MDdatacor, a provider of healthcare information services, has landed a new round of investment from Siemens Venture Capital GmbH.
The amount raised was not disclosed.
MDdatacor’s customer base is growing quickly, having added 1 million patient records and 16 physician group practices since the summer. The firm works with strategic partners in gathering data for clinical trials.
“By searching the sources of the most relevant clinical information, we can provide our customers with more granular and specific information compared to the clinical information currently available from medical claims or prescription data,” said Blake Whitney, CEO and co-founder of MDdatacor, in a statement.
MDdatacor has raised $13 million since being founded in 2000. The company said the funds would be used to expand sales and marketing efforts. MDdatacor raised $5.3 million in two closings during 2002.
MDdatacor contracts directly with physician groups to receive their patients’ medical records and consolidate them into a searchable HIPAA-compliant database. The company said it has 116 large cardiology group practices as customers and has data on more than 4 million patients.
“As the time and cost to develop new life saving drugs continue to increase, we see the need for a solution that can accelerate the clinical trial process,” said Andrew Jay of Siemens Venture Capital in announcing the investment. “The primary reason for trial delays is the difficulty to identify and enroll qualified patients.
MDdatacor has developed a national network of large, research oriented, private practice cardiology groups and a proprietary technology solution that can mine medical record data to identify qualified trial patients. This combination of a large research network and technology solution should accelerate clinical trials.”