NarrativeDx, an Austin, TX-based artificial intelligence (AI) company that provides actionable insights from patient and provider feedback, today announced it has raised $3 million in strategic funding led by Christiana Care Health System, Summation Health Ventures and The Texas Medical Center. Also joining the round are HealthX Ventures and Cultivation Capital, who participated in previous rounds of funding. NarrativeDx will use the funds to accelerate sales and marketing, product innovation, talent acquisition, and continued growth.
NarrativeDx’s Patient Experience Platform Overview
Negative patient experiences cost hospitals millions of dollars each year through lost reimbursements, decreased referrals, and increased staff turnover. Founded in 2014 by AI engineer and Intellectual Property lawyer, Kyle Robertson, JD, and Senem Guney, Ph.D., CPXP, NarrativeDx uses patented AI to identify actionable insights from the patient and provider feedback that improve patient satisfaction scores, increase operational efficiency and decrease employee turnover.
NarrativeDx helps healthcare leaders go beyond survey scores by analyzing comments from satisfaction surveys, grievances, online reviews and employee engagement surveys to help health systems provide excellent experiences that drive significant improvement in financial performance.
How Providers Are Using NarrativeDx to Improve Financial Performance
To date, NarrativeDx has helped healthcare leaders hear over 11 million patient voices and generate real results such as:j
– 30% increase in Likelihood to Recommend Scores
– $400,000 increase in Value-Based Purchasing
– 80% reduction in patient feedback analysis effort
– 21 CAHPS measures improved in 90 days
– 90% reduction in lab wait times
– Complete consumer-centric redesign of oncology processes
– 9% increase in referral volume
“Our unique ability to identify what matters most to patients and providers is changing the game for today’s healthcare leaders,” said Kyle Robertson, Founder and CEO of NarrativeDx. “Our success in identifying insights that drive improvement has fueled our rapid growth to over 100 clients nationwide.”