Apixio funding round raises $19.3M

Dive Brief:

  • Apixio Inc. has raised $19.3 million in its fifth round of financing, shortly after the success of its HCC Profiler Solution and is now looking to expand its solutions, according to an announcement.
  • The company, with 24 clients nationwide, has analyzed 6 million patient records to mine data for physicians and health insurance companies who want more complete patient data. 
  • Grand View Research recently estimated that the market for cognitive computing technologies like Apixio's and IBM's will reach $5 billion by 2022 and the growth will be driven by the demand for personalized healthcare, the need to reduce healthcare costs, among other factors. 

Dive Insight:

The company said earlier this year that its platform has analyzed more than 500 million medical records, leading to five billion analytic events to help provide insight into patient care. It now plans to expand product development, operations, sales, and marketing with its latest funding. 

“As the healthcare industry accelerates toward a pay-for-value world, we’ve seen organizations become increasingly eager to deploy Apixio-like technologies that enhance healthcare quality,” SSM Partners managing partner Casey West, who will be joining Apixio's Board of Directors, said in a statement.

The HCC Profiler computes patient risk scores via chronic condition data, clinical medical charts, and medical billing data. It has the ability to analyze large patient populations, such as those with type II diabetes, and find which treatments have been the most effective. 

Darren Schulte, CEO, said the company's vision is to create a "living laboratory of healthcare data to improve healthcare from the practice of medicine to the science of medicine." 

Recommended Reading:

Filed Under: Health IT Finance
Top image credit: Depositphotos