Medorion Raises $6 Million to Accelerate U.S. Health Plan Adoption of Member Behavior-Focused SaaS Platform
Medorion, Already Implemented by Top-Ten US Insurers, Secures Financing Round
Led by 10D, iAngels and TAU Ventures
TEL AVIV, Israel – July 7, 2021 – Medorion, developer of behavioral intelligence SaaS solutions for health insurers, announced today that it has completed a $6 million funding round led by 10D. Existing investors iAngels and TAU Ventures also participated, bringing the company’s total funding to $9 million.
Medorion’s AI-powered SaaS platform analyzes claims and social determinants of health (SDOH) data to accurately pinpoint the underlying psychological, environmental, and economic drivers and barriers behind people's health decisions. With Medorion, insurers can better understand members’ needs and personalize and automate one-on-one member conversations at scale, facilitating proactive interactions that improve health delivery and financial outcomes.
“We will use these funds to grow our impact on the U.S. market, hire aggressively and boost the adoption of our behavioral intelligence SaaS platform among additional leading U.S. insurers. We also plan to accelerate the development of our new risk adjustment and member experience solutions, as well as expand our platform’s utilization beyond Medicare Advantage plans into other government markets,” said Asaf Kleinbort, co-founder and CEO of Medorion. “By empowering payors with comprehensive automated tools that facilitate qualitative and personalized communications at scale, health plans can improve the member experience and willingness to embrace care and treatment, leading to enhanced healthcare delivery and better financial outcomes.”
Medorion's technology combines behavioral science and AI to create a unique Electronic Behavioral Record (EBR™), the behavioral equivalent to electronic health records (EHR), for each health plan member. The platform includes a variety of clinical, risk adjustment, operational cost, and marketing applications to facilitate effective individualized communication.
"Medorion’s innovative software-driven approach for health behavior intelligence and its ability to show clear value and ROI with leading payors, coupled with the growing market need, has made them a clear choice for investment," said Itay Rand, Partner at 10D.
“We are proud to play a role in Medorion’s journey to enhance health plans via behavioral intelligence insights. The company has already proven over the past two years an ability to translate its innovative technology into a product that is changing the way health care is delivered,” said Shelly Hod Moyal, Founding Partner of iAngels. “Medorion is empowering consumers towards more health awareness, adherence and prevention, facilitating early interventions, and preventing serious illnesses such as heart disease and cancer.”
The company recently announced that its platform brought significant benefits to top health insurers across the U.S. over the last 18 months, including double-digit enrollment, 1-star gains¹ in several Part D measures² and increased retention rates for top health insurers across the U.S. over the last 18 months.
“Health plan success and growth can be driven by performance indicators in certain categories, including quality of care and customer service. Medorion has demonstrated an ability to impact these key indicators and raise star scores for insurers, resulting in improved patient outcomes and financial gains,” said Nimrod Cohen, Managing Partner of TAU Ventures. “We are delighted to continue supporting the company as it dramatically impacts the health ecosystem."
[1] The Centers for Medicare & Medicaid Services (CMS) creates plan ratings that indicate the quality of Medicare plans on a scale of 1 to 5 stars with 5 stars being the highest rating.
[2] Medicare Part D is a prescription drug benefit program that is offered as part of the broader Medicare federal health insurance program.
About Medorion
Medorion’s behavioral intelligence software provides health insurers with an in-depth understanding of members and their concerns, enhancing health plans in all areas pertaining to human behavior. Utilizing behavior-based insights, the Medorion platform enables payors to personalize and automate one-on-one member conversations at scale, facilitating proactive interactions that improve health delivery and financial outcomes. Used by top U.S. health insurers, Medorion has shown to improve Star Ratings, raise preventative service utilization, improve medication adherence and boost member retention and acquisition rates.
Founded in 2017, the company is led by an experienced team of AI and behavioral science experts and is headquartered in Tel Aviv, Israel.
For more information, visit www.medorion.com.
Follow Medorion on LinkedIn.
Contact:
Goel Jasper
FINN Partners
goel.jasper@finnpartners.com
Twitter: @goeljasper
+1 929 588 2002