Innovaccer, a digital health startup, has unveiled its new software platform called Gravity, designed to act as a one-stop shop for healthcare providers and hospital systems to access various tools and vast amounts of healthcare data. The platform, currently in beta, features over 400 pre-built connectors to pull in data from electronic health records, insurance claims, and other sources, making it accessible to a range of AI tools.
The need for such a platform arises from the fragmented nature of healthcare technology, where large healthcare systems often have numerous data sources and tools but lack a unified way to manage them. Abhinav Shashank, Innovaccer’s cofounder and CEO, notes that “healthcare is the only place where technology came in and everything became more inefficient.” He aims for Gravity to be “the platform of all platforms,” helping hospitals avoid costly integrations and improve patient care, operational efficiency, and financial performance.
Gravity’s development comes after Innovaccer raised $275 million in funding, valuing the company at $3.45 billion. The investment was the largest in digital health this year and brought Innovaccer’s total funding to $675 million. Investors include industry heavyweights such as Kaiser Permanente, Banner Health, and Danaher’s venture arm.
The global market for healthcare interoperability solutions is expected to grow from $4 billion to $14.5 billion by 2034. Shashank believes there’s room for a company built from the ground up to address the issue of data fragmentation across various healthcare tools. Innovaccer has already signed up over 200 customers, including seven of the top 10 health systems, and has nearly $200 million in signed contracts on an annualized basis.
Shashank, who has an engineering background, founded Innovaccer after working on “smart home” management software. The company initially focused on data analytics for various industries before pivoting to healthcare in 2016. By living at Mercy Medical Center in Iowa for over four months, Shashank and his cofounders gained firsthand insight into the needs of healthcare providers, leading to the development of software solutions for patient management, insurance support, and physician insights.
As Innovaccer continues to build out Gravity, Shashank plans to integrate various technologies, including prior authorization automation and post-surgery care, and open the platform to applications developed by hospitals themselves. The goal is to help reduce the significant waste in the U.S. healthcare system, estimated at $935 billion annually, by improving the technology backbone.
