Thursday August 20, 2015 0 comments
DENVER -- NextHealth Technologies, a Denver-based predictive analytics company, announced it raised $1 million in new financing. Also participating in the round were the City of Denver's Office of Economic Development and health industry veteran executives James Bradley, Trace Devanny, Peter Everett, and Daniel Spirek.
NextHealth said it improves outcomes and reduces costs by helping consumers make more informed choices about their health. NextHealth's platform integrates three foundational technologies -- predictive analytics, behavioral economics, and multi-channel consumer engagement.
NextHealth said this integrated solution predicts risk reduction opportunities and then prescribes personalized member-level actions or "nudges" to improve outcomes. One use case provided their customers a 20 percent reduction in emergency room visits and costs in less than 90 days.
Other potential cost reduction applications include out-of-network reduction, readmission reduction and retention of high value members.
"NextHealth is truly changing member behavior – something that uniquely positions them in this competitive market," said Point B Capital's Managing Director, Joe Piper. "We look forward to continuing a consulting relationship and working with them on business development to bring their winning solution to a much broader audience."
"The participation of such a stellar group of investors and industry powerhouse executives is a real testament to the outcomes our company can provide," said Eric Grossman, CEO of NextHealth. "It is a big leap forward in our next phase of growth."
"NextHealth has developed a platform that offers significant returns on the investment of the resources of their clients as well as improved care for members – a win for everyone it touches," said Bradley, chair, Health Data Consortium, chairman of the board of Wellpartner, former CEO of RxHub LLC, and the former chief information officer of UnitedHealthcare Corporation.
"I have been impressed with NextHealth's client growth and additions to its senior executive team. Given their progress and our confidence in the business, SaaSCo has made this important follow on investment," said Everett, CEO of SaaSco Holdings, a venture capital firm. SaaSco completed its first investment in NextHealth in April 2014.