Dave Gardner’s early stage investment firm continues to make investments at a furious pace.
Cofounders Capital is investing $350,000 in IMPATHIQ, a Winston-Salem based health informatics startup.
It’s the 15th deal made by the Gardner-led investment firm based in Cary which launched in 2015.
A company launched by a team of professors at Wake Forest School of Medicine, IMPATHIQ has developed technology known as its IQ Engine that integrates electronic health records information into the clinical decision support process at hospitals with the goal of improving care while reducing costs.
IMPATHIQ already has developed what it calls HEART Pathway, which is based on a proprietary algorithm designed to help analyze data from patients who show up at Emergency Rooms complaining about chest pain.
“We’ve got to make better use of the statistical data we already have if we are going to improve medical outcome and control soaring healthcare cost,” Gardner, a serial investor and Cofounders Capital Managing Partner, says in explaining the investment decision.
“We believe the real winners in this space will be the companies like IMPATHIQ that empower providers to easily apply the statistically validated knowledge we have to get better and more efficient results for the patients and organizations they serve.
“IMPATHIQ is able to create scalable EMR integrated tools that do not tax a hospital’s informatics department and are cost effective — making it a double win for a hospital system. Also, their proven health outcomes in numerous published studies is a huge differentiator from other companies we’ve seen in this space.”
IMPATHIQ says the funds will be used to continue development of its technology, including a mobile app.
The startup notes that its technology integrates with a variety of electronic medical records systems Its IQ Engine “enables hospitals and clinicians to implement behavior changing clinical pathways into EMR-integrated web applications rapidly, track health outcomes, perform quality assurance and auditing, and do this all in an affordable manner,” the company notes.
IMPATHIQ has already received more than $1 million in grants to support its technology development.
Based on one study, HEART Pathway saved one hospital more than $3.5 million in costs, the company says.
“A randomized clinical trial published in the American Heart Association’s journal Circulation demonstrated that, when compared to usual care protocols, HEART Pathway was able to reduce the number of observation status admissions, reduce hospital length of stay by 12 hours per patient, and increase early discharge of patients with chest pain, while also keeping the miss rate to less than 1%, which is dramatically superior to existing chest pain algorithms,” IMPATHIQ notes.