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Turquoise Health funding, valuation and investors
Healthcare price transparency data and contract intelligence SaaS for payers and health systems.
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Funding, valuation & investors
Answer-first snapshotLatest funding
Series C
$40M · March 2026
Latest known valuation
Not publicly disclosed
Total disclosed equity funding
$65M
Excludes debt, grants, acquisitions, secondaries, and IPO proceeds.
Current status
private
series b · San Diego, California
Overview
Turquoise Health aggregates hospital and payer negotiated-rate data from CMS-mandated machine-readable files (MRFs) and layers contract management and AI search on top. Payers use it for network benchmarking, repricing, and negotiation prep; hospitals and health systems use it to compare contract language, model reimbursement scenarios, and track payer policy changes. Products include Clear Contracts for direct contracting and AskTQ for plain-English Q&A across pricing and contract repositories. Founded in San Diego, the company has raised from Andreessen Horowitz, Bessemer Venture Partners, BoxGroup, Tiger Global, and Oak HC/FT across seed through Series C.
Why Turquoise Health is interesting
CMS machine-readable file mandates created a data moat; Turquoise turned public rate files into a contracting OS that payers and hospitals use to benchmark and negotiate — rare B2B wedge in price transparency.
Product & use cases
Turquoise Health ingests CMS price-transparency MRFs and payer policy data into a searchable platform for benchmarking negotiated rates, managing provider contracts, and running scenario models before negotiations. AI tooling (AskTQ, contract tagging) turns static PDF agreements into actionable intelligence for revenue-cycle and contracting teams.
- Payer teams benchmark network rates against market norms before renewal negotiations
- Hospital revenue-cycle teams compare contract language and flag outlier reimbursement terms
- Employer benefits consultants reprice claims data against competitor payer networks
- Direct contracting between providers and purchasers via Clear Contracts workflow
Key facts
- Seed (2021): $5M led by a16z; Bessemer and BoxGroup participated — Turquoise blog
- Series A (May 2022): $20M led by a16z; Bessemer, BoxGroup, Tiger Global — Turquoise blog
- Series C (Mar 2026): $40M led by Oak HC/FT; a16z among returning investors — Business Wire
- Clear Contracts SaaS for direct provider–purchaser contracting — CB Insights
- ~55 enterprise clients reported at Series A — CB Insights
Funding history (newest first)
Series C
2026-03 $40M- Oak HC/FT (lead)
- Andreessen Horowitz (participant)
Source: https://www.businesswire.com/news/home/20260301000000/en/Turquoise-Health-Raises-40M-Series-C
Investors in our directory
Funds linked from Turquoise Health's profile — open a fund page for stage focus and related deal articles.
Competitive landscape
Edge: Turquoise built one of the largest curated datasets of machine-readable hospital and payer rates with source traceability — a structural advantage from CMS transparency rules that competitors cannot easily replicate without the same ingestion pipeline.
Healthcare price transparency spawned many point solutions — consumer price lookup, compliance checkboxes, or claims repricing. Turquoise's bet is that the durable buyer is the enterprise contracting team that needs searchable contracts plus benchmarked rate files in one place. Healthcare Bluebook and Serif serve different ends of the market (employers/patients). Clarify and Trilliant add analytics layers Turquoise is extending via AI Q&A. The risk is incumbents (Milliman, payers' internal tools) building similar MRF pipelines; Turquoise's head start on data normalization and ~55 reported enterprise clients is the moat to watch.
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Healthcare Bluebook direct
Employer- and consumer-facing price transparency; Turquoise is deeper on payer/provider contracting workflows and MRF-scale benchmarking.
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Clarify Health adjacent
Combines claims analytics with market intelligence; Turquoise leads on raw negotiated-rate files and contract repository search.
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Serif Health adjacent
Patient-facing Good Faith Estimate and price estimation; Turquoise targets enterprise payer and provider negotiation, not point-of-care estimates.
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Rivet Health direct
Payer contract management and patient payment estimates; smaller footprint than Turquoise on national MRF aggregation.
Notable stories
- Turquoise launched Clear Contracts after CMS transparency rules forced hospitals and payers to publish negotiated rates — turning compliance data into a commercial contracting product (CB Insights, 2022).
- Co-founders Chris Severn and Marcus Ogren built Turquoise in San Diego to solve the 'every negotiation starts from scratch' problem in hospital–payer rate talks (Turquoise Health blog).
Industries
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