Source: Fortune
Summary
Innovaccer, a healthcare data analytics company, has crossed $200 million in annual recurring revenue. The company’s CEO, Abhinav Shashank, made a pivot in 2016 to focus on healthcare after working with Disney and NASA. Innovaccer pulls data from hospitals’ electronic health records and insurance claims systems, unifying them for AI tools and care coordination. The company has raised $675 million and works with seven of the top ten U.S. health systems across 80 million patient records.
Our Reading
The numbers tell one story.
Innovaccer’s growth is built on a decade of “unglamorous plumbing” – connecting hospitals’ locked up electronic health records and insurance claims systems. CEO Abhinav Shashank argues that without this infrastructure, AI companies are “trying to put cars on a road that does not exist.” The company’s customers have reported $2.5 billion in savings to federal regulators last year alone. Innovaccer has been named a leader in Gartner’s first ever healthcare technology Magic Quadrant, ranked above Microsoft, Google, AWS, and Salesforce on vision and execution.
Healthcare doesn’t have internet, and Innovaccer is building the roads.
Author: Evan Null
