Reveleer, a secure and integrated cloud-based medical data acquisition and extraction platform that uniquely supports health plans and Managed Care Organizations (MCOs) in the Medicare, Commercial and Medicaid markets, announced that the company has closed a Series C round of financing. Boston Millennia Partners led the financing joined by existing investor Upfront Ventures.
Payers face numerous challenges around government program compliance, with decentralized, inefficient processes driving high operating costs for record retrieval and review. Reveleer offers platform solutions to enable payers to efficiently execute and manage complex member data programs, including Risk Adjustment and Quality Improvement.
Reveleer’s unique platform delivery that enables payers and MCOs to obtain necessary data while giving them total choice, transparency, and control over the execution of their programs has resulted in accelerated revenue growth of 60%+ for two consecutive years.
In 2019, Reveleer achieved more than $10 million in revenue and signed a $16 million multi-year agreement with a top five national health plan to support record retrieval, review and submission with its platform.
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“This has been a pivotal year for Reveleer, and we are fortunate to have strong investors to support our long-term objectives,” said Jay Ackerman, CEO of Reveleer. “We are also pleased by the trust our customers have demonstrated in our platform. Reveleer is now uniquely equipped to deploy software to more efficiently acquire, manage and govern data in accordance with an ever-changing regulatory environment, and that is exactly the reason why top Payers and Managed Care Organizations are gravitating to our platform.”
“Our team has been watching this company for the past two years and we’re excited to join Upfront and the Reveleer leadership team in building a significant business focused on enabling health plans to chart their own course in Risk Adjustment and Quality,” said Ren Roome, Principal, Boston Millennia Partners.
Reveleer, which has built a core platform for the future of data acquisition, enables health plans and MCOs with a dynamic workflow leveraging multiple capabilities including a powerful provider outreach module with advanced telephony, multi-modal secure record retrieval, automated document intake and QA, medical record review (coding and abstraction), analytics, and robust reporting.
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Reveleer will use the new funds to extend its Risk Adjustment solutions, advance Artificial Intelligence initiatives and accelerate go-to-market activities.
“We’ve been believers in Reveleer since the start and are excited to double down and continue backing the team. As managed care health plans undergo an unprecedented shift towards value-based care they need, now more than ever, access to and data-driven insights on their patient medical records. Reveleer’s cloud platform gives plans that transparent and compliant access, empowering them to take back control of their quality and risk initiatives,” said Kevin Zhang, Partner, Upfront Ventures.