Predictive analytics software provider to help hospitals improve outcomes raises $20M
Hospitals are using data analytics software to help develop better care models. Predictive analytics software in particular is helping hospitals get a better read of their patient populations. That can include identifying which patients have the highest risk for developing hospital-acquired sepsis to helping providers do a better job of follow-up care when patients are being discharged. The idea is to take preventive action where possible before their health issues become even more serious and costly to treat.
Healthcare is a big market for collaborative predictive analytics software provider Predixion Software. It added two new strategic investors — Accenture (NYSE: ACN) and GE Ventures — in a $20 million Series C round, according to a company statement. Accenture is collaborating with Predixion to develop a group of predictive analytics tools for its clients. One goal is to make it easier to apply data driven insights within Accenture clients’ workflows. Predixion works across several different industries including healthcare. It counts Aetna and Kaiser Permanente among its customers.
Frost Venture Partners also became a new investor. Early stage venture capital firms DFJ Frontier, Miramar Venture Partners and Palomar Ventures as well as EMC also participated in the financing round.
In an interview with HIStalk in August last year, Predixion Analytics CEO and co-founder Simon Arkell mentioned some of the applications it was developing to help hospitals identify medium and high risk patients for follow up care.
“What we’re working on now with our customers is being able to respond according to a risk strata of the patient. Now all of a sudden your patient population of inpatients has a very low, a low, a medium, or a high risk of readmission. The intervention at discharge can be very different now for the first time. Instead of applying very limited resources to all patients that you discharge because you were using just guesswork as to who might be at the highest risk, we’re now able to create an intervention strategy for the very high-risk patients and medium-risk patients and then intervene on them.”
The interest in developing predictive analytics solutions is an area in which a lot of different parts of the healthcare ecosystem are getting actively involved, such as Explorys, a spin off from the Cleveland Clinic and Independence Blue Cross in collaboration with providers such as University of Pennsylvania.
Predixion is based in San Juan Capistrano, California, just outside of Los Angeles, and was launched in 2009.