Medorion, a developer of behavioral intelligence SaaS solutions for health insurers, announced that it had 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.
“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,” said Asaf Kleinbort, co-founder and CEO of Medorion.
“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.”
According to Medorion, its AI-powered SaaS platform analyzes claims and social determinants of health (SDOH) data to pinpoint the underlying psychological, environmental, and economic drivers and barriers behind people’s health decisions.
The platform also enables insurers better understand members’ needs and personalize and automate one-on-one member conversations at scale, facilitating interactions that improve health delivery and financial outcomes, the company said in a statement.
“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,” said Asaf Kleinbort.
“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.
“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.
Digital Health companies raised a record $7.2 billion in VC funding in Q1 2021, according to Mercom’s Q1 2021 funding and M&A report.