Series B Growth Round led by Health Enterprise Partners
CHICAGO, May 12, 2022 /PRNewswire-PRWeb/ -- PatientIQ, a leading healthcare technology company deriving actionable insights from patient outcomes data at scale, announced today it has secured $20 million in Series B funding. The funding round was led by Health Enterprise Partners (HEP), a growth equity firm whose investors include some of the largest health systems and health plans in the United States. August Capital, an early financier of PatientIQ, also participated in this funding round.
PatientIQ partnered with HEP because of its deep industry expertise and long-standing record of scaling healthcare technology businesses. HEP's investment will help advance PatientIQ's mission of driving medicine forward through the systemic collection and analysis of patient outcomes data. Specifically, the company will leverage the investment to further enhance its industry-leading patient outcomes platform and accelerate its expansion in the provider and real-world evidence markets. Following the recent hiring of John Gerhardt as Chief Technology Officer, the company also plans to double in size by the end of 2022 to meet increasing demand for patient outcomes collection and analysis.
"As healthcare continues down the path toward value-based care delivery, the ability to measure and quantitatively define 'quality' is imperative," said Matthew Gitelis, CEO, PatientIQ. "Other industries with far less at stake leverage big data to measure value and improve performance, and HEP's investment will help ensure that healthcare organizations across the country are expertly equipped to optimize clinical outcomes."
"HEP invests in companies that demonstrate an unmatched commitment to achieving clinical and operational excellence," said Dave Tamburri, Managing Partner, HEP. "The PatientIQ platform is a best-in-class product that will inspire the collaboration and innovation needed to advance clinical practice. We are thrilled to partner with Matthew Gitelis, Michael Casey, and the entire PatientIQ team to accelerate the company's growth." Tamburri will serve on the PatientIQ Board of Directors.
The $20 million Series B raise follows a tremendous period of growth for PatientIQ. In just two years, the company has matured its customer base from 29 healthcare organizations to more than 200, collecting outcomes data from more than 1.4 million patients. The volume of outcomes collected has also grown substantially to almost 6 million, which provides clinicians and researchers with a robust database they can leverage to benchmark performance, predict patient outcomes, and collaborate to enable better care.
PatientIQ is the healthcare technology partner for deriving actionable insights from patient outcomes data. The PatientIQ platform is a cloud-based solution that empowers hospitals, health systems, private practices, and industry partners to systemically collect, measure and analyze patient-reported outcomes data to improve clinical and operational performance. With the single, EHR-integrated platform, leveraging a proprietary analytics engine, healthcare organizations are empowered to continuously capture patient progress and derive intelligent insights that enable better care - without increased administrative burden. In addition to outcomes analysis, the platform facilitates collaboration, bringing together data-driven clinicians from across the country to accelerate research, participate in registries, and push medicine forward. PatientIQ has demonstrated years of experience and a superior ability to transform patient outcomes into actionable intelligence. For more, visit http://www.patientiq.io.
About Health Enterprise Partners
Health Enterprise Partners invests in innovative healthcare services and technology companies that deploy solutions that matter. Central to HEP's strategy is its unique and extensive hospital system and health plan network, 36 members of which are investors in HEP's funds. HEP seeks to invest in companies that improve the quality of the patient experience, expand access, and reduce the cost of healthcare. https://hepfund.com/
About August Capital
August Capital is an early-stage venture capital fund located in the San Francisco Bay Area, with multiple fund vintages since our founding in 1995. We currently manage approximately $2 Billion in aggregate capital commitments. Over the last 25+ years, we have invested in breakthrough startups across the technology sector such as Atheros, Seagate, Ebates, Splunk, Zulily, Fastly, Bill.com, and GitLab. We have a team of investment professionals that are open-minded, creative, flexible, experienced, and well-networked. We believe in serving as a resource to support and guide entrepreneurial teams as they pursue their company vision
Kendall Shadley, PatientIQ, 1 231-557-2906, [email protected]