Healthcare data science company Apixio Inc., today announced that it has raised $19.3 million in Series D funding led by SSM Partners with participation from First Analysis, Bain Capital Ventures and Apixio’s largest angel investor. Apixio will utilize the funding towards advancing and scaling products powered by its cognitive computing platform, further enabling insights for optimal patient care. Casey West, managing partner at SSM Partners will join the Board of Directors, bringing deep healthcare expertise and data science knowledge. The latest Series D round bring the company’s total funding to date at $41.88M.
Founded in 2009, Apixio’s cognitive computing platform uses proprietary data extraction tools and machine learning algorithms to create a self-learning system. Powered by its platform, the HCC Profiler solution mines clinical charts and medical billing data to accurately compute patient risk scores three times faster than traditional chart review methods. HCC Profiler now serves 22 customers, as healthcare insurance companies and provider groups increasingly recognize the need for an accurate view of patient conditions to better coordinate and deliver care.
Over the past year, Apixio has continued to unveil new features for its HCC Profiler solution, elevating the accuracy and speed of medical chart review to unprecedented levels. The platform has analyzed data from more than six million patients, achieving 210 percent year-over-year growth in patients analyzed.
“Not only does Apixio automate the risk adjustment process and ensure accuracy and speed, but it does so in the face of massive healthcare changes,” said Jennifer Pereur, Director of Government Programs at Hill Physicians Medical Group. “Risk adjustment has gone through big changes in the past year including proposed changes to the audit program and significant increases in the number of Medicare Advantage patients. With Apixio, we can stay ahead of these changes and continue to turn elusive data into the catalyst for personalized care.”
As the healthcare industry shifts toward value-based care, there is a greater need to transform previously unusable data into actionable insights. Startups like Apixio and others are poised to gain market share in this growing sector. According to Grand View Research, cloud computing technologies market is expected to reach $5 billion by 2022.