For decades, the financial plumbing of the U.S. healthcare system has operated inside a "black box." The process of determining what a medical procedure costs – and how it gets paid – is traditionally defined by opaque negotiations, manual spreadsheets, and disjointed workflows. This lack of clarity creates massive friction, with health systems often losing 15% or more of expected revenue to denials, and payers and employers struggling to benchmark rates or navigate complex regulatory mandates. The status quo is a system where managed care contracts are buried in shared drives, leaving organizations vulnerable to knowledge loss and administrative overhead.
Turquoise Health was founded to dismantle this friction. By building a multi-sided platform that serves providers, payers, life sciences, employers, and patients, they are creating a neutral source of truth for the healthcare economy. At Oak HC/FT, we have tracked the company’s progress since 2021, and as they scale toward a 2026 launch of their real-time adjudication platform, we are thrilled to lead their $40 million Series C.
Our conviction in Turquoise is rooted in two primary pillars: their category-defining technology and a leadership team with unmatched domain authority.
A Tech-Native Solution for a Legacy Industry
What sets Turquoise apart – and what got us so excited in advance of this round – is its transition from a data vendor to a generative AI-native workflow platform designed to transform how payers and providers work together. Their technology suite is built in three distinct acts. It began with a robust data product that standardizes public disclosures and 3rd-party claims into actionable insights. Act II, Contracts, moved the industry from static PDFs to a dynamic environment where teams can manage, model, and negotiate agreements in real-time.
The company is now moving into Act III: Transactions. This upcoming adjudication platform aims to automate the reconciliation process, supporting guaranteed, transparent prices for high-volume services. By serving as an independent adjudicator, Turquoise is building the infrastructure necessary to eliminate the notorious working capital issues that plague healthcare payments.
The cornerstone of this platform is AskTQ, an agentic AI functionality that allows users to query complex contract logic and receive responses with near-100% accuracy. This technology doesn't just display data, it reasons with it, helping billers manage clinical denials or identifying six-figure savings opportunities for employers in minutes rather than weeks. This tech is fueled by a compounding data moat that now includes over 65,000 contracts and 1 billion rates, creating a defensible platform that rivals legacy claims processing agents.
Executive Leadership: Domain Experts at Scale
A great platform requires a leadership team that understands the nuances of the industry’s plumbing. CEO and Co-founder Chris Severn possesses unmatched domain knowledge in price transparency and revenue cycle management. He can sit shoulder-to-shoulder with technical healthcare buyers and build products that resonate with their specific pain points. His ability to pivot the company from a data product to a comprehensive transaction platform while maintaining an ego-free, high-retention culture is rare in the startup world.
Complementing Chris is CTO and Co-founder Adam Geitgey, who brings over 25 years of engineering experience, including a track record of leading teams of 100+ at Groupon. Together, they have assembled a veteran leadership bench that spans every critical function, from engineering and design to a sales engine that has already secured 10 of the top 25 health systems and 8 of the top 10 pharmaceutical companies.
Their cross-market penetration ensures that as the industry moves toward price transparency, Turquoise is positioned as the standard-bearer for all stakeholders. We are proud to partner with Chris, Adam, and the entire Turquoise team as they build the transparent, automated future of healthcare transactions.