Medorion, a company focused on developing behavioral intelligence SaaS solutions for health insurers, has announced that it raised $6 million in a funding round led by 10D. It also included existing inventors iAngels and TAU Ventures, and the company’s total funding is now at $9 million.
The company’s AI-powered SaaS platform analyzes claims and social determinants of health (SDOH) data, leading to accurate insight into the psychological, environmental, and economic influences on people’s health decisions.
Insurers can use Medorion’s platform to gain better insight into members’ needs, and they can create personalized and automated one-on-one member conversations at scale.
Asaf Kleinbort is co-founder and CEO of Medorion.
“We will use these funds to grow our impact on the U.S. market, hire aggressively and boost the adoption of our behavioral intelligence SaaS platform among additional leading U.S. insurers. We also plan to accelerate the development of our new risk adjustment and member experience solutions, as well as expand our platform’s utilization beyond Medicare Advantage plans into other government markets,” said Kleinbort. “By empowering payors with comprehensive automated tools that facilitate qualitative and personalized communications at scale, health plans can improve the member experience and willingness to embrace care and treatment, leading to enhanced healthcare delivery and better financial outcomes.”
Combining Behavioral Science and AI
With Medorion’s technology, the fields of behavioral science and AI are combined to create an Electronic Behavioral Record (EBR), which is similar to electronic health record (EHR). Each health plan member receives an EBR, and the platform involves clinical, risk adjustment, operational cost, and marketing applications to facilitate individualized communication.
Itay Rand is Partner at 10D.
“Medorion’s innovative software-driven approach for health behavior intelligence and its ability to show clear value and ROI with leading payors, coupled with the growing market need, has made them a clear choice for investment,” said Rand.
Shelly Hod Moyal is Founding Partner of iAngels.
“We are proud to play a role in Medorion’s journey to enhance health plans via behavioral intelligence insights. The company has already proven over the past two years an ability to translate its innovative technology into a product that is changing the way health care is delivered,” said Moyal. “Medorion is empowering consumers towards more health awareness, adherence and prevention, facilitating early interventions, and preventing serious illnesses such as heart disease and cancer.”
In another recent announcement, Medorion revealed that its platform benefited several top health insurers in the U.S. over the last 18 months.
Nimrod Cohn is Managing Partner of TAU Ventures.
“Health plan success and growth can be driven by performance indicators in certain categories, including quality of care and customer service. Medorion has demonstrated an ability to impact these key indicators and raise star scores for insurers, resulting in improved patient outcomes and financial gains,” said Cohen. “We are delighted to continue supporting the company as it dramatically impacts the health ecosystem.”
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