Innovaccer Buys Humbi AI to Launch Actuarial, Contracting Copilot Capabilities
Innovaccer, which describes itself as a “healthcare AI company,” has acquired Humbi AI, a specialized healthcare actuarial software, services and analytics company.
The acquisition combines Humbi AI’s focus on Medicare and Medicaid data with Innovaccer’s "Intelligence Cloud.”
The San Francisco-based company said this integration will enhance its ability to help healthcare organizations improve health outcomes and manage risk and performance more effectively. It also sets the stage for Innovaccer’s Actuarial Copilots, which the company said would help actuaries complete work faster and more efficiently.
Innovaccer said that for providers and accountable care organizations, it will enable more intelligent, data-driven value-based contracts and financial performance. For payers, Humbi AI’s actuarial expertise and analytics will improve contract performance, payer benchmarking, and optimize provider network management, the company added.
“This acquisition is a pivotal moment in Innovaccer’s ongoing mission to transform healthcare by accelerating its shift to value-based care,” said Abhinav Shashank, co-founder and CEO of Innovaccer, in a statement. “Humbi AI’s actuarial expertise compliments our existing platform, giving us the unique ability to help healthcare organizations design smarter value-based contacts, optimize drug commercialization, and manage performance in unprecedented ways.”
This marks Innovaccer’s third acquisition in 2024, following purchases of Cured and Pharmacy Quality Solutions (PQS).
At the beginning of the year, the company announced a $275 million Series F funding round. The round was a combination of primary and secondary, and included participation from B Capital Group, Banner Health, Danaher Ventures LLC, Generation Investment Management, Kaiser Permanente, and M12.
The company noted that over the past two years it has significantly grown its customer base, now serving six of the top 10 health systems and growing its public sector partnerships with San Mateo County and Alameda County. Innovaccer said its platform now supports over 130 healthcare organizations, and has seen 50% year-over-year revenue growth for the past five years.