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How Avaneer Health is building the only health data exchange to rule them all – The Health Care Blog

By JESSICA DaMASSA, WTF HEALTH

What is the BIG thing that Avaneer Health is building with its $50 million SEED round, backed by not only investors but partners CVS Health, Aetna, Anthem, Cleveland Clinic, HCSC, PNC Bank, Sentara Healthcare and IBM Watson Health? CEO Stuart Hanson drops by to unravel the mystery that IS Avaneer Health is, and how the massive data-sharing platform it’s building is intended to bring the data coming from the biggest payers and largest healthcare providers, directly and in real time.

Hold on – is this the blockchain-based data exchange that the healthcare industry has been talking about for over a decade? It tries to be sure. And what Stuart says differently about Avaneer’s efforts is indeed the fact that it’s backed by some of the biggest brands in the industry and they see the business case in being able to more effectively share their data with each other. As he explains, “this problem of data interoperability and data fluidity is bigger than any competing business model they have to worry about…”

Stuart carefully explains what Avaneer IS and what it IS NOT, and this is critical to the company’s growth plans and revenue model. Avaneer is NOT a data broker; it’s not about aggregating data, normalizing it, de-identifying it, or applying fancy machine learning algorithms to give “insights” about it. Avaneer is strictly a platform for secure, compliant data sharing, so Anthem, for example, can connect to Cleveland Clinic in real time and verify insurance coverage. The revenue model is currently built around network access and will soon also receive compensation from ‘Solutions Innovators’ (aka data-aggregating, algorithm-loving, insights-dropping health technology companies) who will offer their services as add-ons to customers of Avaneer connected to the network.

What awaits this low-profile start-up as it scales up? Would they REALLY be looking for a follow-up seed round? Find out what kind of investors they’re looking for and what’s on their product roadmap in this in-depth chat.

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