Moxe, a Madison, Wisconsin-based startup, is committed to using data and software to make healthcare more affordable and more efficient. They offer easily implementable technology-based solutions to health-care providers that allow them to digitize their operations that were previously done on paper.
On June 1, 2022, Moxe finished their most recent funding round. Piper Sandler Merchant Banking and Vensana capital lead the Series B venture capital investment. The lead investors as well as the other four investors in the round join Moxe’s other investors, Safeguard Scientifics, UPMC Enterprises, 3M ventures, and investors managed by Apollo. The $30 million round brings their total funding number to just over $36 million. They plan to use the new funds to expand their team and to add-on technology advancements in their existing software.
In a recent press release, founder and CEO, Dan Wilson said, “With the support of our new investors, Piper Sandler Merchant Banking and Vensana Capital, we can better support our customer growth and advance interoperability, which leads to smarter, high quality, more affordable healthcare.”
Wilson founded Moxe in 2012. The University of Michigan graduate saw the inefficiency of the healthcare system as an impediment to the actual caring for patients. He realized that by streamlining information exchange, he could help providers and payers make more informed decisions.
Moxe offers three main solutions, Digital ROI, Convergence, and Chart Retrieval. Digital ROI increases efficiency and improves accuracy, making chart processing quicker and reducing errors eliminating unnecessary follow ups, while optimizing resource allocation. It also provides transparency, meaning that both parties involved in the information exchange know exactly where in the communication and transfer process they are, while remaining secure and HIPAA compliant. Their software is also easily adoptable and can be implemented in 20 hours or less.
Convergence improves efficiency and insight delivery at the point of care. The workflow management streamlines and increases efficiency and allows caretakers to address gaps more effectively, ignoring those that have already been addressed and inspecting those which have not. Convergence boosts the automation of data collection and insight delivery while also improving the accuracy in gap addressal before, during, and after the visit. The data collected is also safeguarded, maintaining HIPAA compliance. In short, convergence makes point-of-care healthcare better-informed, higher quality, and more affordable.
Their chart retrieval solution allows more effective collaboration between healthcare providers. By securely digitizing clinical data, they make chart retrieval faster, more cost effective, and easily communicable, while maintaining accuracy and security. This makes communication and data transfer between healthcare providers smoother, without sacrificing the patients privacy.
In the same press release, Wilson said, “Our 100% digital clinical data exchange solutions deliver providers and payers efficiencies and outcomes that outpace the industry—and redefine the way data and insights are shared. This latest round of funding not only validates but accelerates our mission.”
The success of Moxe follows a trend among other healthcare companies seeking to use innovative software and automation to make healthcare more efficient at every level while still improving patient outcomes. Moxe follows on decades of improvements that have added significant productivity to healthcare – as much as 35% according to a Brookings study in 2018.
The expansion and innovation made possible by this venture capital round will help Moxe, and the rest of the industry to continue to break ground in healthcare management software. The already quickly growing company will be able to continue that upward momentum and further their mission to make healthcare more efficient and affordable.
For more information, check out their website https://moxehealth.com.