Healthcare analytics company Arcadia raised $29.5 million in new funding. The growth capital round was led by Cigna Ventures, with participation from past investors.
Burlington, Massachusetts-based Arcadia integrates with more than 40 different electronic health record companies. It aggregates and analyzes records data to help hospitals and accountable care organizations meet metrics for value-based care. The company also develops tools to identify gaps in patient care and find ways to improve on cost.
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Arcadia is accelerating the path to value-based care through its use of high-quality data, sophisticated analytics and workflow technology” Tom Richards, global lead of strategy and business development at Cigna Ventures, said in a news release. “Cigna has a long history of partnering with innovative companies who, like us, are focused on making health care affordable, predictable and simple and improving health and well-being outcomes. Arcadia not only shares that vision, but with our investment and partnership, can bring even more resources and tools to health care professionals – enhancing patient care and furthering the adoption of value-based care models.”
Founded in 2002, Arcadia has made some notable acquisitions in the last decade. The company acquired EHR support services company Concordant in 2011, and acquired ACO implementation provider Sage Technologies in 2015. In October, the company hired Heather Trafton as its COO. She had previously served as COO for Steward Health Care Network, one of the largest ACOs.
“We are honored to partner with so many innovative organizations around the country as they transform healthcare delivery, as well as to be recognized by virtue of a new investment by Cigna Ventures and our existing slate of leading healthcare investors for our sustained growth in enabling economic success under challenging risk-based payment models,” Arcadia CEO Sean Carroll said in a news release.
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