Nashville-based has announced $15 million in funding, including a second commitment from the , a nonprofit venture fund working to lower healthcare costs by providing risk capital to companies with cutting-edge healthcare technologies and services.
Established in 2007, Change Healthcare works to transform the way Americans purchase and use healthcare services by driving sustainable engagement at the individual level. Through its flagship product, Transparency Messenger, which imports and analyzes millions of healthcare claims, Change Healthcare provides the kind of personalized cost and savings information needed to make informed, affordable healthcare purchase decisions across the full range of care.
The West Health Investment Fund, which was founded by healthcare entrepreneurs and philanthropists Gary and Mary West, uses a variety of tools, including public policy, targeted investments, and research, to help reduce healthcare costs for patients, with a focus on transparency as a key driver of lower costs. Additional investors in Change Healthcare in this funding round include , , , , , and .
"There has been a dramatic increase in the nation's focus on healthcare cost transparency. Today's consumers not only need access to cost information, but also a means to take greater control of their health care," said Change Healthcare president and CEO Doug Ghertner. "Change Healthcare has achieved remarkable growth in a short period of time, and our new funds will allow us to respond to these trends by expanding our sales and marketing efforts and accelerating product development."