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Interoperability is the 🔑 to our healthcare

Interoperability is the 🔑 to our healthcare
July 27 2020

The tracking of data and the efficient sharing of that data have seen the biggest improvements in the healthcare tech industry since the pandemic. Data tracking technologies have emerged as a way to enhance traditional contact tracing efforts. In May, Apple and Google launched their jointly developed, interoperable API, which allows governments and health agencies to track the spread of COVID-19 using Bluetooth technology, and Salesforce partnered with New York City to build a city-wide contact tracing program.

Mayo Clinic also developed its own electronic system that combines medical records, non-clinical data, and contact tracing resources to identify employee exposures within an average of two hours of a confirmed case. 

With increased awareness, more commercial players have gained market share and expanded opportunities during this time. While privacy concerns are still a hurdle for mass adoption, many companies have been proactively addressing this challenge. Interoperability can help enhance the privacy and security of patient data by requiring organizations to fully assess where their Protected Health Information (ie, PHI) resides and with whom it needs to be shared. When PHI is entered into secure, interoperable systems, organizations can gain a better idea of where their data are located and who has access to it, helping them secure patient data and protect privacy.

Interoperability is the ultimate goal of healthcare information systems. Software and cloud-based services need to be able to talk to one another, to exchange clinical and administrative data to enable complete access to a patient’s record, and to help clinicians deliver the best possible care.

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Healthcare Interoperability Startups:

Founded in 2017, Bridge Connector is a data-driven workflow engine that is changing the way health care systems communicate. The company provides no-code integrations in health care, connecting systems more quickly and cost-efficiently than ever before with their integration platform as a service (iPaaS) core product and other offerings. Headquartered in Nashville, Tenn., with offices in Palm Beach Gardens, Fla., Knoxville, Tenn., and San Francisco, the company was founded on the idea that any health care organization should be able to automatically transfer data between disparate systems without the need for internal IT support. Bridge Connector offers seamless, full-service integration solutions, regardless of the platform used, freeing up clients to concentrate on core business initiatives.

CareCloud is a privately-held provider of cloud-based practice management, electronic health record, and medical billing software and services, now being acquired by MTBC. CareCloud offers software-as-a-service and revenue cycle management (RCM) services to physicians in more than 50 specialties across 48 states. CareCloud manages more than $4B in annualized accounts receivables on behalf of its RCM clients. Google and CareCloud recently formed a technology partnership under which CareCloud will leverage Google Cloud’s Healthcare API to accelerate the expansion of its cloud platform with a focus on data interoperability.

Redox sits at a critically important crossroads in the modern healthcare industry. Redox sealed a deal with Microsoft to act as the integration partner connecting Microsoft’s Teams product to electronic health records through the Fast Healthcare Interoperability Resources standard.

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Since last week, PrivCo has added:
765 Profile Updates | 169 M&A Deals167 Funding Activities

Funding & Deal Highlights:

Talkdesk Inc., which makes cloud-based customer service software, raises $143M in a new funding round that pegs its valuation at more than $3B, roughly triple the prior mark.

Matik is looking to automate presentations that are created multiple times but with different content, such as quarterly business reviews. The startup recently received a $3M seed round of funding to develop its platform for quickly generating personalized presentations with dynamic content.

Arrive Outdoors, a startup based out of Santa Monica, is looking to capitalize on the growing popularity of camping and interest in outdoor activities with its gear rental platform. The company, which just raised $4.75M in seed funding led by Freestyle Capital, allows users to choose gear on an a la carte basis, or choose a pre-packaged kit of items, and reserve their gear for free. The equipment is shipped in a box with a pre-paid return label, and can be sent back to the company once the trip is over.

Levitate, a Raleigh, North Carolina-based marketing platform and customer relationship solution provider, raises an additional $6M for its AI-powered software offering small businesses an alternative to mass blast emailing. To date, the startup has raised $12M from investors, including Tippet Venture Partners, Durham, North Carolina-based Bull City Venture Partners and angel investor Peter Gassner, the co-founder and CEO of Veeva Systems and investor in Zoom.

Mira raises about $10M worth of funding over a few top-ups, which the team is collectively deeming as a seed extension round. Sequoia and SF-based Happiness Ventures led these financings, of which the startup did not break out the specific terms. The team has now raised just under $13M to date. Mira has used this cash to refocus its business and refine its hardware.

KnowFully Learning Group, a leading provider of continuing professional education and exam preparation courses to the healthcare, accounting and finance sectors, announces it has acquired CME Outfitters, a leading accredited provider of continuing medical education.

Artio Medical, Inc. announces it has acquired Flow Forward Medical, Inc., a medical device company developing innovative methods for establishing and maintaining high-quality vascular access sites to improve outcomes for hemodialysis patients. This stock-for-stock merger transaction in which Flow Forward merged with and into Artio was approved by the Board of Directors and stockholders of both companies and closed on June 8, 2020.

Pace-O-Matic, the leading dominant video skill game software company in the United States, announces its acquisition of MCM Elements, the top route and terminal accounting software solution in the market.

Harrington Industrial Plastics (“Harrington”) is pleased to announce that it has completed the acquisition of Aetna Plastics (“Aetna”), in partnership with Aetna management.

Blue Yonder announces it has acquired Yantriks, a SaaS provider of commerce and fulfillment microservices. This acquisition combines real-time transactional systems with supply chain planning, forecasting and fulfillment solutions, to power modern commerce. With this combined offering, companies can integrate all their supply chain assets to deliver a differentiated experience to their customers right at the beginning of the shopping process.

HSB Solomon Associates LLC (Solomon), a leading performance improvement company for the global energy industry, today announced the acquisition of EnSys Energy’s (EnSys’) World Oil Refining Logistics and Demand (WORLD) Model and databases. Solomon also acquired EnSys’ North American Logistics Review and Crude Flows Services, and will continue to offer these solutions to clients.

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