Hospital IQ, a real-time AI-enabled operations management software platform, secured $25 million in Series C funding led by Baxter Ventures with participation from existing investors Pierpoint Capital and Allscripts.
According to the company, the cloud-based software platform uses artificial intelligence to anticipate and direct actions, enabling health systems to achieve and sustain peak operational performance to improve patient access, clinical outcomes, and financial performance. In addition, the platform uses advanced data analytics, machine learning, and simulation technology to deliver optimized surgical resource alignment, patient flow, and staff scheduling capabilities.
Hospital IQ plans to use the latest funding to accelerate growth across all company areas, including product development, sales and marketing, and client services, and spur further collaboration with its existing Allscripts and Cerner partnerships and support new partnerships.
“The need to invest in care quality, patient access, and cost containment has never been greater,” said Jessica Hameline, Vice President, Digital Transformation at Baxter International. “We are proud to support Hospital IQ’s continued commitment to address this imperative with smart solutions that empower providers and enable health systems to operate optimally, all of which leads to better outcomes for patients.”
“Health Velocity Capital is committed to investing in leading healthcare software and services companies that are working to drive down the cost of healthcare, create a better patient experience and build a more sustainable healthcare system,” said Bruce Crosby, Managing Partner at Health Velocity Capital. “Hospital IQ’s software addresses a hospital’s highest costs – staffing and patient throughput, allowing hospitals to operate more efficiently. Hospital IQ has a very experienced and talented team leading the company, and we look forward to partnering with them to meet the market’s demand for its solutions.”
According to Mercom’s Digital Health Funding and M&A Report Q1 2021, Healthcare practice management companies raised more than $200 million in Q1 2021. DrChrono, a cloud-based practice management solutions provider, raised $12 million in growth capital from ORIX Growth Capital.