Ribbon Health Gets Funding to Expand API Data Platform
Ribbon Health, which has developed an application programming interface (API) data platform for healthcare, has raised $43.5 million in a Series B investment.
Since its founding in 2016, Ribbon has raised a total of $55 million in funding to help health plans, provider organizations, and digital health companies streamline how patients connect with in-network, quality care that is personalized to their needs.
The company notes that research shows that over 50 percent of provider directory listings contain at least one error. Ribbon Health seeks to identify and deliver the most accurate and comprehensive information on providers, locations, insurance plans, and cost and quality of care through a seamless API layer. By ensuring that comprehensive provider data is available anywhere it’s needed and stitched together with every mode of care—virtual or in-person, general, or specialized, Ribbon says it is enabling better patient experiences, increased transparency, and improved care continuity across the healthcare system.
New York-based Ribbon said its API data platform delivers comprehensive data across providers, insurance, conditions, and procedures treated, as well as cost and quality metrics. The company said it continues to expand and enhance its data set to support many different use cases across the industry. For instance, it allows customers to integrate and update provider data directly into their existing workflows.
A company press release quotes Marcia Otto, vice president of product strategy at Health Advocate, as saying, "Ribbon helps us connect members with high-quality providers and ensure patients are making knowledgeable decisions on their care, leading to improved outcomes, reduced costs, and peace of mind. We take great pride in empowering patients to take charge of their healthcare experience. That starts by ensuring that we are offering members comprehensive coverage of providers and practices nationwide so they can fully trust the quality of provider data insights that we're surfacing."
The funding round was led by General Catalyst with participation from new and current investors, including Andreessen Horowitz (a16z), BoxGroup, Rock Health, and Sachin Jain. Ribbon said it would use the funding to expand and make technology investments to build its data platform.
