In our continued mission to power the business of healthcare, this morning we officially announced we received a strategic investment from GIS Strategic Ventures, the strategic investments arm of The Guardian Life Insurance Company of America® (Guardian). The capital will be used to fund the development of DokChain, blockchain for healthcare, and expand access to PokitDok's API solutions that simplify patient check in, handle health insurance administration, calculate out of pocket estimates, and streamline other business processes associated with medical care.
"PokitDok's technology approach and vision have the potential to make the healthcare experience easier for patients and more efficient overall which would lead to a positive impact on the healthcare economy. For Guardian, this investment aligns with our interest in fueling technology innovations that improve life and wellness."
- Bob Thompson, Senior Vice President, Head of Corporate Finance Solutions, Guardian
PokitDok has raised $48M to date, including an oversubscribed series B round in August 2015, led by Lemhi Ventures, with support from existing investors, New Atlantic Ventures (NAV.VC), Rogers Venture Partners, and Subtraction Capital. Since that time, PokitDok has doubled headcount, launched on AWS Marketplace, entered the pharmacy business, and introduced production ready blockchain to healthcare. PokitDok also expanded its trading partnerships and now connects with more than 500 health insurers and payers to enable seamless data exchange for insurance enrollment, eligibility checks, claims processing, authorizations, and medical referrals. These and other critical business functions can be integrated into a variety of care models that span telehealth to precision medicine. PokitDok was awarded a Phase III CAQH® Committee on Operating Rules for Information Exchange (CORE®) Certification Seal and was accredited by the Electronic Healthcare Network Accreditation Commission (EHNAC). Major health systems and digital health customers including Everseat, Pager, PillPack and Zipnosis have announced their deployments on the PokitDok platform.
"The infusion of strategic capital from Guardian, a Fortune 250 mutual insurer, validates the new financial and technological innovations taking place in healthcare, with PokitDok providing vital access. Outdated, centralized infrastructure cannot support real time integration of new services and is heading to obsoletion. Guardian recognizes that a seismic shift is taking place through APIs, and now blockchain, and with this investment, will be part of it."
-Lisa Maki, Co-Founder and CEO, PokitDok.
According to healthcare research firm, Chilmark, APIs represent a more effective way to work with healthcare organizations seeking to implement the clinical and administrative process changes needed for new patient care models and new systemic delivery options. APIs open up a new opportunity to build the kind of successful application economy so prevalent in other industries.
Guardian continuously seeks to improve existing strategies, processes, and technologies to serve its clients how, when, and where they prefer. As a strategic investor, Guardian will have access to PokitDok's domain expertise as it reimagines both its products and their distribution in a decentralized commercial world. And, through the DokChain Health Alliance, Guardian will be granted authority to contribute to implementation standards and help prioritize healthcare use cases on the blockchain, with exclusive first access.
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