North Texas-based Medchart has raised $17 million in Seed and Series A funding to help businesses get better access to patient-authorized health information.
The investment was led by Crosslink Capital and Golden Ventures, with additional participation from Vast Ventures, Union Ventures, iGan Partners, Stanford Law School, and Nas, an original backer. Medchart, which just opened its new U.S. headquarter offices in Coppell, plans to use the money to accelerate product innovation and bring on new talent.
Medchart was founded to solve what it calls “one of the slowest, most tedious, and fractured processes.” By using artificial intelligence and machine learning, Medchart provides actionable insights to those who need high-quality, complete patient information.
The company’s cloud-based tech platform allows businesses to easily, cost-effectively access and exchange digital health information that is authorized by patients. All digital records—from life sciences real-world evidence to legal claims—are secure and accurate, regardless of original format.
According to the company, everything is also in compliance with a patient’s preferences and global privacy standards. It aims to completely transform the medical record access process for businesses beyond patient care.
“Medchart’s automation and efficiency unlocks new generations of digital transformation and analytics to business processes that remain slow, expensive, and paper-based,” James Bateman, co-founder and CEO of Medchart, said in a statement. “Our mission is to revolutionize the way legal, insurance, researchers, and other professionals access medical records in a fraction of the time.”
Currently, more than 2,500 healthcare providers and pharmacies across North America use Medchart to release records electronically. And, more than 200 businesses and law firms take advantage of the platform to exchange information with partners and drive business decisions.
Medchart’s AI- and ML-assisted claimant qualification is also used by mass tort law firms for individuals who have suffered life-altering injuries. That includes some 40 percent of all U.S. claimants in the ongoing Purdue opioid litigation, according to a news release.
The funding will enable Medchart to further expand across new verticals. The goal is to ensure organizations can keep up with market shifts and regulatory considerations amidst the race to online digitization.
Already Medchart is connected to various nationwide and regional health information exchanges across the country, which covers millions of records. The company said it plans to further enhance its AI capabilities to offer deeper record analysis and insights to law firms.
“Medchart drastically improves the way we acquire health records, allowing staff to focus on our core competency—cases,” Charles Gluckstein, a partner at Gluckstein Personal Injury Lawyers, said in a statement. “The company’s leading-edge view of what’s next aligns well with our ongoing efforts to continually innovate business services.”
With the funding deal, Matt Bigge, a partner at Crosslink Capital, will join Medchart’s Board of Directors.
“Medchart is a driving force in creating accessibility, efficiency, and transparency from a legacy-based, siloed health information industry,” Bigge said. “I am impressed by how foundational its platform has become to solving the massive challenge of data sharing and putting health information to use. Given its top-notch leadership team, there is no question that Medchart is a company we want to partner with to address a critical problem in a trillion-dollar market.”
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