Medorion raises $6 million for its health insurer platform
Medorion has developed an AI-powered SaaS platform that analyzes drivers or barriers behind people’s health decisions
Medorion, an Israeli developer of behavioral intelligence SaaS solutions for health insurers, has announced the completion of a $6 million funding round led by 10D. The round, which included participation from existing investors iAngels and TAU Ventures, brings the company’s total funding to $9 million.
“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 Asaf Kleinbort, co-founder and CEO of Medorion. “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.”
Medorion has developed an AI-powered SaaS platform that analyzes claims and social determinants of health data, helping to accurately pinpoint any underlying environmental, psychological, or economic drivers or barriers behind people’s health decisions. It is understood that insurers can better understand the needs of each member and then personalize automated one-on-one conversations at scale. This can facilitate proactive interactions and improve health delivery and financial outcomes.
“We are proud to play a role in Medorion’s journey to enhance health plans via behavioral intelligence insights,” added Shelly Hod Moyal, Founding Partner of iAngels. “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. Medorion is empowering consumers towards more health awareness, adherence and prevention, facilitating early interventions, and preventing serious illnesses such as heart disease and cancer.”
Itay Rand, Partner at 10D, added that the company’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,” and Nimrod Cohen, Managing Partner of TAU Ventures, said how “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.”
Medorion’s was founded in 2017 by Asaf Kleinbort, Shai Levi and Eviatar Khen. Its technology combines behavioral science and AI to create an Electronic Behavioral Record, an equivalent to an electronic health record for each health plan member.