Accorded Company Profile

Background

Overview

Accorded, founded in 2019, is an actuarial intelligence company headquartered in San Francisco, California. The company specializes in providing technology platforms and expert services to simplify value-based care (VBC) contracting within the healthcare industry. By integrating actuarial science with modern data engineering, Accorded aims to automate, scale, and democratize access to the core actuarial and financial capabilities that drive U.S. healthcare spending.

Mission and Vision

Accorded's mission is to build a frictionless and sustainable value-based contracting ecosystem. The company envisions transforming the complex processes of creating, managing, and evaluating VBC agreements to make them more efficient and accessible for healthcare stakeholders.

Primary Area of Focus

Accorded focuses on value-based care contracting, aiming to simplify and scale these processes through advanced actuarial and data engineering solutions. The company's platform, Acumen, is designed to empower healthcare organizations to forecast, contract around, and measure the financial value of care.

Industry Significance

In the $3.6 trillion U.S. healthcare market, actuarial models are central to pricing between payers and providers, contract structuring, and performance monitoring. Traditionally, these models have been built on outdated technology stacks, primarily Excel, and are often static and built from the ground up each time. Accorded addresses these challenges by providing tools that automate and scale actuarial processes, thereby enhancing the efficiency and effectiveness of value-based care models.

Key Strategic Focus

Core Objectives

Simplification of VBC Contracting: Accorded aims to streamline the creation, management, and evaluation of value-based care agreements, making them more accessible and efficient for healthcare organizations.

Automation and Scaling: The company focuses on automating actuarial processes to handle large-scale data, thereby reducing manual effort and increasing accuracy in financial modeling.

Democratization of Actuarial Insights: Accorded seeks to make actuarial and financial capabilities more accessible to a broader range of healthcare stakeholders, including providers and payers.

Specific Areas of Specialization

Actuarial Data Transformation: Accorded specializes in transforming raw healthcare data into standardized, actuarially rigorous, and ready-to-use value-based care data assets.

Risk Management: The company provides tools for risk adjustment, claims analysis, and predictive modeling to support effective risk management in value-based care settings.

Contract Analytics: Accorded offers solutions for contract performance measurement, benchmarking, and operationalization to enhance the effectiveness of value-based contracts.

Key Technologies Utilized

Acumen Platform: Accorded's proprietary platform integrates with data warehouses and cloud storage solutions, including Snowflake, BigQuery, Google Cloud Storage, and AWS S3, to streamline data processing and analysis.

Data Engineering and Actuarial Science: The company combines modern data engineering techniques with actuarial methodologies to automate and scale value-based care analytics.

Primary Markets or Conditions Targeted

Healthcare Providers: Accorded serves hospitals, health systems, and digital health companies, assisting them in designing and managing value-based care contracts.

Health Insurance Carriers: The company provides tools for insurers to efficiently contract with providers in value-based arrangements.

Employers: Accorded supports self-insured employers in evaluating and implementing value-based care models for their employees.

Financials and Funding

Funding History

Seed Round (May 2020): Accorded raised an undisclosed amount in its seed funding round, with investors including TenOneTen Ventures and Susa Ventures.

Series A (December 2021): The company secured additional funding in its Series A round, with lead investors Susa Ventures and TenOneTen Ventures.

Total Funds Raised

The exact total funds raised by Accorded are not publicly disclosed.

Notable Investors

TenOneTen Ventures: A venture capital firm that invested in Accorded's seed round.

Susa Ventures: A venture capital firm that participated in both the seed and Series A funding rounds.

Intended Utilization of Capital

While specific details on the utilization of the capital are not publicly disclosed, it is likely that the funds are allocated towards product development, scaling operations, and expanding market reach to further enhance Accorded's value-based care solutions.

Pipeline Development

Key Pipeline Candidates

Accorded's primary offering is the Acumen platform, which is designed to transform healthcare data into actionable actuarial insights. The company continues to enhance this platform to support the entire value-based contracting lifecycle, including opportunity development, contract design, and performance evaluation.

Stages of Clinical Trials or Product Development

As a technology company, Accorded does not engage in clinical trials. The Acumen platform is in active development, with ongoing enhancements to its capabilities and integrations.

Target Conditions

The platform is designed to support value-based care models across various healthcare sectors, including neurology, oncology, cardiology, behavioral health, and primary care.

Relevant Timelines for Anticipated Milestones

Specific timelines for upcoming milestones are not publicly disclosed.

Technological Platform and Innovation

Proprietary Technologies

Acumen Platform: Accorded's proprietary platform integrates with data warehouses and cloud storage solutions, including Snowflake, BigQuery, Google Cloud Storage, and AWS S3, to streamline data processing and analysis.

Significant Scientific Methods

Actuarial Data Transformation: The company specializes in transforming raw healthcare data into standardized, actuarially rigorous, and ready-to-use value-based care data assets.

Predictive Modeling: Accorded employs predictive modeling techniques to support risk adjustment and claims analysis in value-based care settings.

AI-Driven Capabilities

While specific AI-driven capabilities are not detailed, Accorded's integration of modern data engineering with actuarial science suggests the use of advanced analytics and machine learning techniques to enhance value-based care analytics.

Leadership Team

Frank Cheung – Co-Founder & CEO

Frank Cheung is the CEO and co-founder of Accorded. With over 18 years of experience in healthcare, he has held positions at Collective Health, Deloitte Consulting, and Blue Shield of California, specializing in value-based care and alternative payment models.

Thomas Bedington – CTO & Co-Founder

Thomas Bedington serves as the CTO and co-founder of Accorded. He brings a technology focus to the company's solutions, combining technical expertise with a deep understanding of healthcare actuarial needs.

Competitor Profile

Market Insights and Dynamics

The healthcare industry is increasingly shifting towards value-based care models, emphasizing cost efficiency and improved patient outcomes. This transition creates a growing demand for tools and platforms that can simplify and scale value-based contracting processes.

Competitor Analysis

Accorded operates in a competitive landscape with several companies offering similar solutions:

Hoth Intelligence: Provides data analytics and decision support tools for healthcare organizations.

ZeroIn: Offers value-based care solutions focusing on risk management and financial modeling.

Axiomedix, Inc.: Specializes in healthcare analytics and value-based care contracting solutions.

Strategic Collaborations and Partnerships

Accorded has established partnerships with leading investors in healthcare fintech, including Fika Ventures, Susa Ventures, and StepStone Group, to support its growth and development.

Operational Insights

Accorded differentiates itself through its proprietary Acumen platform, which integrates with various data warehouses and cloud storage solutions, streamlining data processing and analysis. This integration enhances the efficiency and scalability of value-based care contracting processes.

Strategic Opportunities and Future Directions

Accorded is well-positioned to capitalize on the growing demand for value-based care solutions by continuing to enhance its Acumen platform and expanding its market reach. The company's focus on automation, scalability, and democratization of actuarial insights aligns with the industry's shift towards more efficient and effective value-based care models.