Patient feedback processing company Narrative Dx has raised a strategic funding round led by Christiana Care Health System, Summation Health Ventures (founded by Cedars-Sinai Medical Center and MemorialCare Health System) and The Texas Medical Center, with additional participation from existing investors HealthX Ventures and Cultivation Capital. The company didn’t disclose the amount of the funding publicly, but told MedCityNews it was $3 million.
NarrativeDx previously raised a Series A but has never disclosed the amount.
What they do
NarrativeDx uses AI and natural language processing to analyze patient feedback and return suggestions on how a healthcare organization can improve its patient experience. After participating in several accelerators, including DreamIt Health, Cedars-Sinai’s accelerator, and Startupbootcamp’s Digital Health Miami program, the company has found its way into a more than 100 hospitals.
At those hospitals, the company has delivered results, including a 30 percent increase in “Likelihood to Recommend” scores a 9 percent increase in referral volume.
What it’s for
The company plans to use the funds “to accelerate sales and marketing, product innovation, talent acquisition and continued growth” according to a statement.
There are a number of legacy players and startups focused on physician reputation management in the digital age, including Doctor.com, which merged in late 2017 with Connect Healthcare, and PatientPop, which raised $25 million last year.
But Juliana Garaizar, director of Texas Medical Center’s TMC Venture Fund, one of the investors in the round, says NarrativeDx goes further.
"NarrativeDx transcends reputation management by creating a full patient and employee experience management platform,” she said in a statement. "Its ability to produce actionable insights from reviews where others only saw white noise can significantly impact the ROI of many of our healthcare institutions.”
On the record
"Our investors' show of confidence reinforces that NarrativeDx's value proposition — hearing the voice of the patient and provider — is revolutionizing how organizations discover insights from feedback," said Robertson. "We're eager to work with Christiana Care Health System, Summation Ventures and the Texas Medical Center to grow our customer base."