SAN FRANCISCO — OODA Health, a company looking to transform healthcare payment systems, has completed a $40.5 million round of Series A funding, led by Oak HC/FT and DFJ.
OODA Health wants to revamp the healthcare payment system by enabling collaborative, real-time interactions between providers (physicians, hospitals), payers (insurance companies), and members (patients). The company will use the capital to further develop its product platform, expand its team, and deepen and grow its payer and provider relationships.
The company’s strategic partners include Anthem, Blue Cross Blue Shield of Arizona, Blue Shield of California, Zaffre Investments, a subsidiary of Blue Cross Blue Shield of Massachusetts, Dignity Health, and Hill Physicians.
“We co-founded OODA Health with this amazing team because, having worked with them before, we knew they were the right entrepreneurs to bring groundbreaking innovation to healthcare payments,” said Annie Lamont, Co-Founder and Managing Partner at Oak HC/FT. “We could not be more thrilled to be backing this mission, company and team.” Annie Lamont is also on OODA Health’s board of directors.
Emily Melton, DFJ partner and OODA Health board member, commented, “OODA is taking a fresh, collaborative approach to some of the industry’s most complex problems. The opportunity for impact is enormous.”
“OODA Health will simplify and automate claims processing to create a real-time payment model,” said Giovanni Colella, MD, Co-Founder and CEO, OODA Health. “This will give providers more time to focus on delivering quality care, rather than payment administration and financial management.”