Cloud-Based Healthcare Analytics Firm ArborMetrix Raises $7M
ArborMetrix leverages the cloud to help hospitals and other healthcare organizations improve the quality of care and keep costs in check.
There's no shortage of IT firms that are leveraging cloud infrastructures to deliver advanced analytics and reporting to business professionals. One company, ArborMetrix, is using the cloud to rain insights down on the healthcare industry.
The healthcare software company, based in Ann Arbor, Mich., is a specialist in measuring quality and cost-efficiency for surgical and acute health facilities. Its business intelligence platform, boasts ArborMetrix, raises "the bar on quality, performance, utilization and cost-efficiency" for hospitals, health plans and other healthcare organizations.
ArborMetrix's analytics platform sources its data from billings and claims, electronic health records, registries and a variety of healthcare systems and processes. After the data is passed through its cloud-based clinical configuration, risk adjustment and statistical analysis engines, users are presented with real-time dashboards that deliver cost efficiency, care quality and procedure benchmarking statistics, to name a few.
"ArborMetrix's analytics platform enables healthcare providers and payers to evaluate the effectiveness of evidence-based care, which will be essential for survival as the healthcare system evolves. And, even during this transitional period, they can offer a return on investment in months -- not years," said Paul McCreadie, ArborMetrix chairman of the board, in a statement.
The technology has garnered the attention of RPM Ventures, which led a $7 million Series B round of investment in the company. Arboretum Ventures and Wolverine Venture Fund also backed the financing.
ArborMetrix is poised to benefit from the policy- and tech-driven upheaval set to hit the healthcare industry, according to RPM Ventures Managing Director Tony Grover. "The company has proven breakthrough clinical performance analytics technology and unequaled speed-to-value that perfectly positions it to help a wide variety of organizations adapt to the looming transformation of the nation's healthcare delivery system," he said in a statement.
The funds will be used to help meet growing demand and support the company's national expansion efforts. "ArborMetrix has been experiencing exponential growth and closing this round of funding will allow us to continue to build momentum by expanding our footprint and enhancing our industry-leading solution," stated ArborMetrix CEO Brett Furst.
ArborMetrix joins a number of big technology companies that are betting that analytics can change healthcare.
Last year, Oracle enhanced its enterprise healthcare analytics platform with a new data integration feature that gulps data from clinical, administrative, research and financial systems. Since 2011, IBM's SmartCloud has been delivering Watson-based, Big Data derived insights to iPad-toting healthcare workers.
Pedro Hernandez is a contributing editor at Enterprise Apps Today and InternetNews.com. Follow him on Twitter @ecoINSITE.