An Israel-based startup, which aims to give payers key information to enhance communication with their members, has raised $6 million in a Series A funding round led by 10D.
Existing investors iAngels and TAU Ventures also participated in the round, bringing the company’s total funding to $9 million.
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The startup, Medorion, provides payers with software tools that orchestrate and measure member engagement, said Asaf Kleinbort, co-founder and CEO of of the company, in an email.
Like an EHR that stores clinical data, Medorion captures individual member behavior to create a database of “electronic behavior records,” he explained. To create the records, Medorion’s platform aggregates data from several sources that payers have access to, including information on gaps in care, eligibility data, claims and social determinants of health data. The platform also generates, tracks and stores digital engagement data.
Medorion’s technology aims to provide both the “who” and “why” of member behavior. For example, the electronic behavior records focus on identifying members who aren’t filling their prescriptions or are avoiding colorectal cancer screenings along with why they are doing so.
“This library of health behaviors enables payers to personalize and automate one-on-one member conversations at scale, facilitating proactive interactions that improve health delivery and financial outcomes,” Kleinbort said.
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Currently, Medorion’s platform can only be used for Medicare Advantage members, and over 500,000 are using it, he said. But with the new funds, the company plans to expand the platform’s utilization beyond Medicare Advantage into other government markets.
Medorion also plans to use the new funds to grow its impact on the U.S. market, hire aggressively and boost the adoption of its behavioral intelligence platform among U.S. insurers, Kleinbort said. The company’s software has already been deployed by a handful of U.S. health plans, though Kleinbort did not provide any names.
Further, Medorion will use the funds to accelerate the development of its new risk adjustment and member experience solutions.
“Medorion’s innovative software-driven approach for health behavior intelligence and its ability to show clear value and ROI with leading payers, coupled with the growing market need, has made them a clear choice for investment,” said Itay Rand, partner at 10D, in a news release.
Medorion has joined a relatively small healthcare behavior intelligence market in the U.S. But while companies like Welltok and Icario also use behavioral science insights to improve member communication, Medorion provides a comprehensive self-service software model, “which allows insurers to own this process and do it themselves,” Kleinbort said.
Medorion provides payers with the tools necessary to understand and communicate effectively with their members, thereby building stronger relationships with them, he added.
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