Moxe Health, a company focused on accelerating the exchange of clinical data between payers and providers, today announced a $5.5 million Series A financing round led by Safeguard Scientifics (NYSE:SFE). Proceeds will be used for product expansion, hiring and sales efforts.
Moxe was founded in 2012 with a vision to enable bi-directional data exchange through its key product, Substrate, directly linking payers and their provider networks. By integrating insurer data using industry standard processes, Moxe allows providers to incorporate claims, risk and other payer data into their own analytic efforts, allowing clinicians to better understand patient risks and deliver value-based care. As the market evolves to include further stakeholders, Moxe will aid efforts to operationalize data originating from all corners of the healthcare ecosystem.
"The rules of healthcare are quickly being re-written, as technology presents an opportunity to facilitate more meaningful interactions between payers and providers," said Dan Wilson, Moxe's founder and CEO. "We enable workflows that are beneficial to both sides of the equation and focus on delivering patient health insights to providers while reducing administrative excess. We balance this by offering payers a cost-effective model for receiving clinical data, at a fraction of the standard market rate."
"Our aim is to facilitate access to a patient's complete picture of health, ultimately bringing more transparency to the process," added Wilson. "We're scaling our operations with this in mind, adding key hires in engineering and sales through the end of 2016 and early 2017. Safeguard shares this vision and complements our efforts during a period of substantial growth."
To combat a widening disconnect between insurers and healthcare providers, Moxe democratizes access to information. With an established client base, Moxe has moved into an industry-leading position, meeting healthcare's demand for the seamless exchange of clinical data among key stakeholders. Moxe requires minimal hours of implementation effort from providers, greatly reducing the administrative burden of integration.
"The payer-provider dynamic in healthcare is drastically shifting, and there's value being harvested from companies, and tools, serving as the conduit," said Safeguard's Managing Director, Gary Kurtzman, M.D., who will join Moxe's board of directors. "Moxe has developed a vendor-agnostic solution primed to capitalize on a demand for real-time access to comprehensive clinical data. By connecting various databases together, Moxe facilitates a more holistic view of patient health."
About Moxe Health
Founded in 2012, Moxe Health enables bi-directional flow of information between payers and providers. The company's flagship product, Substrate, is an electronic medical record integration solution connecting payers and provider networks, facilitating real-time data exchange among industry stakeholders. Through this exchange of data, provider networks are rewarded with key patient health insights and a reduced administrative footprint. Moxe is based in Madison, Wisconsin. For more information, please visit moxehealth.com.
About Safeguard Scientifics
Safeguard Scientifics (NYSE:SFE) provides capital and relevant expertise to fuel the growth of technology-driven businesses in healthcare, financial services and digital media. Safeguard targets companies that are capitalizing on the next wave of enabling technologies with a particular focus on the Internet of Everything, enhanced security and predictive analytics. Safeguard typically deploys between $5 million and $25 million over the course of its partnership with a company, initially investing in a Series A or B Round and opportunistically in a Seed Round. Safeguard has a distinguished track record of fostering innovation and building market leaders that spans more than six decades. For more information, please visit www.safeguard.com or follow us on Twitter @safeguard.