Clinigence Closes Seed Round of Funding
Monday, April 19, 2010 at 6:57PM ATLANTA, April 19, 2010—Clinigence, LLC has closed a round of seed funding provided by a small group of angel investors.
Clinigence is founded by Kobi Margolin, a serial health information technology entrepreneur and co-founder of Algotec Systems, Ltd.—acquired in 2004 by Eastman Kodak.
"Clinigence is about helping healthcare providers transform the challenges they face with current health reform into opportunities," said Margolin. "Clinical quality is healthcare's new business metric and healthcare providers will play a critical role in transforming our care delivery system to this new paradigm. Clinigence partners with care providers in seizing the opportunity to translate patient data into business value and quality care."
Clinigence enters the nascent market for clinical business intelligence. The Clinigence collaborative software-as-a-service platform delivers to care providers the necessary business intelligence tools to build accountable care organizations (ACOs), comply with new government "Meaningful Use" requirements, maximize their benefits in pay-for-performance (P4P) programs, and identify new revenue streams predicated on clinical data and quality care.
In 2009, the US government allocated up to $40 billion to building an "information superhighway" for clinical data. The majority of these funds are offered in direct incentives to healthcare providers who adopt and "meaningfully use" interoperable electronic health record (EHR) technology. The government has made it clear that these investments are the first step on the road to improve the quality and contain the cost of care delivery. In 2009, the US spent about $2.5 trillion—17.3% of GDP and up from 16.2% in 2008.
"We are convinced that no matter which administration is in place, the US healthcare system must be reformed. The current system is simply not economically sustainable. Information technology holds unique promise in reforming our healthcare system to improve quality and contain costs," Margolin added.
"I'm very excited about the prospects for Clinigence," said David Meiri, a Boston-based seed investor. "Kobi Margolin is a visionary and has the market knowledge and successful track record to allow Clinigence to capture this unique market opportunity."
About Clinigence
Clinigence, LLC, in Atlanta, is a health information technology company. Conceived in 2009 and launched in 2010, Clinigence develops, publishes and delivers collaborative software-as-a-service (SaaS) to help healthcare providers derive business value from clinical data and quality patient care. The Clinigence solution is tailored to the emerging needs of healthcare providers due to the shift of the US healthcare system from volume- to value-based purchasing and the growing demand for quality patient care. More information can be found at http://www.clinigence.com.