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Garner Health, which offers analytics to evaluate and rank in-network physicians based on quality and outcomes, received $118 million in Series D funding, bringing its total raise to approximately $200 million and its valuation to $1.35 billion.
Kleiner Perkins led the round, with participation from Redpoint, Maverick, Kaiser Permanente Ventures, Mercy, Plus Capital and other existing investors.
WHAT IT DOES
The company works with employers to help their employees find high-performing in-network doctors using analytics and cost analysis. It also works with health plans to deliver provider rankings, directories, and benefit design based on data.
The New York-based company says its medical claims dataset includes more than 60 billion medical records from 320 million patients, which includes data from health plans and hospitals.
Garner Health will use the funds to expand and enhance its platform and grow its workforce.
"The single most important health decision we make is which individual doctor we see when we need care," Nick Reber, founder and CEO of Garner Health, said in a statement.
"Our data shows that the top-performing doctors have 75% lower rates of complications and mortality than their peers. By identifying these providers and creating the financial incentives for patients to see them, we aren't just saving money – we're fundamentally re-engineering the healthcare marketplace to reward quality," he continued.
MARKET SNAPSHOT
In 2021, the company announced it secured a strategic investment from Optum Ventures, the venture arm of Optum and part of UnitedHealth Group, though the amount of the funding was not disclosed.
That same year, Garner Health received $45 million in Series B funding, bringing its raise to $65 million.
It also secured $12.5 million in Series A funding in 2021, and a year before raised $4.5 million in a seed round.
