Abacus Insights, Leader in Health Plan Data Solutions, Raises $28 Million Series C Financing

Rhea-AI Summary

MultiPlan (NYSE:MPLN) has led a $28 million Series C funding round for Abacus Insights, a provider of data management solutions for healthcare payors. This funding will help scale Abacus's business and enhance its technology capabilities. With this investment, Abacus Insights has raised a total of $81 million to date. The CEO of Abacus, Dr. Minal Patel, emphasizes that this partnership aims to promote better health data access, improving care for consumers and operational efficiency for payors.

Positive

• MultiPlan leads $28 million Series C funding round for Abacus Insights.
• Total funding for Abacus Insights reaches $81 million.
• Investment to enhance Abacus's technology platform and capabilities.

Negative

• None.

The company’s cloud platform enables a broad array of critical payor functions including interoperability, risk adjustment, population health, and managing mulitple vendor integrations, reconciling thousands of unique attributes per patient to create a more personalized healthcare experience for their members.

BOSTON--(BUSINESS WIRE)-- Abacus Insights, a leader in data management and interoperability solutions for healthcare payors, announced it has raised a $28 million Series C round from new and returning investors. The latest round was led by new investor, MultiPlan Corporation (NYSE:MPLN) (“MultiPlan”), a leading value-added provider of data analytics, cost management, and payment and revenue integrity solutions to the U.S. healthcare industry. MultiPlan is joined in this investment by returning investors Blue Venture Fund, CRV, .406 Ventures, Horizon Healthcare Services Inc., and Echo Health Ventures.

“This new funding validates our company’s mission, which is to help health plans liberate health data,” said Dr. Minal Patel, founder and CEO of Abacus Insights. “Doing so empowers consumers to make better health choices and physicians to make more informed treatment decisions. Payors also use the platform to drive efficiency in their business which further lowers costs for their members. We are proud to partner with MultiPlan given their leadership position in data and analytics serving nearly every payor in the country. MultiPlan shares our belief that better data means better care, and this investment represents an important step in achieving our goal to make healthcare more personalized and cost-effective for every individual.”

Abacus’s comprehensive technology platform enables healthcare payors to achieve and accelerate initiatives across their core priority areas, including value-based care, member engagement and digital transformation. The Series C funds will be used to scale the business, accelerate the capabilities and connections of its technology platform, and add to its roster of technology talent. The financing brings the Boston-based company’s total venture backing to $81 million.

SVB Securities acted as exclusive financial advisor to Abacus Insights.

About Abacus Insights

Abacus Insights enables health plans to offer a seamless, personalized care experience for members by reconciling thousands of unique attributes about individual consumers and their health that legacy systems simply cannot. Today, Abacus Insights with its health plan clients manage data for more than 21 million unique members and 15 million consumers. We allow health plans to fulfill a critical role in ensuring that when a member visits the doctor’s office, lab, pharmacy, specialist, hospital and even at home — the care provider always knows who they are, creating an “n-of-1” experience for all. For more information, please visit www.abacusinsights.com or connect with us on LinkedIn or Twitter @abacusinsights.

About MultiPlan

MultiPlan is committed to helping healthcare payors manage the cost of care, improve their competitiveness and inspire positive change. Leveraging sophisticated technology, data analytics and a team rich with industry experience, MultiPlan interprets clients’ needs and customizes innovative solutions that combine its payment and revenue integrity, network-based and analytics-based services. MultiPlan is a trusted partner to over 700 healthcare payors in the commercial health, government and property and casualty markets. For more information, visit www.multiplan.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220616005878/en/

Abacus Insights Media Contact:

Peter Licursi, Chief Revenue Officer

peter.licursi@abacusinsights.com



MultiPlan Media Relations Contact

Pamela Walker

AVP, Marketing & Communication

MultiPlan

781-895-3118

press@multiplan.com



MultiPlan Investor Relations Contact

Luke Montgomery, CFA

SVP, Finance & Investor Relations

MultiPlan

866-909-7427

investor@multiplan.com

Source: Abacus Insights

FAQ

What is the recent investment by MultiPlan in Abacus Insights?

MultiPlan has led a $28 million Series C funding round for Abacus Insights.

How much total funding has Abacus Insights received?

Abacus Insights has raised a total of $81 million in funding to date.

What will the funding for Abacus Insights be used for?

The funding will be used to scale the business and enhance the technology capabilities of Abacus Insights.

What is the significance of the investment for healthcare payors?

The investment aims to improve access to health data, enhancing care for consumers and operational efficiency for payors.