Turquoise

What Turquoise does

Turquoise Health Co. is a US-based, venture-backed healthcare technology company founded in 2020 and headquartered in San Diego, California (Delaware-incorporated, fully remote workforce of nearly 200). The company operates a cloud-native SaaS platform that combines normalized healthcare pricing data with contract intelligence and transaction infrastructure to help hospitals, health systems, payers, life sciences companies, employers, and brokers price, contract, and (in the future) settle healthcare transactions. Its core platform is organized around four products — Analyze (pricing analytics), Contracts (contract intelligence), Transactions (transaction infrastructure, in development), and Compliance (CMS price transparency automation including machine-readable file generation, patient estimates, and Good Faith Estimates) — all powered by the Clear Rates dataset and the AskTQ AI assistant.

The underlying technology centers on a proprietary Turquoise Knowledge Graph that links hospital and payer machine-readable files, contract documents, and payer policies as standardized data objects. Clear Rates applies 180+ smart transformations to combine payer MRFs, hospital MRFs, claims benchmarks, Medicare fee schedules, and reference data into a single normalized pricing dataset with a 0-5 Rate Score; the data is exposed via API, data warehouse shares (Snowflake, Databricks, Trino), S3/SFTP drops, and a Model Context Protocol connector. AskTQ provides generative-AI Q&A over rates, contracts, and policies, while the Contracts product uses AI-enabled document tagging to extract normalized terms and rates from unstructured PDFs and supports scenario modeling and denial tracking.

Turquoise makes money primarily through tiered annual enterprise SaaS subscriptions (Market Intelligence, Contract Intelligence, Precision Contracting) sold to providers, payers, life sciences, and employers via a sales-led go-to-market with custom scoping and bundled implementation services. It monetizes the Clear Rates dataset separately via data licensing and API, supports the contracts business with professional services, and is building toward a future take-rate on healthcare transactions. The company has raised approximately $95.3M across four rounds (a $5M seed in 2021, a $20M Series A in 2022, a $30M Series B in 2024, and a $40M Series C in 2026) and serves 300+ healthcare organizations including 10 of the top 25 health systems, 4 of the 5 national payers, 9 of the top 10 pharma companies, and 6 of the top 10 insurance brokers.

Name

Turquoise

Legal name

Turquoise Health Co.

Website

https://turquoise.health

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

251–500 employees

Short description

Turquoise Health is a US-based healthcare technology company operating a SaaS platform that combines normalized pricing data, AI-enabled contract intelligence, and CMS price transparency compliance tools for 300+ healthcare organizations including large health systems, payers, life sciences companies, and employers.

Ownership category

akta.pro rank

Product category

Healthcare Price Transparency Software

NAICS

Custom Computer Programming Services (541511), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (51821)

SIC

Services-Computer Programming, Data Processing, Etc. (7370), Services-Computer Processing & Data Preparation (7374)

akta.pro primary industry

Price Transparency, Estimates & Patient Financial Clearance (HLACACAK)

akta.pro secondary industries

Healthcare Data Lakes, Lakehouses & Cloud Warehouses (HLACAIAA), Patient Access, Registration & Intake (Front-End RCM) (HLACACAE)

Keywords

• Healthcare price transparency
• Contract intelligence software
• Healthcare pricing data
• Medical claims analytics
• CMS compliance software

Headquarters

HQ city

San Diego

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Enterprise SaaS Subscriptions: Tiered annual SaaS contracts sold to providers (Market Intelligence, Contract Intelligence, Precision Contracting), payers, life sciences, and employers. Pricing is quote-based and scoped per customer; annual contracts include unlimited users, dedicated support, AskTQ, SOC 2/HIPAA compliance, and implementation services. Land-and-expand via add-ons (MRF Generation, Patient Estimates, Good Faith Estimates).
2. Clear Rates Data Licensing / API: Monetization of the proprietary Clear Rates healthcare pricing dataset via API access for LLM applications and custom integrations, direct delivery to customer data warehouses (Trino, Snowflake, Databricks), and secure S3/SFTP file drops for offline analysis.
3. Professional Services & Implementation: Custom implementation, onboarding, and ongoing expert services bundled with annual contracts to drive customer adoption and time-to-value.
4. Transaction Fees (Emerging): Upcoming transaction infrastructure product designed to monetize future same-day healthcare payments between providers, payers and patients via a take-rate model (Transactions product marked 'Coming soon' on website).

