Round led by Christiana Care Health System, Summation Health Ventures and The Texas Medical Center with participation from current investors HealthX Ventures and Cultivation Capital
AUSTIN, Texas, Feb. 19, 2019 /PRNewswire/ -- NarrativeDx, the AI company that provides actionable insights from patient and provider feedback, announced today a round of strategic funding led by Christiana Care Health System, Summation Health Ventures and The Texas Medical Center. Also joining the round are HealthX Ventures and Cultivation Capital, who participated in previous rounds of funding. NarrativeDx grew revenues 477% last year and will use the funds to accelerate sales and marketing, product innovation, talent acquisition and continued growth.
"NarrativeDx transcends reputation management by creating a full patient and employee experience management platform," said Juliana Garaizar, Director, TMC Venture Fund. "Its ability to produce actionable insights from reviews where others only saw white noise can significantly impact the ROI of many of our healthcare institutions."
NarrativeDx uses patented AI to identify actionable insights from patient and provider feedback that improve patient satisfaction scores, increase operational efficiency and decrease employee turnover. NarrativeDx helps healthcare leaders go beyond survey scores by analyzing comments from satisfaction surveys, grievances, online reviews and employee engagement surveys to help health systems provide excellent experiences that drive significant improvement in financial performance.
"Our unique ability to identify what matters most to patients and providers is changing the game for today's healthcare leaders," said Kyle Robertson, Founder and CEO of NarrativeDx. "Our success in identifying insights that drive improvement has fueled our rapid growth to over 100 clients nationwide."
NarrativeDx has helped healthcare leaders hear over 11 million patient voices and generate real results such as:
- 30% increase in Likelihood to Recommend Scores
- $400,000 increase in Value Based Purchasing
- 80% reduction in patient feedback analysis effort
- 21 CAHPS measures improved in 90 days
- 90% reduction in lab wait times
- Complete consumer-centric redesign of oncology processes
- 9% increase in referral volume
"Our investors' show of confidence reinforces that NarrativeDx's value proposition — hearing the voice of the patient and provider — is revolutionizing how organizations discover insights from feedback," said Robertson. "We're eager to work with Christiana Care Health System, Summation Ventures and the Texas Medical Center to grow our customer base."
NarrativeDx uses AI to identify actionable insights from patient and provider feedback that improves patient satisfaction scores, increases operational efficiency and decreases employee turnover. NarrativeDx helps healthcare leaders go beyond survey scores by analyzing comments from satisfaction surveys, grievances, online reviews and employee engagement surveys to help hospitals provide excellent experiences that drive significant improvement in financial performance. More information is available at http://www.narrativedx.com.
About Christiana Care Health System
Headquartered in Wilmington, Delaware, Christiana Care is one of the country's most dynamic health systems, centered on improving health outcomes, making high-quality care more accessible and lowering health care costs. Christiana Care includes an extensive network of outpatient services, home health care, medical aid units, two hospitals (1,227 beds), a Level I trauma center and a Level III neonatal intensive care unit, a comprehensive stroke center and regional centers of excellence in heart and vascular care, cancer care and women's health. Christiana Care is a not-for-profit teaching health system with more than 260 residents and fellows. It is continually ranked by US News & World Report as a Best Hospital. With its unique, data-powered care coordination service and a focus on population health and value-based care, Christiana Care is shaping the future of health care. Learn more at https://christianacare.org.
About Texas Medical Center
In keeping with the TMC's mission of serving the health, education and research needs of Texas and the world, The TMC Venture Fund invests in startup technologies and companies in the health care and life sciences space that have a link with the TMC. This $25M fund aims to help fuel the early-stage funding gap in Houston and bolster the Houston healthcare innovation ecosystem. More information is available at http://www.tmc.edu.
About HealthX Ventures
HealthX Ventures is a digital healthcare-focused venture capital fund that supports early/seed stage, high-growth companies in all areas of digital health, including companies who are making healthcare safer, more efficient and more affordable. The firm is investing out of its flagship fund and is led by experienced entrepreneurs, investors, and industry experts who have grown companies and led change across the healthcare system. Learn more at http://www.healthxventures.com.
About Cultivation Capital
Cultivation Capital is a venture capital firm that supports extraordinary entrepreneurs. Cultivation Capital manages a family of venture funds that invest in technology and life sciences companies. These funds have backed over 140 companies since the firm was founded in 2012, making it one of the most active venture capital firms in the country. Cultivation Capital helps businesses achieve pivotal milestones with the help of our general partners, investors, and other portfolio companies. For more information, please visit http://www.cultivationcapital.com.
About Summation Health Ventures
Summation Health Ventures provides strategic investment funding to privately held companies offering innovative products, services and technologies, which help health care systems significantly improve performance and outcomes. Our portfolio companies gain access to a vast network of organizational resources of our founding investment partners, Cedars-Sinai Health System and MemorialCare Health System. Summation Health Ventures offers a valuable gateway for these entrepreneurs to develop, refine and advance their products. At the same time, health systems gain access to emerging health care IT solutions that can help drive our industry forward. For more information, please visit http://www.shv.io