Arcadia Healthcare Solutions, a US-based data aggregation and analytics technology developer focused on electronic health records (EHR), received $30m in funding on Thursday from investors including conglomerate General Electric (GE).
GE participated through its corporate venturing arm, GE Ventures, and was joined by pharmaceutical firm Merck & Co’s Global Health Innovation Fund (GHI), health insurer Blue Cross Blue Shield of Massachusetts’ Zaffre Investments unit, Peloton Equity and Morgan Stanley Alternative Investment Partners.
Founded in 2002, Arcadia aggregates and analyses data from more than 30 EHR operators to produce insights that result in better patient care, practice efficiency and financial performance.
The cash will go towards further development of the company’s Arcadia Analytics platform and will support an expansion of its population health management market activities across the US.
Zaffre, Peloton and Ferrer Freeman & Company previously provided $13m in funding for Arcadia in 2015. Arcadia was acquired by Ferrer Freeman & Company and its management team for an undisclosed sum in 2012.
Noah Lewis, managing director of healthcare at GE Ventures, said: “GE Ventures is excited to back Arcadia in becoming an industry leader to help payers and providers apply advanced analytics to their business models.”
Joel Krikston, managing director of Merck GHI, said: “Arcadia fits perfectly with our initiatives supporting the transition to value based care. Arcadia’s deep expertise in transforming isolated data into critical insights that enable providers to close gaps in care and enable better outcomes is central to our investment hypothesis around population health.”