SALT LAKE CITY, Nov. 29, 2017 /PRNewswire/ -- Empiric Health, an independent company launched earlier this year by Intermountain Healthcare and Oxeon Partners, today announced that the company closed a $3 million Super Seed financing from Intermountain Healthcare. Empiric will use the financing to commercialize and expand the company's service offering and workflow optimization tools, which will help health systems uncover and address variations in procedures and improve outcomes.
Today, it is a challenge for many health systems to align clinical and operational staff and goals. Empiric's offering and tools empower health systems with data-driven insights on variation in their facilities. Applying these insights, health systems can dramatically impact their costs, quality, and outcomes.
The company's offering is based on Intermountain Healthcare's ProComp program, which created operational efficiencies that saved Intermountain and its patients more than $90 million.
"It's our goal to build out Empiric's proprietary analytics framework and services so that clinicians and healthcare leaders can easily access relevant information that enables them to deliver high-quality, affordable care," said Rick Adam, chief executive officer of Empiric Health. "It is our responsibility to provide tools and services that empower clinicians and benefit patients. This funding will help us do that. We are honored to partner with and be supported by Intermountain as we continue our work at Empiric Health."
Intermountain Healthcare—a not-for-profit health system based in Salt Lake City, Utah—is internationally recognized for being a leader in healthcare innovation and transformation. Its commitment to helping people live the healthiest lives possible expands to supporting and nurturing entrepreneurs that also share this goal. In 2013, Intermountain created Intermountain Innovations to commercialize intellectual property and facilitate industry collaboration, resulting in an increase of meaningful health solutions to the marketplace.
"Intermountain is committed to accelerating proven solutions that will affect positive change in healthcare," says Bert Zimmerli, executive vice president and chief financial officer of Intermountain Healthcare. "We are excited to partner with companies such as Empiric Health, enabling us to work together to improve quality and manage costs for our patients and communities." For more information on Empiric Health, please visit www.empirichealth.com.
About Empiric Health
Empiric Health is a technology-enabled service platform that lowers cost and improves outcomes for health system customers through data-driven physician practice change. Empiric differentiates with a proprietary comparative analytics methodology and proven ability to change physician behavior, so that care providers can understand and optimize for high value, episodic care. For more information, visit www.empirichealth.com.
About Intermountain Healthcare
Intermountain Healthcare is a Utah-based not-for-profit system of 22 hospitals, 180 clinics, a Medical Group with about 1,500 employed physicians and advanced practitioners, a health plans group called SelectHealth, and other medical services. Intermountain is widely recognized as a leader in transforming healthcare through high quality and sustainable costs. For more information, visit www.intermountainhealthcare.org.
Oxeon Partners is a highly specialized healthcare growth services firm that connects its company partners with the fundamental drivers of business growth: great people, transformational business development partnerships, strategic investments, next-generation business ideas, and human capital advisory. Oxeon's Venture Studio focuses on building companies de novo, with entrepreneurs or with strategic partners and anchor customers. For more information, visit www.oxeonpartners.com.
SOURCE Empiric Health