Insurance CIO Outlook Weekly Brief
Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Insurance CIO Outlook
John Cappiello, CTOThe mission of HealthVerity stemmed from the need for an alternative solution to not only finding the right data, but making it interoperable with third party datasets for novel discoveries. Since its inception in 2014, the Philadelphia-based company has been empowering top pharmaceutical and payer organizations with the technologies to gain perspectives on patient activity in a fully-interoperable, privacy-protecting manner.
The company’s consent management platform, HealthVerity Consent, is an enterprise-class solution that leverages blockchain to aggregate and manage all individual consumer and patient preferences in one central location.
What we are trying to do with our solutions is to help audit the fragmented systems, create a single source of truth for consumer consent, and leverage the immutability of blockchain
When it comes to the patients’ and healthcare providers’ consent, one of the biggest challenges is data fragmentation and inconsistency. Large enterprises track patients’ consent through numerous source systems collecting data for marketing, HIPAA compliance or other purposes. “What we are trying to do with our solutions is to help audit the fragmented systems, create a single source of truth for consumer consent, and leverage the immutability of blockchain,” mentions John Cappiello, CTO, HealthVerity. He substantiates this by citing an example of a client whose biggest challenge was fragmentation of data. They had source systems that were consuming and capturing consent data for marketing and HIPPA compliance and wanted all independent entities to speak internally, so the latest consent and permissions were accurate and consistent. Hence, HealthVerity rolled out its HealthVerity Consent solution that worked with each of the source systems across the organization to consolidate permissions and act as the single source of truth for customer intent and legal compliance.
In regards to HealthVerity Consent, the company will continue to build out additional methodologies and use cases around data anonymization and consumer consent. “We’ll continue to improve our products to get access to the right data, constraint, and governance to make data interoperable across different data sources in a highly privacy-compliant way,” concludes Cappiello.
Philadelphia - HealthVerity, Inc., the trusted foundation for the rapid creation, exchange and management of healthcare and consumer data, today announced its closing of $25 million in Series C funding led by existing investor Foresite Capital with participation from Flare Capital Partners, Greycroft Partners and other existing investors. The new capital will support continued growth and investment in HealthVerity’s technology platform and go-to-market activities. The close follows a record 2018 performance during which HealthVerity expanded its customer base to more than 100 of the top Pharmaceutical Manufacturers, Health Insurance Payers, Pharmaceutical Services firms and Healthcare Services organizations. The company’s success was bolstered by the rapid customer adoption of HealthVerity Census, a SaaS solution for activating, de-identifying and linking data across the enterprise and beyond, HealthVerity Marketplace, the industry’s leading cloud platform for discovery and licensing of broad scale healthcare and consumer data in a privacy-protecting manner, and HealthVerity Consent, a blockchain-driven platform for managing patient and consumer permissions in an immutable and auditable manner.
“The widespread digitization of medical records offers one of the best opportunities to transform patient care and improve the lives of millions," said Jim Tananbaum, CEO and Managing Director of Foresite Capital. “By building technologies that solve long standing challenges in the way that data can be organized, linked and licensed, HealthVerity has significantly enhanced the insights available on the patients and members of its valued customers. We are excited to support HealthVerity’s next phase of growth.” As part of the transaction, Tananbaum will join the HealthVerity board of directors.
“We have been recognized as an industry leader and are fortunate to have strong investors to support our long-term objectives,” said Andrew Kress, co-founder and CEO of HealthVerity. “We are also pleased by the trust our customers have demonstrated in our solutions and the positive impact that broad interoperability across our world class ecosystem of data partners has meant for these same customers. HealthVerity is now uniquely equipped to deploy software solutions that more efficiently manage and govern data in accordance with an ever-changing regulatory environment, but that is exactly the reason that top Pharma and Payers are gravitating to our platform.”
Founded by an executive team with decades of experience in managing real world evidence solutions, payer and provider services, and commercial data management, HealthVerity is well positioned for success long into the future.
Blank Rome LLP served as legal advisor to HealthVerity in this transaction.
