Phynd, a Dallas, Texas-based startup offering a provider information management platform, has wrapped up a Series B funding round of more than $8 million, according to a news release.
Investors included the MemorialCare Innovation Fund, Orlando Healthcare Ventures, Dallas Venture Partners and Rex Ventures (the investment arm of UNC Health Care).
Orlando Healthcare, Dallas Ventures Partners and Rex Ventures took part in Phynd’s Series A round.
The Texas startup will use the Series B money to increase its investments in its core platform and enhance its provider enrollment, management, search and reporting capabilities.
It will also use the funds to improve its collaboration with EHR vendor Epic.
“The Phynd-Epic integration will allow Epic users, with a click, to search Phynd’s
National Provider Network of 4.5 million providers and immediately enroll the provider both in Phynd and Epic,” Phynd founder and CEO Thomas White said in response to emailed questions. “This integration makes Epic’s ‘provider on the fly’ process complete and more efficient every time, as Phynd is embedded directly in the client’s workflow.”
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.
Founded in 2013, Phynd has a cloud-based platform aimed at managing all the provider information across a health system. Users can leverage the platform for provider enrollment and provider management. They can use its reporting capabilities to keep track of provider rosters, and its provider search tool can be embedded in an organization’s websites, EHRs and provider directories.
Phynd’s solution can integrate with EHR systems like Meditech, Allscripts, Cerner and Epic.
The company’s clients include UNC Health Alliance (the clinically integrated network of UNC Health Care), University of Michigan Health System, Dayton Children’s Hospital, Orlando Health and UC Irvine Health.
“Health systems historically have not had an elevated strategy or system for managing operational provider data,” White said. “Our software offers the most robust data profiles, for a health system’s key assets — providers and locations — all built on a data model both broad and deep in scale.”
In 2019, Phynd intends to grow its client base, strengthen its relationships with EHR vendors and continue to educate the healthcare landscape about the value of provider data, White said.
“We see 2019 as the year when a critical mass of health systems make
managing provider information a strategic priority, just as managing patient information became a priority for most 10 or so years ago,” he added.
Photo: aurielaki, Getty Images
