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Biz intell software co. raises $5.5M to expand service for non-physician healthcare practices

Health IT company Sikka Software, which provides a cloud based business intelligence tools designed to work with practice management platforms for small businesses in healthcare from dentists to audiology practices, has raised $5.5 million in a series B round. The majority of the company’s apps support dental and veterinary practices. In a phone interview with […]

Health IT company Sikka Software, which provides a cloud based business intelligence tools designed to work with practice management platforms for small businesses in healthcare from dentists to audiology practices, has raised $5.5 million in a series B round.

The majority of the company’s apps support dental and veterinary practices. In a phone interview with MedCity News, CEO Vijay Sikka said he was interested in using the fresh capital to add more staff to support an expansion of its platform to accommodate other small practices such as podiatry and physical therapy. He added that he planned to add four data scientists by the end of the year, build up its back office and add more sales and marketing support for the business.

Sierra Ventures led the round with participation from returning investor, ATA Ventures. Sierra Ventures Managing Partner Mark Fernandes will join the company’s board.

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A Deep-dive Into Specialty Pharma

A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.

Sikka’s platform includes 26 apps developed in-house as well as by contracting vendors. Its business monitor app , for example, allows practices to see things like revenue generated by employee, expenses by vendor and inventory summaries. It also develops “practice optimizers” geared to each practice area that provide users with business intelligence about their practice. It also has an API that’s designed to give developers access to its platform an encourage them to produce innovative business intelligence tools.

Dental partners dominate and include groups like American Dental Association to practice management software developers. The idea is to automate more tasks and to give practices a better sense of their costs and free them up to give more attention to their patients.