SAN DIEGO, CA —March 17– Turquoise Health (“Turquoise”), a multi-sided healthcare pricing and payment platform, today announced it has raised $40 million in Series C funding. The round was led by Oak HC/FT, with participation from existing investors including Andreessen Horowitz, Adams Street Partners, and Yosemite.
Healthcare’s financial infrastructure is broken in a way that costs the industry nearly $1 trillion in administrative spend annually. The core problem is structural, with the contracts underlying every payment decision stored in disparate systems, inconsistently interpreted, and effectively invisible to the parties bound by them. The result is a world where it’s difficult for anyone to translate those rates into accurate payment amounts. The current system results in both sides losing money due to denials and administrative overhead, or needing to maintain teams of analysts to manage complex reimbursement scenarios and reviews of documentation. This also leads to the poor experience that most patients have with medical bills and the financial infrastructure supporting care. By centralizing data, contract information, and clinical coverage rules, Turquoise addresses the industry’s pricing opacity and revenue leakage, transforming the cost of care from a source of conflict and confusion into a clear, actionable source of truth.
Turquoise’s platform creates a new way to price, contract and transact in healthcare. Clear Rates synthesizes machine-readable files, claims data, Medicare benchmarks and all other relevant pricing signals into a single, auditable rate for every payer-provider combination. Contracts leverages AI to tag every rate and provision across a customers’ contract portfolio, turning static documents into a dynamic operating system so teams can find contract details, compare performance and model negotiation scenarios in a few clicks. Together, they lay the foundation for a fundamentally different healthcare transaction, one where standardized pricing and aligned contracts dissolve administrative waste and improve the patient experience by making same-day, transparent transactions the norm. Woven across the platform is AskTQ, the AI-powered pricing and contracting layer that cuts weeks of manual research down to seconds.
“Our goal has always been to move the industry toward clear, accurate, and actionable healthcare pricing,” said Chris Severn, CEO and Co-Founder of Turquoise. “By evolving from a data vendor to a full workflow and transaction platform, we are building the infrastructure for transparent, real-time payments. This round allows us to ensure that this model becomes the industry standard.”
Turquoise has demonstrated significant market momentum, with 35% of monthly active users now leveraging multiple products on the platform. The company’s platform is now utilized by more than 280 customers, including 10 of the top 25 health systems, 4 of the 5 national payers, 9 of the top 10 pharmaceutical companies, and 6 of the top 10 insurance brokers. The new capital will be used to assist with additional go-to-market efforts, accelerate the buildout of the product roadmap, and increase headcount. Turquoise has grown its team to nearly 200 employees since its founding 5 years ago and looks to add more talented, motivated people to the team.
“Turquoise is uniquely positioned at the center of the healthcare economy, leveraging a data moat bolstered by their subject matter expertise, extensive library of over 65,000 contracts and best-in-class user interface,” said Vig Chandramouli, Partner at Oak HC/FT. “We have tracked Chris and the team since 2021 and are impressed by their ability to expand adoption simultaneously across providers, payers, employers, and life sciences. Their platform doesn’t just provide data; it embeds transparency directly into the negotiation and payment workflows of the industry’s largest stakeholders.”
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