Aetna, Anthem Among Aveneer Health’s $50M Seed Round Sponsors

A group of leading healthcare companies has provided $50 million in seed funding to Avaneer Health, the data-sharing and blockchain startup announced on Thursday.

Aetna, Anthem, Cleveland Clinic, Health Care Service Corp., Sentara Healthcare and PNC Financial Services, a subsidiary of CVS Health, contributed to this venture and became the first members of the Avaneer Health network. These sponsors represent 80 million insured lives and 14 million patient visits per year.

Established in 2020, Avaneer Health will use the money to prepare to launch its nationwide network as a form of secure internet for healthcare, the company said.

Members of the Avaneer Health network will have access to what the company describes as streamlined processes for healthcare administration and transactions. This will facilitate access to medical care, increase consumer loyalty, reduce physician burnout and reduce operating and technology costs, the company’s executives said in a press release.

“Together, we are changing the paradigm of medical data flows with a secure blockchain-based network, fast healthcare collaboration resources, and other cutting-edge technologies,” Tim Skene, co-chairman of Avaneer Health, said in a press release. Skin is Senior Vice President and Chief Information Officer of Sentara Healthcare.

According to the 2020 Council on Affordable Quality Health Care, administrative complexity accounts for about $372 billion in healthcare spending each year. Index Report. This report states that automating common administrative operations could save $16.3 billion annually. National health care spending hit $4.1 trillion in 2020, the Office of the Actuary at Centers for Medicare and Medicaid Services said last month.

“Reducing administrative costs and creating a positive consumer experience requires connectivity and the type of data churn that we have come to expect in other industries,” Stuart Hanson, founder and CEO of Avaneer Health, said in a press release.

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