The data warehousing and analytics firm Health Catalyst has raised $70 million in Series E funding. At the HIMSS16 Conference and Exhibition in Las Vegas, the company also announced that it has reorganized its product development around nine product lines, all under the umbrella of population health and accountable care.
The funding round was led by Norwest Venture Partners and Pittsburgh-based UPMC, a Health Catalyst customer. Two other customers, MultiCare Health System and OSF Healthcare, also contributed to the funding round, continuing Health Catalyst's model of investment by customers.
Health Catalyst CEO Dan Burton that this would be the Salt Lake City-based company's last round of capital as a private company, as it expects to be cash-flow-sustainable by the fourth quarter of 2016.
During 2015 the number of patients served by its customers increased to more than 65 million. The company doubled its bookings backlog, doubled its revenue, nearly doubled its customer footprint and increased the number of employees from approximately 230 to over 400. In addition, Health Catalyst acquired intellectual property from customers including Allina Health, Partners HealthCare, and UPMC.
The company said proceeds from the financing would support a significant expansion of outcomes improvement solutions for healthcare organizations. The nine product lines it will pursue are:
• Population Health and Accountable Care
• Care Management and Patient Relations
• Clinical Analytics & Decision Support
• Research Informatics
• Precision Medicine
• Financial Decision Support
• Operations & Performance Management
• CAFÉ (Collective Analytics For Excellence), comparative effectiveness solution
• The Health Catalyst Analytics Platform
Health Catalyst pointed to the following initiatives under development or in beta mode:
• Adding text data and natural language processing to the core platform
• A Bloomberg-style dashboard for decision support for personnel from the Board level to department managers
• The integration of clinical data with genomic data for phenotyping and pharmacogenetic decision support
• An Activity-Based Costing system
• Several applications for “closed loop analytics” embedded in the EHR user interface
• The integration of very granular, de-identified data from 65 million patient records into a single data repository (CAFÉ).