Garner Health has raised US$118m in Series D funding to expand its doctor ranking platform, taking total funding to US$200m.
Founded in 2019, the digital care navigation company uses data analytics and artificial intelligence to help employers and employees identify high-quality, cost-effective healthcare providers.
It then creates financial incentives for patients to see those doctors.
Nick Reber, founder and chief executive of Garner health, said: “The single most important health decision we make is which individual doctor we see when we need care.
“Our data shows that the top-performing doctors have 75 per cent lower rates of complications and mortality than their peers.
“By identifying these providers and creating the financial incentives for patients to see them, we aren’t just saving money, we’re fundamentally re-engineering the healthcare marketplace to reward quality.”
Garner said its platform analyses more than 60bn deidentified medical records from 320 million patients, ranking doctors using 700 metrics covering outcomes, costs and guideline and clinical protocol adherence.
The company said it works with 700 organisations covering 2.5 million members, and that revenue grew 130 per cent year on year.
When employees use the platform to find a top-ranked provider, their employer covers all or most out-of-pocket costs, including deductibles and co-pays.
Garner executives said employees pay an average 80 per cent less out-of-pocket, while employers see an average 12 per cent reduction in total healthcare spend in the first year.
Executives said the Series D round values the company at US$1.35bn.
The Series D round was led by Kleiner Perkins, with Redpoint, Maverick, Kaiser Permanente Ventures, Mercy, Plus Capital and other existing investors also participating.
The company previously raised a US$45m Series B round in 2021 led by Redpoint Ventures, with participation from Founders Fund, Thrive Capital and Optum Ventures.
Josh Coyne of Kleiner Perkins said: “Garner delivers a rare double win in healthcare: getting patients to the highest quality doctors while simultaneously cutting costs at scale.
“Already serving 2.5 million people, Garner is fundamentally reshaping the way Americans access healthcare.”