Pricing tiers

Go-to-market motion3 records

Core offering

Turquoise Health operates a cloud-native SaaS platform that combines normalized healthcare pricing data (Clear Rates) with AI-driven contract intelligence, compliance tooling for CMS machine-readable file (MRF) and No Surprises Act requirements, and emerging transaction infrastructure. The platform is sold to healthcare providers, payers, life sciences companies, and employers to standardize rates, automate contract extraction and modeling, generate compliant transparency files, and enable defensible out-of-network pricing.

Product overview

Turquoise Health operates a single unified platform architecture built around four core products — Analyze (pricing analytics), Contracts (contract intelligence), Transactions (transaction infrastructure, coming soon), and Compliance (MRF generation, Patient Estimates, Good Faith Estimates) — all powered by the Clear Rates data product and the AskTQ AI assistant. The platform offers tiered plans (Market Intelligence, Contract Intelligence, Precision Contracting) with add-ons (MRF Generation, Patient Estimates, Good Faith Estimates) and free tools (Out-of-Network Pricer, Medicare Pricer). All products share the Turquoise Knowledge Graph, which links rates, contracts, and policies as standardized data objects, and expose data via the Turquoise API, data warehouse integrations (Snowflake, Databricks, Trino), S3/SFTP delivery, and the Turquoise Connector (MCP).

Differentiator

Problem solved

Functional benefit

Brands

• Clear Contracts: Direct contracting SaaS platform launched in May 2022 to streamline provider-purchaser negotiations.
• Analyze
• Contracts
• Transactions
• Compliance
• Clear Rates
• Out-of-Network Pricer
• AskTQ
• PATIENTS Framework

Products and services

• Analyze One workspace for every pricing workflow — price, compare, model, and report using Clear Rates data. Provides direct visibility into the source and logic behind each data point, with AI-powered analysis via AskTQ. Built for healthcare finance, contracting, and strategy teams at providers, payers, employers, and life sciences companies.
• Contracts Contract intelligence built for managed-care negotiations — extracts key contract data via AI-enabled document tagging, monitors opportunities and risks, enables scenario modeling, and provides cross-payer contract views. Used by hospital system finance and contracting teams to centralize contract repositories and negotiate from rate intelligence.
• Transactions Healthcare transaction infrastructure (coming soon) that streamlines billing, coverage, and payment, enabling patients to receive clear upfront pricing. Built on the PATIENTS Framework with Standard Service Packages (SSPs) and Universal Clinical Coverage (UCC) layers. Designed for providers, payers, and patients.
• Compliance CMS price transparency compliance offering on autopilot — includes MRF Generation (CMS-compliant machine-readable files), Patient Estimate Tools (white-label consumer estimate tools), and Good Faith Estimates for No Surprises Act compliance. Used by hospital systems and payers to stay current with CMS rule changes.
• Clear Rates Healthcare pricing data product that combines payer and hospital transparency files, claims benchmarks, Medicare fee schedules, and reference data into a unified, traceable view with 180+ smart transformations for outlier detection. Scored 0-5 via Rate Score based on MRF verification, Medicare validation, and claims validation. Accessible via platform, data warehouse (Snowflake, Databricks, Trino), S3/SFTP, or API.
• AskTQ Platform-wide AI assistant that searches across rates and contracting data, answering questions about contracts, policies, and rates in plain English. Powers analytics across Analyze and Contracts products via the Turquoise Knowledge Graph that links rates, contracts, and policies as standardized data objects.
• Out-of-Network Pricer No-cost, IDR-ready tool for generating defensible code-specific out-of-network rates plotted against market rates, with transparent methodology and Fair Market band (25th–75th percentile) recommendations. Used by providers and payers for IDR disputes and OON pricing scenarios.
• Medicare Pricer Free tool that generates Medicare-based reimbursement files on demand by uploading a CSV and downloading the results. Used by healthcare finance and reimbursement teams for Medicare rate lookups.

