Bivarus, a patient-centered analytics company working with healthcare organizations to measure and analyze the patient experience, announced it has raised $2 million in funding co-led by Hatteras Venture Partners and Excelerate Health Ventures. The oversubscribed round also included participation from NueCura Partners of Nashville, Tenn. and Boston Millennia Partners of Boston, Mass.
The Raleigh-Durham-based startup was born of their academic research around the patient experience, which identified it as an integral factor in understanding patient outcomes. In fact, patient experience proved to be an independent predictor of health outcomes compared with other clinical process measures. In further work, they found the power of this measure was the insight of patients into critical components of care, like communication and safety.
As clinicians they were frustrated by their inability to acquire statistically precise, actionable data around the patient experience. Paper-based surveys were burdensome to patients, plagued by low response rates, and frankly, neither timely nor actionable. To solve this problem, the Bivarus’ cloud-based platform delivers better patient-generated insights at a fraction of the cost.
How It Works
Immediately after an event (scheduling, registration, encounter, visit, surgery, etc.) patient’s are engaged on their own device via email and text message inviting them to provide information about their interactions with the organization and care team. Each patient receives a unique URL containing relevant items specific to them and the service provided.
Once patient-generated data is submitted, insights and analytics are immediately available to our customers through our secure portal. With the platform’s easy to understand analytics, customers are able to spot trends in operational metrics, as well as service intervention effectiveness. Additionally, customers can visualize provider performance and evaluate effectiveness against ACGME core competences.
Response fatigue is a significant barrier to high patient engagement (no one likes to respond to 100 items), so Bivarus’ real-time patient generated platform eliminates the burden by only presenting a maximum of 10 measures to patients. Bivarus’ uses sophisticated sampling algorithms to dynamically generate 10 relevant, targeted measures for each patient; which dramatically drives response rates up 3x-5x and costs down 5-10x over traditional approaches.
Today Bivarus customer base now includes Covenant Surgical Partners, IVF New England, Johns Hopkins Hospital, RelyMD and Texas Oncology, among many others. The funding round will be utilize to accelerate its product offerings and new hires in sales, marketing and product engineering.
“As a new investor in Bivarus, we have tremendous confidence in their continued growth,” said John Crumpler, General Partner, Hatteras Venture Partners. “Healthcare organizations must become more responsive to the patient experience in order to thrive as the industry shifts towards value-based medicine. We look forward to working with the Bivarus team as they scale their platform and services to meet a rapidly emerging and vital market opportunity.”
