LogicStream Health, a Minneapolis company whose software uses EHR data to help hospitals maximize workflow efficiency, has raised $6 million in a new round of funding led by Noro-Moseley Partners. Some existing investors also contributed.
The company is in the growing space of Clinical Process Improvement. It positions itself as addressing inherent problems with EHRs by helping hospitals to track more specific outcomes measures and policy compliance so that hospitals can make the best possible use of their data, and ultimately improve patient outcomes and save money.
“Health systems have made massive investments in electronic medical records and data warehouses over the last decade, but are still looking to unlock the value of that data," Spence McClelland, a partner at Noro-Moseley, said in a statement. "LogicStream’s solutions allow them to optimize and recognize a return on their largest IT investment, the EHR. We evaluated all the solutions in the emerging Clinical Process Improvement market and recognized LogicStream as the clear leader.”
LogicStream will pour the new funds into product development as well as expanding sales and marketing teams to meet what the company says is a growing demand for the software.
“We are seeing rapid growth in the market demand for robust Clinical Process Improvement solutions, as evidenced by several recent new customers,” LogicStream Health CEO Patrick Yoder said in a statement. “As health systems come to understand the need for self-service access to the critical process information needed to improve quality and clinical outcomes, they recognize the importance of our solutions. Leveraging this new capital and Noro-Moseley Partners’ experience in healthcare information technology, we can accelerate our growth to meet this market demand and build out our vision for true Clinical Process Improvement.”