OODA Health collects $40.5m Series A led by Oak HC/FT, DFJ

OODA Health, a healthcare payments company, has collected $40.5m in its Series A round led by Oak HC/FT and DFJ.

This equity infusion will enable the company to develop its product platform, grow its team, and deepen its payer and provider relationships.

OODA, which was co-founded with Oak HC/FFT, offers an improved healthcare paying system which permits real-time interactions between healthcare providers, insurance companies and patients. The company aims to speed up and ease the current laborious healthcare payments system through guaranteed payment liability and real-time claims payment.

Health Cohen co-founder Seth Cohen said, “As consumers, we are accustomed to easy, near-instant transactions. But in healthcare, administration is time-consuming and expensive. OODA brings the digital DNA and technological capabilities to enable payers and providers to collaborate and mutually benefit from the efficiencies of a faster, more dynamic healthcare payment system.”

The company’s strategic partners include Anthem, Blue Cross Blue Shield of Arizona, Blue Shield of California, Zaffre Investments, a subsidiary of Blue Cross Blue Shield of Massachusetts, Dignity Health, and Hill Physicians, according to the company.

Blue Cross Blue Shield of Massachusetts president and CEO Andrew Dreyfus said, “As we pursue our commitment to make healthcare more affordable and simplify the healthcare experience for our members, we are looking to partner with an innovative leader to help us further strengthen our collaboration with physicians and hospitals.

“Our investment in OODA Health is an opportunity to improve our relationship with hospitals and physicians while helping our members better navigate a complicated health care system.”

Fellow healthcare payments company AxiaMed raised $12.4m in its own round of funding which closed last month. Health Enterprise Partners led the round which will support the product development and go-to-market strategy of the company.

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