Health Catalyst, a Salt Lake City-based provider of healthcare data warehousing, analytics solutions and outcomes improvement has raised $70M in Series E funding. The funding round was co-led by Norwest Venture Partners, the lead investor in three previous rounds, and UPMC, a world-renowned healthcare provider and insurer that is also a Health Catalyst customer. . Other contributors to the round were new investors Leerink Capital and existing investors Sequoia Capital, Sands Capital, Kaiser Permanente Ventures, CHV Capital (an Indiana University Health Company), Partners HealthCare, EPIC Venture Partners, Leavitt Equity Partners, and Tenaya Capital. Proceeds from the funding round will support a significant expansion of Health Catalyst’s outcomes improvement solutions for healthcare organizations.
Formed by a group of healthcare veterans with vast data warehousing and quality improvement experience, Health Catalyst’s proven enterprise data warehouse (EDW) and analytics platform helps improve quality, add efficiency and lower costs in support of more than 65 million patients for organizations ranging from the largest US health system to forward-thinking physician practices.Using a late-binding bus architecture, Catalyst’s adaptive data model is agile, flexible, and can be implemented in a matter of weeks compared to the months or years traditional approaches require.
Accelerating product evolution
The arrival of new value-based reimbursement models is requiring providers to adopt new models of care centering on more proactive management of the highest-risk populations of patients. In response, Health Catalyst is evolving from an offline data aggregator and analysis company to a real-time data production and decision support company, integrating the knowledge derived from its unmatched data content and analytics into the decision workflow of clients and their patients, anywhere and on any device. This year, Health Catalyst expects to release new solutions for activity-based costing, care management, and real-time clinical decision support.
“Our new products, funded by this round, will enable better, faster decisions, from the population level to the individual patient level,” said Burton.
Health Catalyst has experienced significant expansion in the number of patients served by its customers to over 65 million, doubled its bookings backlog, doubled its revenue, nearly doubled its customer footprint and increased the number of team members nationwide from approximately 230 to over 400.
In 2015, Health Catalyst grew the number of published outcomes improvement case studies to 61, reflecting the depth of its partnership with customers. In addition, Health Catalyst acquired important intellectual property from customers including Allina Health, Partners HealthCare, and UPMC to help catalyze outcomes improvement for healthcare organizations across the country.
