This morning, Lumeon, a digital health startup that employs automation to help with operational functions, announced that it raised $28 million in funding. The investment was led by LSP, with support from MTIP, Gilde, Amadeus Capital Partners and IPF Partners.
The company has developed what it calls a “care pathway management system,” which builds on EHRs and aims to lower healthcare costs by using intelligent automation and orchestration. The system integrates clinical and administrative system so that the provider can design and automate their own pathway rules. With this, each client can go through a personal care journey based on their data.
Lumeon's new money will be used to build its US team and its Boston headquarters. The company said it will also be looking to use the financing to scale its commercial operations and accelerate customer deployments in the US region.
Why it matters
According to the company, the US health system is marred by fractured hospital processes and operational costs. This system aims to make the processes simpler and reduce the price tag.
“Lumeon is leading a transformation in healthcare delivery, with a commercially validated and results-driven product platform that improves any patient’s journey in any healthcare system. We believe that Lumeon’s Care Pathway Management solution, and the way it significantly impacts cost, efficiency — and, importantly — quality,” Rudy Dekeyser, managing partner at LSP, said in a statement.
What's the trend
Lumeon is a Cedars-Sinai Accelerator alumni. At HIMSS 2017 the company announced it was teaming up with Digital Noema Telehealth to optimize care pathways for telehealth.
“We’ve been looking for a care pathway automation partner for quite some time,” Roque Espinal-Valdez, founder and CEO of Digital Noema Telehealth, told Healthcare IT News at the time. “With Lumeon’s functionality to automate and orchestrate the care pathway, previously manual tasks are eliminated and we can ensure that reimbursable elements are consistently used to deliver predictable outcomes for our customers in the managed care market.”
On the record
“As a market, the US has made significant investment in care documentation systems, but it has never experienced the cost pressures that we have grown up with in Europe,” Robbie Hughes, founder and CEO of Lumeon, said in a statement. “There is an urgent need for care delivery optimization which can only be solved by thinking holistically about the patient pathway.” Hughes continued, “Hospital CIOs don’t want to buy more point solutions, they need enterprise-wide capability that allows leadership to deploy best practice quickly and repeatedly at significant scale. Lumeon has created the market for care pathway management, and this investment will accelerate our penetration into the biggest healthcare market in the world."