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PokitDok takes funding from McKesson Ventures

Ted Tanner, Co-founder and CTO of PokitDok, will be speaking at Vator Splash Health on February 23rd

Financial trends and news by Steven Loeb
February 17, 2016 | Comments
Short URL: http://vator.tv/n/435a

PokitDok, a cloud-based API platform designed to make healthcare transactions more efficient and streamline the business of health, and the winner of winner of Vator Splash 2013, has taken a new round of funding.

McKesson Ventures has made a "strategic investment" in the company, it was announced in a blog post on Monday, though the exact size of the round was not disclosed.

PokitDok had previously raised a total of $39.6 million in total funding, most recently a $34 million Series B in August of 2015. Previous investors have included Subtraction Capital, Lemhi Ventures, New Atlantic Ventures, Rogers Venture Partners, Charles River Ventures, George ZacharyJonathan SposatoGeoff Entress, Albert Prast, and Zac Zeitlin.

"As the venture capital arm of McKesson Corporation, currently ranked 11th on the Fortune 500, McKesson Ventures operates independently of McKesson Corporation and has a team dedicated to helping facilitate accelerated growth in strategically relevant healthcare businesses like ours," Lisa Maki, CEO of PokitDok, wrote.

"McKesson Ventures and our entire team believe wholly in powering an easily navigable, effective and efficient healthcare industry. It is a privilege to take this next step with them."

Founded in 2011 as a company that once described itself as a healthcare marketplace, and a way for consumers to shop directly from providers for high value health services, PokitDok has since evolved quite a bit over the last few years, broadening its business by introducing a new platform made up of APIs that are meant to help businesses streamline their health transactions. 

PokitDok now provides cloud-based web services to integrate healthcare transactions into any app, website or product. Health systems, technology providers and developers use PokitDok to create better consumer experiences, streamline operations and cut costs. The company currently offers 16 APIs for such services as scheduling, payment processing, interoperability and medical procedural code reconciliation.

It provides access to insurance information, allowing services like telemedicine app Doctor On Demand to create better consumer experiences.

It also includes access to e-commerce enabled scheduling solutions so that a health system running an imaging center can allow consumers to be able to book an MRI online based on an appointment time that works for them, while also integrating with existing EHRs and insurers.  

In addition, PokitDok still also provides access to a marketplace, where they can shop, book and pay for treatment for things like a chest xray or allergy test. And, finally, it provides access to an identity management system designed to identify, match and merge patient information between services, EHRs and EMRs for continuity of care.

In just the last two years, PokitDok has developed relationships with over 300 insurers. Through its API and marketplace, PokitDok makes current cash and insurance prices available for health services from over 40,000 providers in 44 markets in the United States.

In addition to the funding news, it was also announced that Tom Rodgers, Senior Vice President and Managing Director at McKesson Ventures, will be joining PokitDok as a board observer.

McKesson is an established provider of enterprise-level healthcare data solutions, and our technology is the backbone to many of the critical healthcare transactions taking place every day," he Rodgers said in a statement.

"PokitDok connects robust data streams like ours through an open platform for software engineers, health systems and their partners to build new and nimble products for patients and providers, giving them the consumer-centric offerings that today’s consumers demand. Easy-to-use tools such as price transparency, scheduling, and one-click payments are just the beginning of what’s possible with PokitDok’s underlying technology.”  

(PokitDok was the winner of Vator Splash SF in 2013.  On February 23rd, Vator will be holding its second annual Splash Health event at the Kaiser Center in Oakland. Speakers will include Vijay Pande, who runs Andreessen Horowitz's $200 million healthtech fund; Ali Diab, CEO of Collective Health; Helmy Eltoukhy, Founder & CEO of Guardant Health; and Ted Tanner, Co-founder & CTO of PokitDok. Get your tickets here, before they jump up next week!)


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