SaaS-Based Referral Coordination Platform Addresses Unmet Patient Access Needs
Kyruus, a leading enterprise software company that helps hospitals optimize patient access and referral management, has raised $25 million in funding to further build its commercial team and support the rapid adoption of its ProviderMatch technology. The new funding round was led by New Leaf Venture Partners, with participation from Providence Health & Services, Leerink Capital Partners, and McKesson Ventures. They were joined by return investors Venrock, Highland Capital Partners, Lux Capital, and Fidelity Biosciences.
“In the past few years, we have watched patient access and provider matching rapidly become a ‘Top Three’ issue for health executives,” explains Sam Brasch, Venture Partner at New Leaf and the newest addition to the Kyruus Board. “Kyruus’ approach, which effectively focuses across both internal and consumer facing access points, has been used by some of the nation’s leading health systems to increase capacity utilization, reduce network leakage, and ultimately drive improved clinical outcomes by matching patients with the providers that best meet their individual needs.”
“Patient access has to be a top priority for any health system looking to engage consumers in their care,” noted Dr. Rod Hochman, president and CEO of Providence Health & Services – one of Kyruus’ leading enterprise customers. “Kyruus has been an excellent partner over the past year working with us to help patients find the right physician for their needs from our team of nearly 16,000 employed and affiliated physicians. Providence Venture’s investment in Kyruus fits our model of validating, piloting, collaborating, and investing with great technology partners to solve big problems in health care.”
In recent months, Kyruus has seen accelerated adoption and expansion of its solution at several leading health systems, including Keck Medicine of the University of Southern California (USC), Mercy Health in Ohio, Community Health Network in Indiana, and Swedish Medical Center in Seattle. Deployed throughout call centers, referring physician offices, and hospital websites, the company’s software now helps manage scheduling and referral management for more than 20,000 providers. Many of these health systems have seen productivity increases of 5-10% of their entire provider base while simultaneously ensuring that their patients get to the right provider the first time. Kyruus will use the financing to expand the size of its client development and implementation teams that work closely with these organizations to ensure that their patient access goals are met. Kyruus will also invest in expanding the surface area of its product platform, including its patient-facing search and online scheduling, network analytics, and patient CRM capabilities.
“By taking the ambiguity and hassle out of making the right referral and scheduling the right appointment, Kyruus’ platform helps ensure that patients get the right care at the right time and that health systems are utilizing resources efficiently,” says Tom Rodgers, SVP and Managing Director, McKesson Ventures. “Kyruus taps into a health system’s rich composite of data – including patient preferences, provider specialties, outcomes and availability – and optimizes its referral streams and scheduling activities, letting providers focus on delivering patient care.”
“Our vision is to help human beings better care for other human beings,” said Dr. Graham Gardner, CEO and Co-Founder of Kyruus. “Too often today, patients fail to get matched to the right provider for their healthcare needs. By taking a data-driven approach to understanding each provider’s unique set of skills, we can help make sure that patients are referred to the provider best qualified to care for their condition. When this match is made, patients, providers, and the health network all win.”
Kyruus is a leading provider of enterprise software solutions that enable hospitals, health systems, and physician organizations to optimize the patient experience across all channels of patient access. Leveraging a proprietary Big Data approach, our technologies integrate and enrich information about provider expertise, demographics, and scheduling logic for real-time referrals and supply-demand matching throughout the health system. ProviderMatch ensures that patients are matched with the right providers, at the right time, in a manner that maximizes provider efficiency and care coordination. To find out why a Better Match Means Better Care, please visit http://www.kyruus.com.
About NLV Partners
New Leaf Venture Partners is a leader in healthcare technology venture investing. Our investment professionals bring a unique blend of technical, clinical, and operational experience to our investments, working closely with our entrepreneurs and management teams to help build successful companies. We invest in both public and private biopharmaceutical companies as well as healthcare-related information technology companies.
New Leaf currently manages over $1 billion in assets. This includes NLV’s funds, New Leaf Ventures I, L.P., New Leaf Ventures II, L.P., New Leaf Ventures III, L.P. and New Leaf Growth Fund I, L.P. New Leaf was formed in 2005 as the healthcare spinoff from the Sprout Group, one of the oldest U.S. venture capital funds. For more information please visit http://www.nlvpartners.com.
About Providence Health and Services
Providence Health & Services is a not-for-profit Catholic health care ministry committed to providing for the needs of the communities it serves – especially for those who are poor and vulnerable. Providence's services include 34 hospitals, 475 physician clinics, senior services, supportive housing and many other health and educational services. The health system and its affiliates employ more than 76,000 people across five states – Alaska, California, Montana, Oregon and Washington – with its system office located in Renton, Wash. In 2014, Providence provided more than $848 million in community benefit to help create healthier communities. Providence Health & Services continues a tradition of caring that the Sisters of Providence began nearly 160 years ago.
About Leerink Capital Partners
Leerink Capital Partners (“LCP”) was formed in 2013 to build and lead a multi-strategy, healthcare-focused principal investment business with a dedicated team experienced in originating, structuring and managing healthcare investments. LCP leverages the healthcare expertise, proprietary analytics and insights, and deep industry relationships of its affiliate, Leerink Partners, a leading investment bank specializing in healthcare. For more information, please visit http://www.leerink.com/capital-partners.
About McKesson Ventures
McKesson Ventures is the venture capital arm of McKesson Corporation specializing in early and growth stage companies. McKesson Ventures targets companies that both catalyze and benefit from the key changes taking place in the U.S. health care landscape. McKesson Corporation, currently ranked 11th on the FORTUNE 500, is a health care services and information technology company dedicated to making the business of health care run better. We work with payers, hospitals, physician offices, pharmacies, pharmaceutical companies, and others across the spectrum of care to build healthier organizations that help deliver better care to patients in every setting. Visit http://www.mckessonventures.com to learn more.