Named customers14 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

AI capability10 records

Feature8 records

Partnerships

Four partnerships are on record, tiered core and flagship.

• ZScoreStrategic or Co-development PartnerCo-published the 2025 Drug Reimbursement Trends Report analyzing hospital and payer-reported drug rates across 17 products and 4 therapeutic areas. Co-hosted webinar walking through the report findings.
• Boston ScientificcoreStrategic or Co-development PartnerCo-hosted webinar on how device manufacturers can leverage price transparency data; case study as a life sciences customer.
• NYC Department of Health / City of New YorkflagshipStrategic or Co-development PartnerTurquoise powers the NYC Health Care Price Comparison Tool, enabling New Yorkers to search, compare and estimate healthcare costs before appointments. Public-sector launch described as the first of its kind.
• InnovucoreGTM or Marketing PartnerInnovu integrates Turquoise's normalized rate data into its employer analytics platform; co-marketed as employer-side case study.

Scale indicators13 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Zelis: Zelis operates a healthcare price transparency and payment platform spanning repricing, claims, and payments across providers, payers, and employers. It directly overlaps with Turquoise's Clear Rates, Compliance, and (eventually) Transactions products, serving many of the same large US health systems and payers.
• MultiPlan: MultiPlan is a leading provider of OON repricing, IDR support, and network-based payment services for payers and providers. Its functionality closely parallels Turquoise's OON Pricer and broader rate-intelligence capabilities, targeting the same hospital finance and payer negotiation workflows.

Broad incumbents

• Cotiviti: Cotiviti (formerly Verscend/ClaimsXten) provides payment accuracy, analytics, and risk-adjustment solutions to payers and providers at enterprise scale. It competes with Turquoise in contract and rate analytics and is a much larger incumbent embedded in payer workflows.
• Optum (UnitedHealth Group): Optum, via Change Healthcare and its broader RCM/data portfolio, is the dominant incumbent in healthcare data, analytics, and revenue cycle. It competes with Turquoise across pricing analytics, claims data, and patient estimates, with materially larger data assets and enterprise distribution.
• Waystar: Waystar is a large cloud-based healthcare revenue cycle and patient financial experience platform serving many of the same US health systems as Turquoise. Its patient estimate and price transparency modules compete directly with Turquoise's Patient Estimates and MRF Generation products.
• Experian Health: Experian Health offers patient access, identity management, and price transparency/estimation tools to providers and payers. It competes with Turquoise in the front-end RCM and patient estimation space and shares the same enterprise health-system buyer.
• Health Catalyst: Health Catalyst is a healthcare data and analytics platform serving large health systems with enterprise data warehousing and population health. It is adjacent to Turquoise's Clear Rates–style data offering but broader in scope and deeper in clinical analytics.
• Komodo Health: Komodo Health operates a large healthcare data map used by life sciences, payers, and providers for commercial and market-access analytics. It competes with Turquoise in life-sciences market access and claims-based intelligence, though at a different layer than rate/contract analytics.

Emerging players

• Avaneer Health: Avaneer Health is a network and transaction-infrastructure venture backed by major payers and providers, focused on streamlining provider-payer data exchange and transactions. It is a near-direct analog to Turquoise's planned Transactions product and shares the same policy/regulatory tailwinds.
• Cedar: Cedar is a patient financial experience platform that combines billing, estimates, and engagement for large US health systems. It overlaps with Turquoise's Patient Estimates product and competes for the same hospital finance buyer, though it focuses on the patient-facing bill pay experience.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/TurquoiseHC
• Facebookfacebook.com/turquoisehealth
• LinkedInlinkedin.com/company/turquoise-health

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds5 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Turquoise