April, 2012 – While US and European governments actively seek to reduce healthcare costs and improve outcomes, one UK-based startup is poised to answer the million dollar data analytics question: how can we make meaningful use of data if we don’t know what it means?
Clinithink has developed an innovative cloud-based data analytics technology specifically for healthcare applications. Clinithink’s patent-pending Clinical Language Indexing software (CLiX) uses Natural Language Processing and propriety algorithms to construct fully-coded output from physicians’ notes using industry data standards (ICD-9, ICD-10, and SNOMED CT).
The software addresses the need for data elements to be consistently coded, regardless of how it is input, and reusable for purposes that extend beyond billing. CLiX enables third party reseller solutions targeted at healthcare providers, insurers, pharma companies and other aggregators of clinical data to gain powerful and valuable insights into increasingly large volumes of unstructured textual data.
Despite the challenging economic conditions, Clinithink’s unique and sought after proposition has led to it being identified as a company with high growth potential and has resulted in significant funding from a number of investors led by Vanguard Atlantic, a US venture capital firm specializing in equity investments in software and services.
CEO of Clinithink, Chris Tackaberry said, “The investment by Vanguard Atlantic dramatically enhances our ability to deliver our vision of having a positive impact on the growing healthcare-data industry. In particular, we are now able to expand our presence in the US where our software has already been adopted by a number of partner organizations.”
CEO of Vanguard Atlantic, Lee Keet said, “CLiX is the first software to use such cutting-edge methodologies to create repeatable codes that can be used for detailed analytical studies of symptoms, treatments and outcomes. We are pleased to be supporting the growth of Clinithink, a start-up that has already demonstrated their value and potential in an industry in great need of innovative solutions to help drive down cost.”
Following a successful multi-million dollar initial close, the deal will remain open for a short period to allow for another institutional investor to join on the same terms.