Phrase Health, a maker of SaaS-based electronic health record data tools, has raised USD 3 million in the latest funding round led by LionBird on 28 October 2021.
Investors: Digital health venture capital firm LionBird led the latest funding round with participation from health IT leaders Vizient, Inc. and BioAdvance.
The Objective behind the funding: The company plans to deploy the current proceeds to support the company’s growth initiatives and further its mission of improving the quality of clinical care delivery through optimization of workflows and management of electronic health records (EHR) data.
About Phrase Health
Founded in 2018 by board-certified clinical informatics physicians Marc Tobias and Mike Zeidlhack, Phrase Health is a healthcare technology company focused on enhancing the quality of clinical care delivery through the optimization of workflows and management of electronic health data. The company’s software provides web-based analytics dashboards and collaboration tools to understand better clinical processes and electronic interventions like alerts and order sets. The startup has customers that span academic health systems, community health networks, and stand-alone pediatric hospitals. This investment announcement follows the company’s recently received National Institute of Health STTR grant and a previous investment from Sequoia’s Scout program and BioAdvance in 2019.
What the Founder has to say:
“Our platform empowers hospitals to gain insights on their processes and workflows and easily makes that data actionable,” said Dr. Marc Tobias, CEO and co-founder of Phrase Health. “With this support from knowledgeable leaders in the health IT space, we are in a position to accelerate growth and focus on additional research and development to enhance our current capabilities, ultimately improving the experience for clinicians and quality of healthcare for patients.”
What the Investor has to say:
“We’re eager to invest in Phrase at a particularly exciting time in the company. We found several compelling reasons to invest, but principally were impressed with their clients’ strong descriptions of ROI from Phrase’s solution and the team’s deep knowledge about the issues their clients are facing,” said Robert Lord, Partner at LionBird. “The company’s efforts linking health systems’ EHR interventions to quality measures is a compelling shift at a time in which the industry is moving towards value-based care.”
The Covid-19 pandemic has exposed many challenges that exist in healthcare, such as health inequities, high costs and patient experiences. According to Business Wire, the global healthcare market is projected to hit USD 11,908.9 billion by 2022. The introduction of Technology in the healthcare industry can reduce the challenges to a great extent that persist in traditional healthcare infrastructure.
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