MediQuire today announced that it closed a Series A investment led by FCA Venture Partners to further empower clinics, providers and health insurance companies to reshape healthcare for 70 million low-income Medicaid patients. The company’s data analytics solution helps reduce quality of care disparities and avoidable medical costs for the riskiest patient populations.
Medicaid represents $500 billion in federal and state expenditures annually and is currently expanding in more than 30 states. Medicaid patients suffer from disproportionately poor health linked to lower access and quality of care.
Clinics and providers depend upon MediQuire to help them drive revenue from Pay-for-Performance incentive programs and Shared Risk in the value-based payment environment. MediQuire accurately reports clinical performance based on all data fields that providers document in the Electronic Health Record (EHR) including free text notes, and meets complex coding standards required by health insurance companies. MediQuire’s unique and exact data analytics approach allows clinics to augment the limited reporting capabilities of their EHRs and enables them to report true clinical performance on metrics linked to value-based payments.
Health insurance companies have recognized the benefit of MediQuire’s EHR and insurance agnostic platform. MediQuire resolves costly coding issues for providers and insurance companies at the frontline. In one MediQuire study, 74% of overweight, 37% of hypertensive and 7% of diabetic patients had not been coded for their respective chronic conditions, leading to distortions in risk-adjusted payments from state Medicaid programs and missed opportunities to appropriately treat chronically ill patients.
Today, MediQuire’s solution is assisting patients, providers and health plans across 15 states. “I have been particularly impressed with the leadership of our Federally Qualified Health Center (FQHC) partners who have led the efforts to effectively and cost efficiently treat millions of Medicaid and uninsured patients,” said Klaus Koenigshausen, Chief Executive Officer of MediQuire. “Our solutions support our clients’ care teams daily in prioritizing their efforts for their highest risk patients. We assist in ensuring that no patient leaves the clinic with unaddressed care gaps; and we help clinics earn extra pay for performance allowing them to grow and implement high quality and targeted care initiatives to benefit their patients.”
Ray Welch Jr, former Chairman of AmeriHealth Caritas and former Chief Executive Officer of Mercy Health System Southeastern Pennsylvania, and Cathrin Stickney, former executive at Evolent Health, Cigna Healthcare and Kaiser Permanente, will join the Board of Directors of MediQuire. “MediQuire technology and tools create value for providers and clinics by expanding access to data required for development of effective care plans that improve quality and reduce costs for Medicaid patients. I look forward to working with the MediQuire Team to achieve their vision of becoming a leader in providing Medicaid health technology solutions,” said Welch.
“What really excites us is MediQuire’s opportunity to make a real difference for some of the poorest patients in the United States,” said Matt King, managing partner at FCA. “MediQuire’s proprietary technology to analyze vast amounts of data to accurately calculate provider performance really sets them apart in the market place. When talking to customers, the overwhelming response has been that their service levels, user friendly technology and analytics know-how sets them miles apart from the speed and customization received from their Electronic Health Record vendor. Their management team is very strong and they have a clear vision where they want to take this company.”
MediQuire will use the new funds to fuel the company’s aggressive growth plans as it continues to build out its cutting-edge predictive analytics software as well as expand its product suite for risk-based organizations including health insurance companies and accountable care organizations. For more information on the company’s job openings please visit the company’s website.
About MediQuire, Inc.
MediQuire, based in New York, NY was founded in 2013 and aims to transform the health of the Medicaid population by bringing together medical, behavioral, financial and social data and using advanced analytics to understand how to improve patient outcomes while reducing cost. MediQuire’s technology solution helps ambulatory care clinics use their data resources more effectively to drive improvement in this low-income population, prepare clinics for the transition to value based payment and partner with insurance companies to take on more risk. MediQuire is managed by a strong team of industry veterans, entrepreneurs and technologists, and backed by highly respected investors in the US health-tech investor community. For more information, visit www.mediquire.com.
About FCA Venture Partners
FCA Venture Partners, the venture capital manager of Clayton Associates, was founded in 1996 by R. Clayton McWhorter, founder of HealthTrust, Inc. and former chairman of Hospital Corporation of America (NYSE:HCA), and Stuart C. McWhorter, President and Chairman, to serve as a platform for investing in transformational healthcare and technology related strategies. FCA Venture Partners is focused on healthcare services and information technology businesses in early to growth stages with disruptive, scalable business models, led by strong management teams with sector specific expertise. FCA is led by Managing Partners, Matthew A. King and John R. Burch, Jr. FCA and its affiliates have invested $175 million in over 90 companies to date, resulting in more than $7 billion in annualized revenue. For more information, visit www.claytonassociates.com.