Investment underscores the rapid growth in CareJourney’s customer base, and the growing acceptance of clinically-relevant, transparent, reliable, and actionable analytics in value-based-care
April 29, 2019: CareJourney, a leading health care analytics company, has raised $4.1 million in Series A financing. The round was led by private investors, with participation from company insiders. The funding will be used to accelerate the adoption of CareJourney’s analytic products by market leaders in the health care ecosystem.
CareJourney is trusted by leaders and innovators in the payer, provider, and pharmaceutical industries, including numerous Fortune 500 organizations, to provide clinically-relevant insights across patients, providers, facilities, and networks with the goal of uncovering opportunities for better health outcomes. CareJourney takes a longitudinal view of patient histories to evaluate care network performance and population outcomes. Leveraging a growing library of open and customizable models, we identify patient populations of greatest need and cost, align them with the most relevant care plans and networks, and track adherence over time for use in evaluating the impact of providers, facilities, and medications on outcomes.
CareJourney has unique access to the 100% Medicare fee-for-service and Medicare Advantage claims databases, representing over 80m beneficiaries and 10B claims over a 10-year longitudinal period and growing. Released in 2017, the company’s Population Insights product allows providers in risk contracts to assess patient panels for care improvement opportunities, and measure PCPs and practices on their progress toward savings and quality improvement. In 2018, CareJourney released Network Advantage, the first product to allow stakeholders in multiple sectors to benchmark, analyze and take action to improve delivery networks based on the entire CMS historical claims database, which represents roughly $5 trillion in spending since 2010.
“CareJourney has rapidly become a significant player in the healthcare analytics ecosystem, and we’ve had that validated with great interest in seeking potential investors,” said Dan Ross, CEO of CareJourney. “Our customers truly appreciate the approach we’ve taken in delivering clinically-relevant and actionable analytics while freeing them from the all-too-common, opaque, analytic black box. What can’t be explained can’t be trusted, and so our focus has been to give our customers the tools and traceability they are seeking in their aim to take better actions.”
The funding round follows an outstanding year of growth for CareJourney, which ended 2018 with 30 customers. Our customers represent some of the most forward-thinking, well-known and respected health systems, providers, payers, and life science firms in the country.