Aetna, Anthem amid funders of Aveneer Health’s $50M seed round

A team of primary healthcare corporations offered $50 million in seed funding to Avaneer Health, the data-exchange and blockchain startup declared Thursday.

CVS Well being subsidiary Aetna, Anthem, the Cleveland Clinic, Health and fitness Treatment Service Corp., Sentara Health care and PNC Economical Expert services all contributed to the venture and are Avaneer Health’s to start with network contributors. These funders represent 80 million lined lives and 14 million once-a-year individual visits.

Avaneer Health and fitness, founded in 2020, will use this money to put together for the start its community nationwide as a sort of protected internet for health care, according to the business.

Avaneer Well being network contributors will have obtain to what the enterprise describes as streamlined procedures for healthcare administration and transactions. This will facilitate entry to care, maximize purchaser loyalty, mitigate doctor burnout and lessen operational and engineering fees, business executives said in a news launch.

“With each other, we’re changing the paradigm of healthcare knowledge flows with a protected network empowered by blockchain, fast health care interoperability assets and other major technologies,” Tim Skeen, co-chair of Avaneer Health’s board, explained in a news launch. Skeen is senior vice president and chief information officer of Sentara Healthcare

Administrative complexity accounts for an estimated $372 billion in health care prices each and every yr, according to to the 2020 Council for Very affordable Quality Health care Index Report. automating widespread administrative transactions could conserve $16.3 billion annually, that report states. Nationwide wellness expenditures attained $4.1 trillion in 2020, the Workplace of the Actuary at the Centers for Medicare and Medicaid Providers documented past month.

“Addressing administrative prices and developing a positive purchaser working experience involves connectivity and the kind of info fluidity we have arrive to assume in other industries,” Stuart Hanson, founder and CEO of Avaneer Overall health, mentioned in a news launch.