MOUNTAIN VIEW, Calif., Aug. 9, 2016 /PRNewswire/ -- CareSkore, the predictive population health management company graduated from Y Combinator with the Class of 2016 and raised $4.3 million in their initial round.
The company was also named one of the top 7 companies by TechCrunch on Demo Day. A handful of blue-ribbon investors are backing the company including Cota Capital, the tech investing firm that backed Google, Uber, and DropBox, Storm ventures, that backed Marketo and other Mobile, Saas and Security apps, and Rising Tide Fund – which backed Oracle, Palantir and Cloudera. Liquid 2 Ventures, the firm run by ex-QB Joe Montana is also betting CareSkore can win.
CareSkore's two co-founders are Chief Medical Officer, Dr. Puneet Dhillon Grewal, MD, an Internal Medicine physician and Cardiologist and Chief Executive Officer, Jaspinder Grewal. He is a computer engineer and holds an MBA from the University of Chicago Booth School of Business. He has 13 years of experience working with large health systems, managing technology, and operations.
CareSkore helps measure the clinical and financial risk of hospital patients based on their electronic medical record and claims data. This allows the hospitals to focus on patients that need the most care and management, both in hospital and after discharge. The company was launched in 2014 as a direct response to the Affordable Care Act which holds hospitals and providers accountable for the quality of care they provide. CareSkore's solutions are particularly pertinent: Medicare announced just last week (August 3rd, 2016) that the penalties related to hospital readmission rates are expected to total about $108 million more than last year, due to changes in how these are measured. Hospitals need to understand the clinical risk of patients, so that they can focus efforts on higher-risk patients and limit hospital re-admissions which cost about $528 million a year. Arun Penmetsa, an investor with Storm Ventures notes, "With the shift to value-based care, physicians and hospitals need better tools to get a holistic view of the patient. We invested in CareSkore since the platform directly addresses this challenge. Mr. Grewal and his team have the right background, vision and philosophy to succeed in this space."
The company has successfully leveraged a predictive patient management system for healthcare providers by conducting predictions in real time, based on combination of clinical, labs, demographic and behavioral data. The company creates individualized, disease specific workflows and care plans which allows doctors, nurses, and care teams detect and monitor patients, and in turn focus on them. By applying high-risk profiling, a method used by insurance companies but never by the medical sector, CareSkore's patented, secure technology crawl's thousands of electronic health records and claims data to review a patient's risk level and identify potential gaps, clinical vulnerabilities and gaps in care.
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