Healthcare technology company HealthReveal, which equips payers and providers with data analytics and remote monitoring to ensure patients receive guideline-directed medical care, has added another $500,000 to its Series A funding with an investment from Northwell Ventures. Along with the $10.8 million HealthReveal raised a few months ago (led by GE Ventures, Greycroft Partners and Flare Capital Partners), the new funding brings the company’s total funding to date at $11.3 million.
With a majority of healthcare costs associated with complications from chronic conditions – such as amputations from diabetes or end-stage renal disease –
HealthReveal’s mission is to mitigate such risks for self-insured employers, providers and payers by helping them to identify patients whose care isn’t lining up with the best practice at the exact right time. The company applies powerful machine learning algorithms built from claims data, EHR data and, for the highest-risk patients, remote monitoring. Additionally, HealthReveal’s algorithms line up with best practice guidelines derived from specialist society recommendations and medical literature that features well-regarded, robust clinical trials.
HealthReveal was founded two years ago by Dr. Lonny Reisman, who serves as CEO of the company. Reisman previously founded ActiveHealth Management, which he later sold to Aetna (where he was CMO for nearly a decade) for $400 million.
"The difference between what we’re doing and what the health plan is generally doing is that we’re actively engaging the treating physician," Reisman told Babyforyou.net.ua in an interview in February. "We’re not assuming that what was prescribed diagnostically or therapeutically is necessarily correct. And we’re sort of -- with all due humility -- simply pointing out aspects of the literature that are discordant with the treatment that’s being provided and asking doctors to consider that. We're ... building an analytic bridge that creates an analysis of the patient’s unique physiologic characteristics against the literature that’s germane to that patient’s physiology, and highlights variances which are then communicated to the treating doctor."
Up until the $11.3 million Series A, HealthReveal was primarily self-funded by Reisman. Now, the company will use investments to build up their team of technical and clinical experts to build additional features into HealthReveal’s platform, as well as expand sales, marketing and operational efforts.
“With Northwell as a strategic partner, we have an opportunity to ensure that incontrovertible medical knowledge is consistently and broadly applied by clinicians in providing evidence-based care,” Reisman said in a statement. “By looking at each patient personally and comprehensively we can make a meaningful improvement in clinical outcomes, medical costs and value.”
Northwell Ventures is the corporate venture arm of Northwell Health, New York State’s largest health care provider and private employer. The fund looks for companies and technologies that move forward Northwell Health’s strategic focus that aims to use the health system as a sort of healthcare innovation laboratory.
“We are delighted to invest in HealthReveal’s technology, which we expect will enhance their customers’ ability to combat chronic disease,” Northwell Ventures’ Senior Vice President and Executive Director Thomas Thornton said in a statement. “The company brings a unique focus in deploying evidence-based medicine to assist patients and their doctors to make better and earlier decisions to optimize health.”