A pre-operative risk assessment tool developed at Massachusetts General has raised more than $12 million in a Series B round to expand its business, according to a company statement. QPID Health plans to use the new funding to double the size of its staff.
New Leaf Ventures led the funding and its managing director Philippe Chambon got a seat on QPID Health’s board. Investors who participated in its $4 million Series A last year returned for the latest financing round including Cardinal Partners, Matrix Partners, the Massachusetts General Physicians Organization and Partners Innovation Fund. Its software sits on top of a hospital’s electronic health record system and is designed to make it easier for clinicians to access patient data through the EHRs and data repositories.
QPID software is used by physicians to develop a way to balance the need for a procedure with the patient’s risk factors. It counts eight hospitals among its customers. Last year it was used in nearly 3,000 clinical encounters according to Mike Doyle, the co-founder. Although the Q-Guide has focused on high-cost and high-volume procedures — particularly cardiovascular and orthopedic surgery such as hip and knee replacements — it has also added bariatric surgery.
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It is also looking to develop collaborations with University of Pittsburgh Medical Center, Johns Hopkins Hospital, Geisinger Health, Cleveland Clinic and Mayo Clinic.
Today’s investment enables QPID to accelerate the growth of the company and support wider use of its proven software solution in leading hospitals and healthcare systems in the U.S. Current customers include Massachusetts General and Brigham & Women’s Hospitals. Implementations in other leading medical centers across the country are under way.
