HBI Solutions, a Silicon Valley healthcare analytics company, will expand its business in US and global markets with $12.6 million in Series A funding led by Wonders Information Co. Ltd, based in Shanghai, China. The investment will help grow HBI’s business in the US, and will introduce HBI’s unique predictive analytics services internationally.
“With this current round of funding, we’ll provide new predictive models and performance management services to our current and growing client base,” said Eric Widen, CEO of HBI Solutions. “We started with predicting healthcare cost and utilization, and we’ve now expanded our predictive risk model portfolio to accurately predict a patient’s risk of developing diabetes, hypertension, congestive heart failure, heart attack, cerebrovascular disease, COPD, and asthma.” He added that HBI will roll out additional disease prediction models in upcoming software releases.
Widen said the funds will also bolster the company’s sales and marketing efforts to reach new customers within and outside the US. “We’re thrilled that Wonders wants to bring our solutions to the Chinese market to support the health improvement needs of one of the world’s largest populations.”
HBI offers predictive risk and analytic solutions to healthcare providers, payers, and technology companies. Two of the most advanced health information exchanges (HIEs) in the United States use HBI’s proprietary risk models. Using clinical data from a patient’s electronic health record, HBI provides end users with real-time predictive scores and analytic dashboards to help individual clinicians identify patients at high risk of hospitalization or developing serious high-cost medical conditions, often before the patient leaves the hospital bed. This allows for early intervention and patient engagement to head off future health complications and corresponding costs.
Only one year after officially launching its offerings, HBI has seen rapid growth in use of its solutions. “We started out 2014 with over one million patient records running through our real-time risk applications. By early 2016, we should be over 15 million,” he said. He added that use is up because customers are seeing results.
Past publications in multiple peer-reviewed journals have proven HBI’s predictive modeling approach, which represents one of the most advanced machine learning methods to develop real-time predictive models. HBI has also recently published new research showing its model can result in reductions in 30-day hospital readmission rates and emergency room visits.
Using both clinical and administrative data like claims, HBI also offers solutions to assess provider clinical and cost performance as well as support actionable market analyses. This helps healthcare organizations drive quality and cost improvements, manage risk and population health, and inform operational decision making. This is especially important as reimbursement models in the US shift to reward value over volume of care, requiring healthcare organizations to take on financial risk for the health of the populations they serve.