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Today we announced our $40 million Series C fundraise. The round was led by Oak HC/FT, with participation from existing investors including Andreessen Horowitz, Adams Street Partners, and Yosemite. With this Series C, we’re setting our sights on becoming the operating system for healthcare contracts and payments.

Here's a peek into what that means and what we're building next.

From data to the full transaction

Many of you have followed Turquoise since the early days of parsing machine-readable files (MRFs) and launching data products like Search and Analyze. Others joined the journey as we launched MRF generation, a contracting platform, and more recently, AI-powered workflows. Our customers, investors, and partners have helped shape every single one of our products and confirmed the theory we’ve had since starting the company: creating access to reliable price transparency data was never Turquoise’s final destination. We were meant to design a waste-free healthcare transaction.

With this fundraise, we're accelerating our transformation as the industry's system of record for pricing, contracting, and payment decisions. Today, 300+ organizations, including many of the nation's most innovative hospitals, health systems, payers, employers, brokers, and life sciences companies, rely on Turquoise as a source of financial intelligence. Policy makers have never been more eager for a solution that gives patients their cost of care upfront, and we’re constantly engaging with the government  to share as much knowledge and reporting as we can. 

All these signals amplify our conviction that the future includes a better-functioning healthcare transaction. One that spans every stakeholder and doesn't wait for any final rule or law to arrive.

Our specific mission-oriented focus areas 

This fundraise serves as a force multiplier for the Turquoise team to build a world of transparent prices and processes. As we shift our focus to the healthcare transaction, we're still the same company maniacally focused on eliminating the financial complexity of healthcare, and price transparency data is foundational to that mission. 

Specifically, the new capital funds the next chapter of the roadmap you've already seen us building toward and talking about in our public comments, Impact Reports, and blogs. We have three focus areas:

Establishing trustworthy rates for every item and service

We're getting closer to a trustworthy, single, auditable rate. A rate that can be used upstream, before a claim is submitted, and not just interrogated after the fact. Why bother? When you package a rate upfront and make it transparent, same-day transactions become realistic and surprise bills become preventable. That’s the product milestone we’re building toward.

Embedding AI insights into daily workflows

AI-powered contract management tools and rate intelligence shouldn't live in two different worlds. We're broadening our platform so that AskTQ and the insights it surfaces are a native part of how all revenue cycle, finance, and contracting teams make pricing, negotiation, and payment decisions every day.

Connecting pricing, contracting, and payments

When those three elements operate on a shared, transparent foundation instead of the status quo of siloed outputs from incompatible systems, the healthcare transaction stops being a guessing game. The platform we're building is with the expectation that: 

• Pricing is clear
• Contracts are computable
• Payments are predictable

The policy momentum is real and the transaction infrastructure is being built. That's the opportunity and where we’re getting to work.

Come build with us

These are hard problems to solve. Claims adjudication is still friction-laden. Denial rates are still too high. Standardized service packages that would make a plain-language healthcare transaction actually possible are still in development.

That also means we’re eagle-eye focused on finding new teammates. We're hiring, and we want value-aligned healthcare experts: people who get genuinely fired up about why a claim gets denied, who read the TiC proposed rule for fun, and who think AI applied to the chaos of payer-provider contracting is one of the most interesting problems in tech right now. 

Our values are at the foundation of how we make decisions, hire people, and build products: we lead with transparency (in our data and with each other), we're empathetic and inclusive (we deliberately foster openness and the kind of organization that cares for its people), we're pioneering (we're not here to incrementally improve a broken status quo), we build smart (thoughtful and fast), and we are, unapologetically, outrageously optimistic about what's possible when you actually fix healthcare payments. 

If the mission and our values make you want to send us your resume, please do. We'd love to hear from you.

Grateful to be here and grateful for what’s to come

To our supporters, customers, and partners: this milestone is yours as much as ours. You've trusted us with your data, your workflows, and your ambition to make healthcare payments work the way they should. You've given us feedback, brought us hard problems, and invited us into corners of the healthcare transaction that most people pretend don't exist.

More than ever, we're ready for what's next. The opportunities in front of us are even larger than the milestones behind us.

Thank you for building this with us. Onward!

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Curious about frictionless transactions or where Turquoise products are headed? Drop us a line—we're always available to talk.

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