Qventus, a health IT business that harnesses a form of artificial intelligence to improve hospital workflows in a way that’s compared with air traffic control, has closed a $30 million Series B round, according to an emailed news release. The funding will be used to boost its customer base and apply machine learning tools to different pain points in healthcare.
Bessemer Ventures and New York Presbyterian Ventures, the venture arm of New York Presbyterian’s health system, led the Series B. Mayfield Fund and Norwest Venture Partners, who have previously invested in Qventus, also took part in the round. To date, Qventus has raised more than $43m in total funding. Bessemer Ventures Partner Stephen Kraus also took a board seat at the health IT business.
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Qventus was previously known as analyticsMD before changing its name in March last year. It launched in 2011.
The company has developed machine learning tools to help hospitals tackle logistical pain points such as reducing emergency room wait times for patients. It can prompt staff to check on certain patients in the form of nudges. It can also prompt staff on unfinished lab tests and imaging that needs to be completed. In the operating room, Qventus software is designed to reduce case delays and improve utilization. Another component helps make patient discharge more efficient to reduce capacity issues for inpatients, according to the company’s website.
“Health systems have increasingly complex operations; for them, operational excellence depends on empowering real-time decision making by thousands of disparate employees.” said CEO and Cofounder Mudit Garg said in the news release. “This financing provides us with the opportunity to expand our ability to enable decisions across the enterprise and continue to deliver on positive outcomes for our innovative customers and their patients.”
Several health IT companies have developed different approaches to help clear up the workflow bottlenecks that impact hospitals from booking appointments to making operating room use more efficient. ClockwiseMD, owned by DocuTap, developed an online check-in system for patients so they know when to show up at the ER and have a better understanding of how long the wait is. LeanTaas has developed programs to improve efficiency in different parts of a health system.
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