A start-up company headquartered in Israel aims to provide key information to payers in order to strengthen communication with members. $6 million has been raised In the Series A financing led by 10D.
Existing investors iAngels and TAU Ventures also participated in this round of financing, bringing the company’s total financing to 9 million US dollars.
Entrepreneurship, MedorionThe company’s co-founder and CEO Asaf Kleinbort said in an email that it provides payers with software tools to coordinate and measure member engagement.
He explained that, like an EHR that stores clinical data, Medorion captures the behavior of individual members to create an “electronic behavior record” database. To create records, Medorion’s platform aggregates data from multiple sources that payers can access, including information about care gaps, eligibility data, claims, and social determinants of health data. The platform also generates, tracks and stores digital participation data.
Medorion’s technology aims to provide the “who” and “why” of member behavior. For example, electronic behavior records focus on identifying members who do not prescribe medications or avoid screening for colorectal cancer and their reasons for doing so.
“This health behavior library enables payers to personalize and automate one-on-one member conversations on a large scale, and promote active interactions, thereby improving health services and financial outcomes,” Kleinbot said.
He said that at present, Medorion’s platform is only available to Medicare Advantage members, and more than 500,000 people are using it. But with the new funding, the company plans to expand the use of the platform from Medicare Advantage to other government markets.
Kleinbort said that Medorion also plans to use new funds to expand its influence on the US market, actively recruit and promote the adoption of its behavioral intelligence platform in US insurance companies. The company’s software has been deployed by a handful of US health programs, although Kleinbort did not provide any name.
In addition, Medorion will use the funds to accelerate the development of its new risk adjustment and member experience solutions.
10D Partner Itay Rand said: “Medorion’s intelligent and innovative software-driven approach to healthy behavior and its ability to show clear value and return on investment to leading payers, coupled with growing market demand, make them a clear investment choice.” Press release.
Medorion enters a relatively small medical behavioral intelligence market in the United States WellToK with Icario Kleinbort said Medorion also uses behavioral science insights to improve member communication, providing a comprehensive self-service software model, “it allows insurance companies to own the process and do it themselves.”
He added that Medorion provides payers with the necessary tools to understand their members and communicate effectively with them, thereby building a stronger relationship with them.
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