Innovaccer – Company Profile

Founded in 2012, Innovaccer Inc. is a leading provider of healthcare data activation services. It is headquartered in San Francisco, California. The core idea that drives the company is to collect and collate healthcare information from various sources and make it accessible to anyone who may need it. This data benefits all stakeholders including patients, healthcare professionals, pharmaceutical companies and entities involved in research and development.

Apart from Data Activation Platform, the company offers various other solutions for healthcare providers. It includes managed Medicaid, patient relationship management, health management and analytics, provider risk adjustment and virtual care network. A number of dedicated tech-based solutions are also available for payers, biopharma and MedTech.

History

The idea for Innovaccer came to its founders when they noticed the largely outdated and unreliable methods being used for data collection and processing in healthcare industry. While data accuracy is critical in terms of patient care, it was not happening around a decade back. As a solution, the founders decided to introduce a new big data SaaS based platform. Innovaccer was launched subsequently, emerging as a powerful decision-making tool based on data-driven predictions and key insights and analytics.

Since its launch, the company has registered strong growth over the years. It currently has more than 24 million patients on its health cloud and more than 37,000 providers across more than 1,000 locations. With Innovaccer’s advanced platform, providers have been able to save more than $600 million till date.

More importantly, Innovaccer has emerged as a powerful tool to improve healthcare and save lives. Innovaccer’s solutions are trusted by leading entities such as Community Care Plan, Banner Health, CHI Health Partners, MercyOne, Sanitas Medical Centers, American Health Network, Elevate Health, Catholic Medical Partners and Hartford HealthCare.

Funding

Innovaccer has received investments worth $379.1 million via 7 rounds of funding. Some key investors include Tiger Global, Avidity Partners, OMERS, Dragoneer Investment Group, Mubadala Investment Company, Lightspeed Venture Partners, M12, B Capital Group, Steadview Capital Management, Schonfeld and WestBridge Capital.

Acquisitions

Innovaccer has not made any acquisitions in recent times.

Competitors

Innovaccer competes with rivals such as Allscripts, eClinicalWorks, MicroMD, Health Catalyst, Lightbeam Health Solutions and Definitive Healthcare.

About the Founders

Innovaccer was founded by three friends, Abhinav Shashank, Kanav Hasija and Sandeep Gupta. Abhinav and Kanav had both studied at IIT Kharagpur whereas Sandeep studied at IIM Ahmedabad. Abhinav currently serves as the CEO at Innovaccer. Kanav serves as the Chief Customer Officer at Innovaccer. He had earlier worked with General Electric. Sandeep serves as the Chief Operating Officer at Innovaccer. He had earlier worked with Ingersoll Rand, Microsoft and TCS.