Wayne-based Transparent Health Marketplace has raised $11 million in a private stock sale and is planning to use the funds to support the launch of its technology platform, writes John George for the Philadelphia Business Journal.

The healthcare technology company that focuses on improving workers’ compensation transactions has developed a marketplace that enables efficient interaction between payors and providers. This provides patients with quick access to medical services in the workers’ compensation market.

“We’re confident our vision will enable true competition and fair pricing for healthcare services, in addition to reducing costs and administrative friction,” said Jim Mayhall, President of Transparent Health.

According to the company, its marketplace is the first of its kind in the industry. This replaces network contract models with an open platform featuring market-driven pricing.

Part of the latest financing round will be used to double the size of its staff over the next year. Transparent Health currently employs 25 people.

Read more about Transparent Health Marketplace in the Philadelphia Business Journal here.

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