their respective narrow networks as well as incorporate personalized cost transparency tools to help patients choose care with confidence. What's more, providers can utilize Amino's booking service to facilitate appointments with ease.
Amino Data Platform
Behind the scenes, Amino has amassed an unprecedented healthcare database of 9 billion insurance claims that the company will now be making available to providers, employers, and select others in the industry to achieve higher quality, lower cost healthcare, and benchmark against the market. Amino's database includes commercial insurance claims that represent nearly every doctor in America, over 220 million patients, and $1.8 trillion in insurance claims, refreshed within 48 hours. The company also recently gained access to 100% of Medicare data parts A, B, and D from 2009 on, and has been approved by the Centers for Medicare and Medicaid Services (CMS) to create quality measures through the formation of a Consensus Based Entity (CBE). Amino will consult with interested parties to create data warehouses for continuous insights that can improve American healthcare from the inside out.
"Healthcare is in great part an information business, yet we haven't reached the point where we're consistently learning from the massive amounts of data flowing in and out of the system. Amino has spent four years accumulating data, cleaning it up, and discovering valuable insights. Amino's data platform can lead to improvements of healthcare on many levels, with profound effects for all Americans," said Udi Manber, former head of search for Google, and a member of Amino's Advisory Board.
With this announcement, Amino has added Michael Gregory, as well as former healthcare executive and quality expert Jacqueline Kosecoff, to its Board of Directors.
For more information about partnering with Amino, visit partners.amino.com.
About Amino
Amino is a healthcare transparency company that connects everyone to better, more affordable care. Only Amino's data covers nearly every doctor in America and billions in healthcare spending. Amino's free consumer products deliver personalized results to help people easily estimate their costs and book appointments with doctors, hospitals, and imaging centers. Additionally, employers, providers, and other industry leaders rely on Amino to create a more efficient healthcare marketplace with higher quality, lower cost, and more convenient care for everyone. The company is based in San Francisco and is backed by Accel, CRV, Highland Capital Management, Rock Health, and notable individual investors.
Contact Information:
Contact
Iz Conroy
iz@amino.com