Tridiuum (formerly known as Polaris Health Directions), a Philadelphia-based provider of cloud-based behavioral health solutions has raised $9.5 million in Series B financing, which includes equity capital from lead investor Sopris Capital and strategic co-investor Fresenius Medical Care Ventures, and debt funding from Silicon Valley Bank. Series A investors Ben Franklin Technology Partners of Southeastern Pennsylvania and Martinson Ventures participated as well.
Founded in 1997, Tridiuum’s behavioral health solution accelerates identifying, treating and managing behavioral health across the continuum of care. Its cloud-based platform, Tridiuum1, delivers improvements in access, management, and outcomes– for patients, providers, and health systems. A predictive analytics-based engine, the Tridiuum1 platform delivers actionable insights at the point of care. Since its founding, the company has been awarded some $17 million in National Institutes of Health funding in partnership with preeminent universities and hospital systems.
Reduced Costs for Providers
The 2018 Milliman “Potential Economic Impact of Integrated Healthcare” report states, “Integrated care can lead to reductions in total healthcare costs . . . typical cost savings estimates range from 5 to 10 percent, over a period of 2-4 years for patients receiving collaborative care.” Health systems can reap the benefits of the collaborative care model with Tridiuum’s proprietary solution, which helps accelerate positive patient outcomes at lower cost, especially for those in need of chronic care management. Using unique dashboards on the Tridiuum platform, health systems management or other administrators can monitor performance through filterable data analytics that can help better manage resources, programs, and services for population health.
“The funding follows a period of marked growth, with customer revenue up 307 percent since 2015,” said Tridiuum CFO Ed Camarota. “And,” he noted, “the company has just moved into new, larger office space, tripling its footprint from 4,000 square feet in Wayne, Pa., to 12,000 square feet in Philadelphia’s Center City District (at 1650 Arch Street), to accommodate an expanding staff.
The company’s scalable behavioral health outcomes management technology, including its unique metric to quantify behavioral health, the Behavioral Health Index score, can seamlessly integrate with most electronic health records and health-IT software. Today, more than 600 clinical facilities use Tridiuum’s proprietary solution, with more than 2,500 behavioral health providers using the platform to assess more than 4,000 patients a day.
Impact of Behavioral Health Integration
A non-Tridiuum-related study in Alaska cited the following significant outcomes of integrating behavioral health into a medical setting: a 50% drop in urgent care and ER utilization; a 53% drop in hospital admissions; a 65% drop in specialist utilization; and a 20% drop in primary care utilization per patient.
Why It Matters
“The investment will further expand Tridiuum’s growing market share in digital integrated behavioral health and allow the company to expand its sales force, marketing efforts, and strategic product development,” said Tridiuum CEO Mark Redlus. “It will further accelerate our ability to make a significant positive impact in not only patient outcomes but also to increase access to behavioral healthcare,” Redlus continued, hinting that there are major new features in the works.