DURHAM, NC, Patient-centered analytics company working with healthcare organizations closed a $1.9 million round.
Bivarus, a patient-centered analytics company working with healthcare organizations to measure and analyze the patient experience, announces that it closed a $1.9 million round to capitalize on demand for its software-as-a-service (SaaS) platform. Excelerate Health Ventures led the round, joined by other investors.
Bivarus is the response to the frustration that exists among leaders of hospital-based outpatient service lines, community-based clinics and group practices and their inability to acquire statistically precise data around the patient experience and its impact on care delivery. Current measurement tools are burdensome to patients, plagued by low response rates, and are neither timely nor actionable.
Bivarus has flipped the current method of surveying patients by providing sophisticated yet simple cloud-based services and analytics. This approach dramatically reduces response fatigue, improving patient response rates 3-5x over traditional methods.
'As a member of the UNC Healthcare Heart & Vascular Network, every patient encounter becomes an opportunity to learn and improve,' observed Joel E. Schneider, MD, FACC, Cardiologist at North Carolina Heart and Vascular. 'With Bivarus, we're now able to measure the patient experience with much higher response rates, increasing our confidence in the validity of the data and our ability to exceed our primary goal of improving our quality of care.'
Bivarus has experienced rapid growth, doubling its customer base over the past few months. The company is hiring additional customer success managers, sales professionals and software developers to support its continued growth.
'The market is well established, but has seen little innovation throughout the years. Physicians and nurses continue to express their frustration with tools that are overly focused on external benchmarking. It's a market ripe for disruption,' noted Gary Abrahams, Managing Partner, Excelerate Health Ventures. 'We have talked with dozens of physicians and healthcare leaders who haven't been well served by the status quo and are desperately searching for alternatives. With Bivarus, providers 'in-the-trenches' now have more precise data they can actually act upon to make appropriate improvements.'
Bivarus is committed to building its operations in the Research Triangle region. For more information on current job openings, please refer to http://bivarus.com/company/#openings.
Bivarus brings an entirely new science of measuring patient experience with its cloud-based analytics platform to hospital-based outpatient service lines, community-based clinics, and large group practices. Measuring and improving care delivery and quality of life outcomes - from the patient's perspective - has become one of the top priorities of the healthcare system. Bivarus is at the forefront of providing a patient-centered analytics platform for accurately measuring meaningful and actionable insights into drivers impacting organizational and provider performance. With Bivarus, healthcare organizations can more easily identify service recovery opportunities, as well as improve quality, care coordination, team performance and patient safety. For more information, please visit www.bivarus.com
About Excelerate Health Ventures
Excelerate Health Ventures is a management team of experienced healthcare entrepreneurs with start-up, corporate and investment expertise. EHV leverages the domain experience and contacts of their network of healthcare providers, payers and strategic partners to select, validate, mentor and grow their portfolio companies. This focused approach accelerates the adoption and revenues of a portfolio companies' products and associated services. EHV offices are located alongside fellow entrepreneurs at the First Flight Venture Center, a technology incubator in the Research Triangle Park of NC. For more Information, please visit: http://www.ExcelerateHealth.com.
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