Company witnessing strong demand for Cloud-based Clinical Data Analytics Platform
East Windsor, NJ — July 16, 2015 — SpectraMedix, a leading provider of solutions that accelerate the transition to pay for performance and risk-based payment models, announced that it has secured $2.4M in Series A funding. SpectraMedix will leverage the funding to expand its sales and marketing team, grow its customer base and launch new markets. Additionally, the funding will be used to further enhance the company’s quality measure and predictive modeling solutions, including migration to a big data platform and developing machine learning capabilities.
Funding participants include several high net worth individuals, including Jassi Chadha, Ph.D., founder and CEO, Axtria, Inc., and noted Silicon Valley investor Kanwal Rekhi.
“The demand for innovative cloud-based care coordination solutions is significant,” said Dr. Chadha. “I have been involved with SpectraMedix for the last four years, and their powerful integration of data acquisition, advanced analytics and secure cloud computing is making a strong impact in helping healthcare organizations accelerate their transition to performance-driven care delivery.”
SpectraMedix and its SpectraMedix360 platform allows healthcare organizations to measure, predict, improve and report clinical and financial outcomes across the continuum of care by consolidating data from various sources and transforming it into actionable, accessible information. Specifically, the SpectraMedix360 platform enables health systems, hospitals and ambulatory care providers to:
- Create a single source of truth to power all performance initiatives with advanced data integration (electronic and manual abstraction), governance and warehousing
- Achieve quality measures and performance incentives for regulatory programs and custom initiatives with advanced measures calculation and reporting
- Implement a range of financial, clinical and operational initiatives across patient, population, and provider levels with predictive modeling capabilities and at-risk patient surveillance
“We are pleased to receive support from our investors,” said Raj Lakhanpal, MD, FRCS, FACEP,
Chief Executive Officer, SpectraMedix. “Our growing customer base combined with this funding provides us a runway to intelligently scale our business, reach new geographies and accelerate product development to deliver the best-in-breed clinical & business intelligence platform we envision.”
SpectraMedix’s state of the art solutions enable hospitals and ambulatory care providers to improve performance and outcomes while transitioning to pay for performance and risk-based payment models. The SpectraMedix 360 platform for clinical data collection and aggregation, quality measure compliance, real-time data visualization and predictive modeling provides a suite of products that includes eMeasures360 for quality measures calculation and reporting, and identifying gaps in care; PredictiveCare360 for facilitating risk-based initiatives that leverage real-time data at the individual patient and population levels; and AccountableCare360 for collecting, analyzing, sharing and reporting data for the ACO measure set. SpectraMedix is also a leader in the integration, transformation and utilization of healthcare data for client specific applications and initiatives, and to create opportunities for performance improvement.