Analytics company Empiric Health closes $3 million in 'super seed financing'
Salt Lake City-based Empiric Health, a startup launched earlier this year by Intermountain Healthcare and Oxeon Partners, has closed on a $3 million round of funding from Intermountain Healthcare in what is dubbed “super seed financing.”
Empiric will use the financing to commercialize and expand the company's service offering and its workflow optimization tools. The services and technology are designed to help health systems uncover and address variations in procedures, the better to improve care and cut costs.
Today, many health systems have trouble aligning clinical and operational staff and goals. Empiric Health’s offering and tools are designed to help with data-driven insights on variation in care.
The insights help to reduce variations, which can dramatically reduce costs while also improving quality and outcomes. Empiric’s offering is based on Intermountain Healthcare's ProComp program, which created operational efficiencies that saved Intermountain Healthcare and its patients more than $90 million, according to the health system’s executives.
"It's our goal to build out Empiric's proprietary analytics framework and services so that clinicians and healthcare leaders can easily access relevant information that enables them to deliver high-quality, affordable care," Empiric Health CEO Rick Adam, said in a statement. "It is our responsibility to provide tools and services that empower clinicians and benefit patients. This funding will help us do that.”
Intermountain Healthcare created Intermountain Innovations to commercialize intellectual property and facilitate industry collaboration, resulting in an increase of meaningful health solutions to the marketplace.
Intermountain Healthcare and Oxeon, a healthcare growth services firm, launched Empiric Health last March.