{Healthtech: Innovaccer} Leveraging the power of data for a 360-degree view of healthcare

Healthcare organizations need a solution to ensure timely and affordable care delivery, a fact that has come to light even more sharply in the current second wave of COVID-19.

Healthcare or patient data is of utmost significance, and it would be easier if healthcare providers were able to access this data at a moment’s notice from a central repository. That´s why San Francisco-based Innovaccer, a healthcare technology company, is bringing the available industry data into a single platform. 

Now more than ever, customers need a platform that allows them to obtain a 360-degree view of their patients, drive down unnecessary IT costs, and improve care quality and cost-effectiveness

“Now more than ever, customers need a platform that allows them to obtain a 360-degree view of their patients, drive down unnecessary IT costs, and improve care quality and cost-effectiveness,” they say.

The company began in 2014, when IIT-Kharagpur graduates Abhinav Shashank and Kanav Hasija, along with IIM-Ahmedabad alumnus, Sandeep Gupta, found inspiration to leverage the untapped power of data in healthcare technology. Their motto: “We help healthcare organizations care as one”. 

What They Do

The Innovaccer Health Cloud combines their integrated data activation platform and application suite with a wide-ranging set of platform services and tools. It brings together member data across systems and care settings, enabling healthcare organizations to develop secure, scalable, modern applications swiftly. 

Their Data Activation Platform aims at ´whole-person´ care that moves beyond silos, accessing an open yet secure platform that unifies healthcare data into a single, longitudinal patient record.

They provide a comprehensive, unified patient record built from multiple healthcare data sources such as clinical, claims, labs, pharma, and others. Driven by advanced EMPI (Enterprise Master Patient Index), this presents a whole-person view of patients, while a cards-based design keeps views configurable.

Their plug-and-play data integrations have pre-built integrations to most health IT systems and vendors, EHRs, payers, HIEs, pharmacies, labs, and partners. In addition, an extensible data model adapts to various use cases across the healthcare ecosystem.

Together, the system allows healthcare service providers a 360-degree view of their patients, cutting down superfluous IT costs, and improving care quality.

COVID-19 Crisis Management Tools

With the current COVID crisis driving healthcare providers to the edge, Innovaccer is delivering 360-degree visibility into their COVID-19 operations, which includes remaining informed about the intensity of COVID-19 spread in a region and tracking every single care activity.

Their COVID-19 tools enable resource optimization and inventory management, allowing healthcare providers to manage their COVID-19 resources by forecasting and monitoring resource availability in real time. In other words, it means real-time monitoring of bed capacity, PPE supplies, and other critical resources, as well as a detailed overview of the consumption rates at each facility.

With Innovaccer’s solution, healthcare organizations can also automatically generate CDC-compliant reporting on resources and facility overview, medication inventory tracking, and staff planning for COVID-19 demand. In addition to this, they can take full control of their COVID-19 management activities, and utilize smart analytics and forecasting capabilities for future action planning.

Growth Story

With four offices across the US and India, Innovaccer has already helped more than 37,000 healthcare providers in over 1000 locations to leverage technology to bring about improved care quality. Their products have been used at a large number of institutions and governmental organizations as well as several corporate enterprises, such as Mercy ACO, Banner Health, BCBS Arizona, Lee Health, PSW, and Elevate Health, among others.

According to the company, the platform has onboarded around 24 million patients, saving at least US$600 million in savings for the healthcare ecosystem. They have also been recognized as a Best in KLAS vendor for 2021 in population health management and a No. 1 customer-rated vendor by Black Book.

Working with top researchers and think tanks around the world, we are trying to fill the gaps that healthcare is currently facing

The company has also joined hands with tech giants of the likes of Amazon Web Services and Microsoft. In fact, Microsoft’s venture fund, M12, has invested in Innovaccer. In February of this year, the team announced a new round of growth funding at a $1.3 billion post-money valuation, led by Tiger Global Management.

Abhinav Shashank, who is serving as CEO, is an international thought leader on healthcare technology and transformation. A member of Forbes Councils, he has published over 300 articles for various international media outlets, was bestowed a coveted spot in Forbes “30 Under 30 Asia 2017: Enterprise Tech,” and was recognized by Entrepreneur India as one of the “35 under 35” Entrepreneurs in India in 2021. His other achievements include being recognized as “Rising Stars in Healthcare” by Becker’s Hospital Review, “Founders to Look out for in 2016” by Economic Times and “Future Young Leader” by Future Young Leader Organization.

“At Innovaccer we are building the next generation of data-driven products and platforms that help enterprises leverage their data assets to improve decision-making processes. Working with top researchers and think tanks around the world, we are trying to fill the gaps that healthcare is currently facing,” he says.