Plano, TX-based VitreosHealth has raised $5M led by private equity firm Kinderhook Industries for its predictive and prescriptive health insights for population health management platform. The financing will help fuel the company’s ability to deliver insights as a service to healthcare providers and insurers for better health outcomes. The latest round brings the company’s total funding raised to more than $6.2M.
With VitreosHealth’s closed-loop performance management process, providers can transform the business of population health management into a center of excellence to enhance clinical efforts and drive better health outcomes.
The biggest challenge for hospital leadership in today’s post-reform era is aligning clinical and financial goals. Many healthcare providers believe that Quality of Care and Cost of Care are conflicting ends of a spectrum – success with one is at the expense of the other. Hospital systems lack tools to perform joint cost-quality visibility analysis to identify the financial impact of quality improvement opportunities.
In addition, most of the cost savings projects do not proceed as they are unable to show the quality-of-care impact as a result of implementing such projects. According to a 2012 survey by premier, the top three barriers preventing resource optimization in cost-quality improvement initiatives are:
– Misaligned incentives between hospitals and physicians –51.3%
– Lack of discrete data systems to measure performance –48.1%
– Real or perceived lack of time and/or resources to implement initiatives –45.9%
The VitreosHealth value proposition builds on three core pillars:
– Predictive and prescriptive models that deliver 2-3 times better results than other solutions in the market at identifying health outcome improvement opportunities
– Insights-as-a-Service delivery model that removes all technology barriers to realizing improvement opportunities
– A pricing model that is pay-for-performance and tied to customers’ success in their population health efforts
GlobalHealth, a leading Oklahoma based health insurance company, is changing healthcare insurance in Oklahoma and has been a VitreosHealth customer for two years. CEO Scott Vaughn said, “We use VitroesHealth Insights to fuel our care management programs, and so far, we’ve reduced per member per month (PMPM) cost for the target population by 6 precent and decreased emergent admissions by 18 precent. These high-touch care management programs improve member satisfaction, and the predictive insights we capture with VitreosHealth make all the difference in our results.”
