Turquoise Health has closed a $40 million Series C funding round led by Oak HC/FT, with participation from a16z, Adams Street Partners, and Yosemite. The funding supports the company’s transition from a pricing data provider to a comprehensive workflow and transaction platform aimed at addressing inefficiencies in healthcare financial infrastructure.
The U.S. healthcare system continues to face structural challenges, with nearly $1 trillion in annual administrative waste attributed to fragmented, paper-based processes. These inefficiencies often lead to revenue leakage, claim denials, and unexpected patient billing. Turquoise Health’s platform is designed to address these issues by introducing transparency and automation into pricing and reimbursement workflows.
At the core of the platform are three AI-driven components:
Clear Rates: Aggregates large datasets, including machine-readable files, claims data, and Medicare benchmarks, to produce a single, auditable rate for each payer-provider pairing.
Contracts: Uses AI to convert static payer contracts into structured, searchable data, enabling financial teams to model and simulate negotiation scenarios in real time.
AskTQ: A conversational AI interface that enables rapid contract analysis, reducing manual research timelines from weeks to seconds.
Together, these capabilities enable healthcare organizations to digitize pricing structures, standardize payment terms, and streamline administrative workflows. The platform establishes a consistent and auditable pricing framework across stakeholders, supporting more predictable reimbursement processes.
Turquoise Health has gained traction among enterprise clients, with adoption spanning 10 of the top 25 health systems, four of the top five national payers, and nine of the top ten pharmaceutical companies. This footprint reflects increasing demand for tools that can unify pricing data and operational workflows across the healthcare ecosystem.
With the new funding, the company aims to expand its platform capabilities and move toward enabling same-day, transparent financial transactions across the industry.
Chris Severn, CEO and Co-Founder of Turquoise, said, "Our goal has always been to move the industry toward clear, accurate, and actionable healthcare pricing. By evolving from a data vendor to a full workflow and transaction platform, we are building the infrastructure for transparent, real-time payments."
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