Insightin Health, a company delivering personalized health care guidance, today announced it has raised $ 12 million. A spokesperson told VentureBeat the round will support Insightin Health’s plan to bring on more plan providers that service primarily Medicare, Medicaid, and accountable care organization members.
The global big data analytics market for health care was valued at $ 16.87 billion in 2017 and is projected to reach $ 67.82 billion by 2025, according to a recent report from Allied Market Research. It’s believed that health care organizations’ implementation of big data analytics might lead to an over 25% reduction in annual costs in the coming years. Better diagnosis and disease predictions, enabled by AI and analytics, can lead to cost reduction by decreasing hospital readmission rates, among other factors.
Baltimore, Maryland-based Insightin Health, which was founded in 2016 by Enam Noor, is a cloud-based marketing platform that allows organizations to develop data hubs that promote health plan sign-ups and retention. Prior to founding Insightin Health, Noor cofounded Insightin Technology, a cloud computing and enterprise software development company, and Desme, an interactive marketing company.
Insightin Health’s campaign automation system can create personalized and rule-based content delivery in real time, with a machine learning- and AI-driven approach that provides recommendations for touchpoints of member communications and activities. The company claims to combine medical, clinical, cognitive, and social determinants of health to recommend the next best action for each health plan member. For example, the platform can encourage sick members to make outbound calls and schedule telehealth or in-person appointments when available.
Insightin Health can also identify social needs at both a member and population level and offer a dashboard visually detailing members’ responses, activities, and challenges. The company cites research from startup HealthMine that found 60% of surveyed Medicare Advantage members say their health plan doesn’t encourage actions to improve health.
“Our proprietary platform and world-class team have put us in a position to transform the way health care is experienced. The continued interest from our investors and customers is a great validation [of] our company’s momentum since our last raise in 2018,” Noor told VentureBeat via email. “With the continued investment we’re putting into our platform, we’re hoping that more and more health insurance providers will be able to communicate with consumers on a one-to-one level. This way, we can get closer to humanizing the health care experience to improve satisfaction, increase engagement, and ultimately improve health.”
Late last year, Insightin Health teamed up with students from the University of Pittsburgh’s Swanson School of Engineering to predict the start of flu season, with the goal of optimizing flu shot timing and reducing health care costs in the process. More recently, Insightin Health launched a solution to support COVID-19 preparedness efforts. It scrubs infection and mortality data, creating a risk scoring model to assess information at a state and county level across the U.S.
According to Noor, Insightin Health has been profitable since launch and experienced 170% year-over-year revenue growth from 2019 to 2020. With over 5 million people on its platform, the company anticipates similar growth from 2020 to 2021.
Blue Venture Fund and Blue Heron Capital co-led the series A round Insightin Health announced today. It brings the company’s total raised to over $ 13 million. Insightin has 45 employees.
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