This morning Feedtrail, a platform that captures patients’ satisfaction rates and translates those into an action plan for providers, landed $1 million in seed funding. The latest funding round was led by Dioko Ventures with participation from an unnamed non-profit health system and convertible promissory note.
WHAT THEY DO
Founded in 2015, the North Carolina-based startup specializes in phone-based patient satisfaction surveys. The platform then is able to analyze these survey results and give providers feedback based on where they are falling short. It also gives providers possible strategies and methods that could help solve any logistical issues.
Developed to help workflow and process, clients are able to track patient retention, satisfaction trends and department-specific opportunities for improvement. It also lets the provider organization get alerts about when a patient gave negative feedback.
WHAT IT’S FOR
Feedtrail plans to use the new money to hire sales and marketing staff. It will also be put towards scaling the platform.
“This fundraising gives us the bandwidth to pursue new business, and it is recognition that the path we’re on is the right one,” Feedtrail CEO Paul Jaglowski said in a statement. “From the day Feedtrail was founded, it has been our mission to provide powerful insights into our customers’ patient experience and influence better health outcomes across the spectrum of care. User-friendly technology has become ubiquitous, and we are using that technology to strengthen the patient-provider relationship and deliver an effective solution for some of healthcare’s most serious, yet avoidable problems.”
Hospitals and providers are now starting to cater to the patient experience more than ever before, and more are starting to hire patient experience officers to improve engagement. The shift towards consumerization of healthcare has given patients more choice when it comes to their satisfaction.
ON THE RECORD
“For too long, healthcare delivery has been stagnant and one-sided. Feedtrail occupies a place in the market very few companies do, allowing patients to customize their experience and giving clinical professionals a way to prioritize their workflow and recalibrate based on real-time data,” Dioko Partner Matt King said in a statement. “We look forward to partnering with Paul and his experienced management team on the next phase of growth for the company.”