Moxe Health raises $5.5 million to advance data sharing between payers and providers
Moxe Health, founded in 2012 with the goal of connecting healthcare payers and providers for data exchange, has raised $5.5 million.
The financing led by Safeguard Scientifics will go to expanding the company’s key technology, Substrate, which links payers and their provider networks. The company also plans to hire more staff and boost its sales efforts.
By integrating insurer data using standard processes, Moxe’s technology makes it possible for providers to incorporate claims, risk and other payer data into their own analytic efforts, thereby enabling clinicians to better understand patient risks and deliver value-based care.
Also, as the market evolves to include more stakeholders, Moxe will be positioned to work with data originating from multiple sources.
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"The rules of healthcare are quickly being re-written, as technology presents an opportunity to facilitate more meaningful interactions between payers and providers," Moxe founder and CEO Dan Wilson said in a statement. "We enable workflows that are beneficial to both sides of the equation and focus on delivering patient health insights to providers while reducing administrative excess."
Moxe also intends to build up its engineering and sales teams.
"The payer-provider dynamic in healthcare is drastically shifting, and there's value being harvested from companies and tools serving as the conduit," added Safeguard's Managing Director, Gary Kurtzman, MD, who will join Moxe’s board of directors.
Moxe is based in Madison, Wis., which is fast becoming a hub for healthcare and technology startups, such as HealthFinch, which develops software to automate healthcare tasks, like setting up routine prescription refills and Redox, an interoperability company launched by seven engineers, all of them former Epic Systems employees.