Cincinnati-based Bon Secours Mercy Health has made a strategic investment in healthcare analytics firm Trilliant Health. The sum was not disclosed.
The health system’s goal is to accelerate the development of Trilliant’s predictive analytics platform, while also gaining access to data on national and local healthcare trends, said Deepesh Chandra, chief analytics officer of Bon Secours Mercy Health, in an email.
The health system’s latest investment is part of its broader push into the healthcare analytics arena. The provider is also one of the founding members of Truveta, a provider-led data company, that recently raised $95 million.
“We are committed to leveraging the use of data to advance our ability to improve the health and well-being of our communities, especially people who are poor, dying and underserved,” Chandra said.
As part of the investment in Trilliant, Chandra will join the company’s board of directors as an observer.
Trilliant Health’s platform leverages and synthesizes first-and third-party data, providing users with a comprehensive view of market dynamics, at both a national and regional level, said Hal Andrews, president and CEO of the Brentwood, Tennessee-based company, in an email.
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.
“Healthcare delivery is a ‘negative-sum game,’ and healthcare providers are under intense pressure to increase market share and generate a return on invested capital,” he said.
The company’s platform uses advanced analytics and machine learning to provide market insights into past and present demand and supply. This enables providers to predict future market dynamics and implement evidence-based strategies for growth, he added.
Founded in 2017, the company has raised approximately $20 million so far.
The market for healthcare analytics is large and expected to grow rapidly. Market value is projected to reach $80.2 billion by 2026, up from $11.5 billion in 2018, according to a recent report.
But Trilliant Health is up against some massive players in the market, including McKinsey, Bain, Sg2 and Advisory Board.
In the face of fierce competition, Trilliant is able to distinguish itself by “applying its unique domain expertise in healthcare delivery, consumer behavior, and advanced analytics and machine learning to create evidence-based strategies for healthcare providers,” Andrews said.
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