OODA Health raises $40.5m funding to transform US healthcare payment system


OODA Health raises $40.5m funding to transform US healthcare payment system

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OODA Health, a technology startup focussed on making US Healthcare payment system more efficient, has raised $40.5 million in its Series A funding round, led by Oak HC/FT and DFJ.

The San Francisco-based startup intends to transform the healthcare payment system by enabling collaborative, real-time interactions between providers, payers (insurance companies), and patients. The company will use the capital to further develop its product platform, expand its team, and deepen and grow its payer and provider relationships.

OODA’s strategic partners include Anthem, Blue Cross Blue Shield of Arizona, Blue Shield of California, Zaffre Investments, a subsidiary of Blue Cross Blue Shield of Massachusetts, Dignity Health, and Hill Physicians.

“OODA Health will simplify and automate claims processing to create a real-time payment model,” said Giovanni Colella, MD, co-founder and CEO of OODA Health. “This will give providers more time to focus on delivering quality care, rather than payment administration and financial management.”

Seth Cohen, co-founder, president and COO of OODA Health, said: “I am proud to have co-founded OODA with a team that shares a passion for tackling healthcare’s biggest challenges. And, I’m particularly proud of our team’s decision to raise money only from venture firms with at least one female partner.”

“As consumers, we are accustomed to easy, near-instant transactions. But in healthcare, administration is time-consuming and expensive. OODA brings the digital DNA and technological capabilities to enable payers and providers to collaborate and mutually benefit from the efficiencies of a faster, more dynamic healthcare payment system,” Cohen added.

M&A, Growth, OODA, Anthem, Blue Cross, Zaffre Investments, Dignity Health, Hill PhysiciansHealthcare, Giovanni Colella, Seth Cohen,US,