February 11th, 2014
With the ground rapidly shifting under healthcare, a Wayne startup is finding its footing by developing a data-driven system to score and benchmark healthcare providers and payers.
Bill Conlan and Mark McAdoo founded HealthQx last year and are now testing their first product, CareQx, an application that measures healthcare quality and monitors performance. The technology is built on vast clinical and financial databases, including claims representing over 100 million individuals, as well as data on physicians, hospitals, labs and diagnostics. CareQx factors it all into an ongoing analysis and scoring of providers, treatments, health plans and payers.
HealthQx’s target market comprises large health plans, insurers, health systems and big, self-insured companies, says Conlan. All are coping with the move from fee-for-service to value-based healthcare, which has shifted risk to providers and demands accountability in outcomes and quality of care. CareQx will provide a definitive way to measure provider performance from cost efficiency and quality-of-outcomes perspectives, and help establish guidelines for building or re-building provider networks. The data is fine-grained enough to recommend physicians, hospitals, even find the right specialty treatment at a convenient location, to individual patients, subscribers or employees.
For now, Conlan says HealthQx is focused on analytics and beta testing its prototype. If all goes well, they will launch CareQx in the third quarter as a subscription-based product.
The company has attracted angel investors and received $150,000 in recent funding from Ben Franklin Technology Partners of Southeastern Pennsylvania. McAdoo and Conlan are working with two contract IT teams, one for data analytics, one to develop the software and data model, and hope eventually to bring those functions in-house.
Source: Bill Conlan, HealthQx
Writer: Elise Vider