Garner Raises $45 Million in Series B to Become the Leading Provider of Physician Quality Data to Patients and Doctors
The fundraise comes 10 months after its Series A as the company rapidly expands its national reach.
NEW YORK, December 14, 2021— Garner Health, a healthcare data company that guides patients to the best-performing doctors and empowers healthcare providers to deliver better care, today announced a $45M Series B round led by Redpoint Ventures with participation from Founders Fund, Thrive Capital, and Optum Ventures. To date, the company has raised over $65M, including previous investments from Sequoia Capital and Maverick Ventures.
Garner will deploy its Series B funds to continue helping employers provide their employees with access to the highest quality medical care in their community. By analyzing the largest collection of medical insurance claims in the country, Garner is able to direct its members to the doctors with the best patient outcomes, rather than making recommendations based on subjective reviews. In addition to a seamless experience finding a top provider, employees who use Garner to find their next doctor have their out-of-pocket costs covered by their employer. Because high-performing doctors keep patients healthier, these doctors are often lower-cost in the long run. The result is that employees save money and receive the best treatment available, while employers avoid covering the high costs of ineffective care.
Garner will also continue to grow its second product line that empowers providers to make high quality referrals to specialists. Providers who use Garner can be sure that they are referring their patients to the specialists who practice evidence-based medicine and will take the best care of their patients.
"The path to high quality, affordable medical care for all does exist in this country,” said Garner Health founder and CEO, Nick Reber. "We just need to change how the incentives of the current healthcare system work. Garner has found a way to leverage data to not only steer patients to better care, but to begin to shift the incentives of the entire healthcare economy so that providers are rewarded for great patient outcomes and not unnecessary treatments."
Garner helps its employer clients save an average of 10 percent on health benefit costs while lowering or eliminating patient out-of-pocket expenses. Garner’s unique design works with an employer’s existing health insurance plan and can be implemented with any medical carrier. The platform currently serves 100 companies across the United States. Garner has also seen an industry-leading 43 percent employee engagement from first year customers.
"Patients face increasing costs and struggle to find the best doctors while our country's healthcare costs continue to rise," said Elliot Geidt, Managing Director of Redpoint Ventures. "Garner's unique ability to identify top doctors and their innovative plan design helps improve patient outcomes and decrease costs for both them and the healthcare system. We're thrilled to partner with Nick and the Garner team as they further expand this model across the country."
Garner’s revolutionary approach to healthcare provider rankings is based on cost and quality analytics derived from hard data, including over 500 clinically validated metrics. The recommendations that patients see are unbiased and transparent, as doctors cannot pay Garner to receive higher placement in Garner’s rankings.
For employers, consultants and healthcare providers interested in learning more about Garner, please visit getgarner.com.
Garner Health Technology, Inc. is a health technology company that offers both a benefit program that helps employees find the best doctors in their community and a novel tool to power data-driven provider referrals. Using a new approach to data science and novel financial incentives, Garner is able to lower out-of-pocket spending for employees, save employers 10% or more on overall health benefit costs and provide doctors with the tools to make more informed referrals for their patients. For more information, please visit www.getgarner.com.
ABOUT REDPOINT VENTURES
Since 1999, the Redpoint team has been partnering with visionary founders who create new markets or redefine existing ones. From the earliest stages, Redpoint partners have supported over 350 companies, 44 IPOs and 73 upside acquisitions. Industry-defining investments include HomeAway, Fortinet, Qihoo, Right Media, Heroku, Netflix, Tivo, Juniper, among many others. Today, Redpoint manages over $3.3 billion across multiple funds and invests in disruptive founders and companies at the seed, early and growth stages. For more information, visit: www.redpoint.com