MDmetrix, a Seattle-based healthcare data analytics, visualization and AI startup, has secured $3 million in seed funding. Founders Co-op led the round, while Arnold Venture Group and WRF Capital participated.
The company, which was spun out of Seattle Children’s Hospital, offers various solutions that let clinicians access electronic health record data so they can better understand outcomes. Leaders from hospitals and ambulatory surgery centers can use the startup’s tools to compare data across patients, providers, protocols and facilities. They can track various metrics such as pain scores, procedure times and readmissions.
The ultimate goal of the offerings is to help providers improve patient care and lower costs.
“MDmetrix was initially created to address physicians’ frustration with their lack of visibility into outcomes across patients,” said Chris DeVore, managing partner of Founders’ Co-op, in a statement. “Once Once MDmetrix’s system was deployed, it quickly became clear that clinicians can use their newfound visibility into performance to transform clinical operations, delivering better care at a lower cost for millions of Americans.”
With the new funding, the spinout intends to hire additional employees at its headquarters in Seattle and expand its AI capabilities.
MDmetrix initially launched in 2016 at Seattle Children’s, where clinicians are using its tools. It’s the hospital’s first spinout company.
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.
In 2018, it brought on former Caradigm co-founder and COO Warren Ratliff as its president and CEO. MDmetrix also recently rolled out department-specific specialty modules and a clinical operations Control Center.
“At Seattle Children’s, we’ve used MDmetrix’s solutions to improve care for thousands of our patients,” Dr. Sanjay Parikh, medical director of surgical services at Seattle Children’s Bellevue Clinic and Surgery Center, said in a statement. “We are now using MDmetrix’s ClinOps Control Center to measure and enhance many aspects of our clinical operations, from patient safety to OR efficiency, leading to care improvements, substantial cost savings and capacity to serve more patients.”
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