Funding follows growing industry acceptance of outcomes-based quality transparency to achieve patient safety and payer savings
SEATTLE, WA—April 25, 2017— MPIRICA Health, Inc., a leading healthcare quality transparency startup, today announces a $4.6 million funding round led by OurCrowd, the world’s leading equity crowdfunding platform, with participation from a private Seattle-based equity fund. The company plans to use proceeds from this round to fuel its national roll-outs to customers in the Medicare Advantage and employer benefits space, and to scale its cognitive technology platform so that more people and organizations can readily access the best healthcare outcome information for their specific surgical needs.
MPIRICA’s 3-digit metric is simple to access and easy to understand. Available instantly online, the quality score summarizes the actual performance of surgical providers based on clinical outcomes. To produce these consumer-friendly, yet scientific hospital and surgeon scores, the company leveraged a deeply experienced team of data scientists and medical doctors.
The company’s proprietary quality score methodology is based on decades of analyzing and risk-adjusting claims data from insurance companies, commercial payers, the federal government and health systems.
“Armed with this funding, we are thrilled to be able to mainstream the only outcomes-based, trusted quality score for the benefit of payers, healthcare consumers, as well as providers, and to scale our operations and technology,” commented Shakil Haroon, Founder and CEO of MPIRICA.
The MPIRICA Quality Score reveals a wide range of outcomes across the country, from poor-performing to superstar-level surgeons and hospitals in almost every city. The company already has launched scores for 864 different procedures.
In addition to scoring outcomes, the company’s cloud platform delivers integrated cost efficiency measures that allow payers to identify the intersection of the most effective and efficient surgery providers in each region of the US.
“MPIRICA’s current commercial agreements with several leading healthcare management companies position the company for rapid growth and significant impact in shaping the standards of healthcare quality transparency,” said Eduardo Shoval, Chairman of MPIRICA’s Board of Directors and a General Partner at OurCrowd First– the fund that led the investment.
“The company has validated the utility and versatility of its platform by providing instant data to patients, who urgently need information to make informed surgeon and hospital selections while effectively delivering cognitive management tools to healthcare businesses who must manage costs and patient risk.”
MPIRICA’s services are delivered to partners via API and through the company’s platform at www.mpirica.com.
About MPIRICA Health, Inc.
Based in Bellevue, Washington, MPIRICA is a digital health startup founded in 2014 to demystify healthcare quality transparency for consumers and payers with an intuitive measurement of surgeon and hospital performance. The MPIRICA Quality Score is based on past medical outcomes, across 864 surgical procedures. The 3-digit score ranges from 100-800, with 600 to 800 representing an excellent demonstration of quality healthcare for a given procedure. Scores less than 600 but more than 400 represent fair care, while anything below 400 indicates substandard historical performance. Find information about MPIRICA Health on Twitter, LinkedInor at www.mpirica.com.
About OurCrowd First
OurCrowd First is Israel’s premier and most active leading early-stage venture capital fund, and the seed-stage fund at OurCrowd, the leading global equity crowdfunding platform for accredited investors. Headquartered in Israel, the OurCrowd First fund is seeding and scaling a carefully curated portfolio of early-stage ventures that are computing and actuating the connected world by leveraging the exponential technology convergence of Artificial Intelligence and Machine Learning, the Internet of Things, 3D Printing, digitally enabled Precision Agriculture, Autonomous Robotics, Digital Health, Blockchain technology, and AR/VR.
OurCrowd First is managed by General Partners Eduardo Shoval, Yori Nelken and Avi Reichental, three seasoned parallel entrepreneurs who bring to the fund’s portfolio decades of executive management and corporate leadership experience in growing early-stage startups to convincing scale with successful outcomes. Since its inception, OCF has been recognized as ‘Israel’s most active early-stage VC’. Through its funds, OCF has already invested in some 19 early-stage ventures, guiding some of the most promising Israeli and global exponential-tech startups.