GLENDALE, Calif., Jan. 21, 2020 (GLOBE NEWSWIRE) -- Reveleer, a secure and integrated cloud-based medical data acquisition and extraction platform that uniquely supports health plans and Managed Care Organizations (MCOs) in the Medicare, Commercial and Medicaid markets, today announced that the company has closed a Series C round of financing. Boston Millennia Partners led the financing joined by existing investor Upfront Ventures.
Payers face numerous challenges around government program compliance, with decentralized, inefficient processes driving high operating costs for record retrieval and review. Reveleer offers platform solutions to enable payers to efficiently execute and manage complex member data programs, including Risk Adjustment and Quality Improvement.
Reveleer’s unique platform delivery that enables payers and MCOs to obtain necessary data while giving them total choice, transparency, and control over the execution of their programs has resulted in accelerated revenue growth of 60%+ for two consecutive years.
In 2019, Reveleer achieved more than $10 million in revenue and signed a $16 million multi-year agreement with a top five national health plan to support record retrieval, review and submission with its platform.
“This has been a pivotal year for Reveleer, and we are fortunate to have strong investors to support our long-term objectives,” said Jay Ackerman, CEO of Reveleer. “We are also pleased by the trust our customers have demonstrated in our platform. Reveleer is now uniquely equipped to deploy software to more efficiently acquire, manage and govern data in accordance with an ever-changing regulatory environment, and that is exactly the reason why top Payers and Managed Care Organizations are gravitating to our platform.”
“Our team has been watching this company for the past two years and we’re excited to join Upfront and the Reveleer leadership team in building a significant business focused on enabling health plans to chart their own course in Risk Adjustment and Quality,” said Ren Roome, Principal, Boston Millennia Partners.
Reveleer, which has built a core platform for the future of data acquisition, enables health plans and MCOs with a dynamic workflow leveraging multiple capabilities including a powerful provider outreach module with advanced telephony, multi-modal secure record retrieval, automated document intake and QA, medical record review (coding and abstraction), analytics, and robust reporting.
Reveleer will use the new funds to extend its Risk Adjustment solutions, advance Artificial Intelligence initiatives and accelerate go-to-market activities.
“We've been believers in Reveleer since the start and are excited to double down and continue backing the team. As managed care health plans undergo an unprecedented shift towards value-based care they need, now more than ever, access to and data-driven insights on their patient medical records. Reveleer's cloud platform gives plans that transparent and compliant access, empowering them to take back control of their quality and risk initiatives," said Kevin Zhang, Partner, Upfront Ventures.
The financing was secured with assistance from investment bank Bailey Southwell & Co. based in Nashville, TN.
About Reveleer
Reveleer is a healthcare software and services company that empowers payers in all lines of business to take control over their risk adjustment and quality improvement programs. The Reveleer platform enables payers to independently execute and manage every aspect of provider outreach, retrieval, coding, abstraction and reporting – all under one single platform. Leveraging its technology, proprietary data sets, and subject matter expertise, Reveleer also assists payers with full record retrieval and review services to support financial performance and improved member outcomes.
About Boston Millennia Partners
Boston Millennia Partners provides private equity financing to high growth companies in the healthcare industry. Our team brings over one hundred years of combined private equity experience to the investment process. Our expertise in finance; operations; engineering; business development; executive recruiting; and law provides significant value to the companies in which we invest. Since the early 1980’s, members of our team have managed eight venture capital partnerships with very successful results for our investors and our entrepreneurs. The BMP investment team has been active investors in seven early stage companies which achieved billion or multi-billion exit values including: PAREXEL International, Inc., Ilex Oncology, Inc., Verio, Inc., and Bright Horizons, Inc. The growth and success of our portfolio companies have, in turn, allowed us to grow and expand our capital managed to over $700 million.
About Upfront Ventures
Upfront Ventures is a Los Angeles-based venture capital firm making national investments in technology-forward companies and founders. Since 1996, Upfront has invested more than $2 billion in companies including Maker Studios (acquired by Disney), TrueCar, Ring (acquired by Amazon), Kyriba, Overture and Envestnet. Key investments include Bird, GOAT, Apeel Sciences, thredUP, The Wing, and Invoca, as well as health tech investments including GoodRx, Bionaut Labs, and Canvas Medical. upfront.com