Funding will Support Company Mission to Enable Healthcare Organizations to Optimize Resources to Deliver Quality Care
Boston, MA, January 8, 2015 — par8o, Healthcare’s Operating System, today announced $10.5 million in Series A funding from Atlas Venture, Founder Collective, CHV Capital and other investors. Since the company’s founding in 2012, a growing and diverse list of organizations have adopted the par8o platform, including the largest employer in the State of Nevada, MGM Resorts, and several pre-eminent academic medical centers, including Harvard Medical School affiliated hospitals in Boston and facilities that are part of the Mount Sinai Health System in New York.
Started by the physicians who founded SERMO, the largest on-line physician community in the world, par8o traces its roots back to the on-line discussions around the Affordable Care Act (ACA). Even then, physicians recognized that success in the new era of healthcare would require a new approach to matching the right patient to the right resource at the right time. The par8o Healthcare Operating System allows healthcare organizations to optimize their networks of providers and other resources to deliver quality care by applying one of the most powerful and proven principles in economics: Pareto Optimization. This approach, and the EMR-agnostic technologies par8o has developed to implement it, are well-suited to the complex, multi-constituency nature of healthcare because they achieve continuous efficiency improvements while balancing the needs of all parties.
“We, as a nation, face a formidable challenge to transform our health system to do more with less. Gone is the belief that all parties can optimize exclusively for their own interests, replaced with the recognition that the future will be one of convergence, offering patients not just compassionate care, but a cost-effective, seamless customer experience as well,” said Daniel Palestrant, MD, co-founder and CEO at par8o. “par8o is working to bridge the problematic gaps in EMR technology, facilitate better information sharing, and ease office workflows so that physicians have a smarter way to match patients to the right next step in their care.”
“We’ve seen an explosion in healthcare technology innovation in the last few years. With shifting demographics, policy changes and cost pressures on the healthcare system, the environment is ripe for innovation,” said Jeff Fagnan, Partner at Atlas Venture. “par8o is well positioned to usher in the change that is needed. We are looking forward to the company’s continued growth as they tackle quality, communication and cost — some of healthcare’s biggest issues today.”
par8o gives healthcare organizations a new, comprehensive view into how patients move through their facilities, enabling physicians to remain engaged in every step of the patient’s treatment. The cloud-based platform ensures transitions in care match plan design and that relevant information — such as a test result or discharge plan — are easily available. By adopting the par8o platform and streamlining transitions in care, organizations are able to match the right patient to the right resource at the right time. To date, every par8o customer has expanded their engagement with the company after experiencing initial results.
par8o is a venture-backed, EMR-agnostic platform that creates a common point for coordinating care delivery and plan design, a technology that connects providers, payers, and patients. The par8o platform acts as a cloud-based healthcare operating system enabling all parties to improve care and optimize towards several clinical and business goals in parallel rather than to the detriment of one another. par8o helps clients succeed by applying Pareto Optimization, a powerful economic principle that succeeds because it is well suited to the complex, multi-constituency nature of healthcare. Simply put, par8o helps organizations match the right patient to the right resource at the right time. To learn more about par8o, please visitwww.par8o.com.