The US healthcare system wastes nearly $1 trillion every year because contracts are scattered across different places. This causes denied payments, surprise bills, and high administrative costs for everyone.
Turquoise Health aims to fix this by bringing pricing data, contract details, and clinical rules together on a single platform, with clear, auditable rates and real-time transactions.
The company just closed a $40 million Series C round led by Oak HC/FT, with Andreessen Horowitz, Adams Street Partners, and Yosemite also participating.
This brings their total funding to $95.3 million in five years.
Swap out the old, messy manual processes with a transparent platform
Chris Severn, CEO and co-founder, founded Turquoise Health in 2021 after experiencing healthcare pricing challenges firsthand. With experience in product and strategy at healthtech companies, he understands how disconnected contracts, claims, and payments frustrate providers, payers, and patients alike.
The mission is clear: replace confusing manual processes with a transparent platform that makes accurate pricing standard. Severn views Turquoise as the base for real-time healthcare transactions, aiming to end surprise bills and enable same-day payments.
“Turquoise Health is a multi-sided healthcare pricing and payment platform that brings together the most complete pricing data, contract intelligence, transaction rails, and AI-powered workflows so providers, payers, life sciences companies, brokers, and employers can make decisions with confidence,” explains Severn to TFN.
Turquoise’s platform includes three main products. Clear Rates merges machine-readable files, claims data, and Medicare benchmarks into one clear, auditable rate for every payer-provider pair. Contracts uses AI to label over 65,000 contracts for quick searches and smarter negotiations. AskTQ is an AI tool that cuts weeks of manual research on pricing and contracting down to seconds.
Turquoise stands out with a strong data advantage thanks to its large contract library and deep expertise. It’s widely used: 10 of the top 25 health systems, 4 of 5 national payers, and 9 of 10 pharma giants rely on it. The platform integrates into existing workflows rather than just offering data.
That’s a big difference from competitors like Cigna/Express Scripts’ Evidity Health, Clarify Health, or Health Catalyst.
Severn adds, “No other company has built what we’ve built. The combination of our data moat, the breadth of our platform, and the market we serve is unique to Turquoise and our product category. The companies that operate in adjacent spaces are largely point solutions: they might do contract management, or data, or payments, but not all three on a shared, transparent foundation, and not at our scale. We’re not aware of anyone else who has made that bet in the way we have.”
What about diversity?
On diversity, Severn notes, “Our employees are remote-first across 31 states. Women and nonbinary employees make up 43% of the employee population and 40% of our senior leadership team.”
So, what’s next?
The new $40 million will help expand market reach, accelerate product development, such as adding more AI and transaction features, and grow the team beyond 200 people.
With 35% of users already using multiple products and big names on board, Turquoise is working to make transparent pricing the new standard.
In the long term, the company plans to enable full transactions, turning clear pricing into automated, same-day payments across the $4 trillion U.S. healthcare market.
