MediQuire, a health IT company developing big data analysis geared to the treatment of Medicaid patients, has closed a Series A round.
The funding will be used to support technology development and to expand its customer base. The company seeks to support physicians making the shift from fee-for-service to outcomes-based care.
In a phone interview with Mediquire co-founder and CEO Klaus Koenigshausen, he declined to specify the amount raised.
FCA Ventures led the round with participation from Volcano Capital and Blueprint Health. FCA Ventures’ FCA Venture Capital Fund VI made its first close on what will be a $75 million fund in February. At the time, the venture firm said the fund would an average of $3 million to $6 million in 10-14 early stage and growth stage companies. Other companies the fund has backed include AB Pathfinder, an autism therapy management software developer, and One Medical Passport, a business to help patients manage their personal medical histories.
Koenigshausen noted that the company is working with ambulatory care centers focused on Medicaid patients in 15 states, mostly in the South.
It sees itself as a company positioned to sort out inefficiencies that can lead to lost revenue for practices such as under-coding, ensure patients get screenings for things like cervical cancer and gain insights on performance variation by providers.
Koenigshausen said it’s increasingly working with payers rather than clinics. It’s building a database of medical, behavioral, financial and social data aimed at giving groups a better understanding of their at-risk patient population.
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.
Photo: Data shadow from Flickr user r2hox
