PHILADELPHIA--(BUSINESS WIRE)--Transparent Health Marketplace, Inc. (THM), a transformative healthcare technology platform, today announced the final closing of its Series B Preferred Stock round, providing gross proceeds of approximately $11 million of growth capital funding.
The capital will be used to support the launch of its innovative health marketplace platform that enables efficient interaction between payors and providers and allows patients to quickly access medical services in the workers’ compensation market.
“The THM virtual marketplace model delivers the kind of innovation that is long overdue in workers’ compensation,” said Jim Mayhall, president of THM.
THM has already proven its technology platform with one of the nation’s largest payor organizations. The funding will allow for the expansion of staff while providing a foundation for THM to advance its marketplace platform capabilities.
“We’re focused on quickly delivering demonstrable value to the healthcare industry and building out our team, including many new roles in the Philadelphia region,” said Mayhall. “We’re confident our transformative vision will enable true competition and fair pricing for healthcare services in addition to reducing costs and administrative friction.”
About Transparent Health Marketplace
Transparent Health Marketplace (THM) operates the first marketplace of its kind to connect payors and providers of workers’ compensation healthcare services in an open platform featuring market-driven pricing. Replacing outmoded network contract models with its innovative new marketplace approach, THM allows providers to name their price and to be paid quickly the exact amount they bid for contracts they are awarded. Combining marketplace dynamics with automated billing, payments and scheduling, THM delivers cost savings for payors, growth opportunities for providers and new efficiencies for the entire workers’ compensation industry. For more information, visit http://transparenthealthmarketplace.com or email firstname.lastname@example.org.