June 3rd, 2014
KING OF PRUSSIA, PA, June 2, 2014 – HealthQx, the King Of Prussia, Pennsylvania-based provider of healthcare cost and quality analytics, has secured a new round of funding to fuel expansion and the marketing of its Software as a Service (SaaS) products, CareQx and ClarityQx.
Both products are intended to offer healthcare payers and providers tools for informed decision-making as the nation moves from fee-for-service healthcare to value-based payment models such as bundled payments and new care delivery models such as the Accountable Care Organization (ACO).
The latest round of funding was provided by the Pennsylvania’s Ben Franklin Technology Partners, one of the nation’s “longest-running technology-based economic development programs,” BioAdvance, a Philadelphia-based venture fund that “invests in technologies that have the potential to improve human health,” and a group of private equity investors.
Ben Franklin also participated in the company’s initial round of funding.
“This new round of founding will enable us to move from the development stage into a broad based initiative to market our CareQx healthcare provider scoring product and ClarityQx, our analytics platform that enables payers and providers to implement and manage value-based payment and care delivery models,” Mark McAdoo, HealthQx CEO explained.
“We will now be able to reach out to all of our target markets – payers, providers and transparency vendors –as they transition from fee-for service to value-based healthcare, a model which demands transparency in cost and quality driven by reliable independent data analysis,” added Bill Conlan, the company’s founder and COO.
More About HealthQx
HealthQx aggregates and analyzes big healthcare clinical and cost data on 120 million or more patients nationwide to find the best healthcare values, and provide the decision analytics to improve performance when required.
The company’s CareQx and ClarityQx products offer payers and providers a clear path to value-base healthcare and its new payment and care-delivery models.