MediQuire, a New York City-based health IT company — and a Cambridge Management Group (CMG) partner– that uses big-data analysis geared to treating low-income and high-risk patients, has closed a Series A round of investment led by FCA Venture Partners.
MediQuire’s data-analytics tools help reduce quality-of-care disparities and avoidable medical costs for the riskiest patient populations treated by a wide range of providers and health insurers, especially Medicaid. These providers include many Federal Qualified Health Centers, a sector in which CMG has done intensive work.
The company, like Cambridge Management, has been heavily involved in helping physicians and healthcare institutions move from fee-for-service to outcomes/value-based care. MediQuire’s unique products let providers augment the limited reporting capacity of electronic health record systems, enabling providers to report true clinical performance on metrics linked to value-based payments. They also help prevent costly coding errors for both providers and insurers.
The company said that the FCA funding, whose amount was not publicly disclosed, will support MediQuire’s technology development and expansion of its customer base.
Matt King, FCA’s managing partner, said: “MediQuire’s proprietary technology to analyze vast amounts of data to accurately calculate provider performance really sets them apart in the marketplace. When talking to customers {we find that} the overwhelming response has been that their service levels, user-friendly technology and analytics know-how sets them miles apart from the speed and customization received from their electronic health record vendor.”
Meanwhile, Ray Welch Jr., former chairman of AmeriHealth Caritas and former chief executive of Mercy Health System Southeastern Pennsylvania, and Cathrin Stickney, a former executive at Evolent Health, Cigna Healthcare and Kaiser Permanente, will join MedQuire’s board.
Mr. Welch observed: “MediQuire technology and tools create value for providers…by expanding access to data required for development of effective care plans that improve quality and reduce costs fir Medicaid patients. I look forward to working with the MediQuire team to achieve their vision of becoming a leader in providing Medicaid health technology solutions.”
