CareSkore, a Y-Combinator backed startup has raised $4.3 million in seed funding for its predictive population health management platform that helps measure the clinical and financial risk of hospital patients based on their EMR and claims data. The seed round included a handful of investors including Cota Capital, Storm ventures, Rising Tide Fund, and Liquid 2 Ventures.
Founded in 2014 by Dr. Puneet Dhillon Grewal, MD, an Internal Medicine physician and Cardiologist Jaspinder Grewal, CareSkore was created in response to Affordable Care Act (ACA) which holds hospitals and providers accountable for the quality of care they provide.
The Chicago, IL-based company creates individualized, disease specific workflows and care plans which allows doctors, nurses, and care teams detect and monitor patients, and in turn focus on them, both in hospital and after discharge.
Medicare recently announced that the penalties related to hospital readmission rates are expected to total about $108 million more than last year, due to changes in how these are measured. Hospitals need to understand the clinical risk of patients, so that they can focus efforts on higher-risk patients and limit hospital re-admissions which cost about $528M annually.
Key product benefits of CareSkore’s platform include:
– Reduce clinical risk by proactively through predictions and timely interventions
– Reduce financial risk to avoid penalties and increase reimbursement on value-based contracts
– Engage patients with AI based platform through the continuum of care
– Regulatory reporting support for HEDIS, ACO Measures, PQRS and MACRA
– Understand your patient population and compare with your peers
“With the shift to value-based care, physicians and hospitals need better tools to get a holistic view of the patient. We invested in CareSkore since the platform directly addresses this challenge. Mr. Grewal and his team have the right background, vision and philosophy to succeed in this space,” said Arun Penmetsa, an investor with Storm Ventures in a statement.