Loopback Analytics, a Dallas-based provider of analytics and data-enabled services for health systems and life sciences organizations, announced a strategic growth investment by growth equity firm PSG.
The amount of the investment was not released.
PSG partners with software and technology-enabled services companies to help accelerate their growth. Founder Neil Smiley will continue to serve as CEO alongside the current leadership team, according to the announcement.
In a statement, CEO Smiley noted the company’s growth and momentum over the past years, crediting it to the value of Loopback’s offerings across the specialty pharmacy and life sciences sector.
According to Smiley, PSG’s collaboration signifies not just an acknowledgement of their past achievements but also an alignment with Loopback’s vision.
“Not only does PSG recognize what we have accomplished, but they also share our go-forward vision of further enhancing Loopback’s value proposition to improve patient outcomes and help reduce their total cost of care,” he said.
Loopback was founded in 2009 to help patients understand and access innovative specialty care. The company connects health systems and life sciences organizations through analytics and data-enabled services that enhance health systems’ specialty pharmacy efforts, maximize opportunities for improved patient-centered care, and capture and share real-world data to develop therapy-specific best practices.
Developing best practices for better patient outcomes
Loopback said that by studying data from clinical, prescribing, and dispensing systems used by major health systems, its platform seeks to enable advanced analytics and medical insights.
The company said it serves a large and growing total available market across a wide variety of therapeutic areas.
Loopback said the investment proceeds will be used to improve and expand its data and analytics capabilities, including its recently launched payor access services offering and therapy-specific outcomes initiatives that help bring together health systems focused on developing best practices around selection and calculation of relevant clinical outcomes on a therapy-specific basis.
The company recently appointed Jerry Buller as vice president of Payor Access Services to further the expansion.
“We are thrilled to be partnering with Neil and the Loopback team to continue supporting their growth trajectory within the health system and life sciences markets,” PSG Principal Reid McCann said in a statement. “We believe Neil and his team have a differentiated set of solutions and capabilities that will be complemented by the expansion into payor access services and the further development of therapy-specific outcomes.”
Loopback Analytics serves over 40 health system clients, more than 350 hospitals, and thousands of clinics nationwide.
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