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Prognos, Healthcare AI Company, Raises $20.5 Million Towards Predicting Disease the Earliest

Cigna, GIS Strategic Ventures, Hermed, Hikma Ventures, Maywic, Merck GHI Fund, and Safeguard Scientifics bet on Prognos to revolutionize healthcare by driving earlier decisions that improve patient health and lower costs

NEW YORK, November 30, 2017 — Prognoswww.prognos.ai, an innovator in applying artificial intelligence (AI) to clinical lab diagnostics, has completed a $20.5 million Series C round of financing, bringing the company’s total funding to $42 million. The investors include CignaGIS Strategic Ventures (the venture capital arm of the Guardian Life Insurance Company), Hermed,  Hikma VenturesMaywicMerck Global Health Innovation Fund (GHI), and Safeguard Scientifics. The support validates Prognos’ leadership position in the market as the only healthcare AI company capable of delivering forward-looking and real-time insights based on laboratory and diagnostics records.

Building on Prognos’ seven-year foundation, the Series C financing will help the company meet highly targeted growth goals in the Life Sciences and Payer markets. Prognos’ solutions enable earlier identification of patients who can benefit from enhanced treatment decision-making, risk management, and quality improvement. The company is currently helping 25 Life Sciences brands to find and convert appropriate patients while building a footprint in the payer market.

“For Prognos, Series C is a focused and disciplined effort to build on our success to scale the business as we pursue our mission of predicting disease earlier to drive better outcomes for patients,” said Sundeep Bhan, Cofounder and CEO of Prognos. “We view this round as a vote of confidence from the healthcare giants and global investment firms that understand the space well and believe that Prognos can continue to lead in providing early insights to deliver better patient care and lower costs.”

The new funds will go toward expanding Prognos’ AI capabilities, new markets, and sales and marketing efforts. To date, Prognos has built the largest lab connectivity network in the U.S., processed and analyzed over 13 billion lab records for more than 180 million patients, and developed 1,000+ proprietary machine learning-enabled algorithms across 50 conditions, such as diabetes, asthma, and non-small cell lung cancer, for the lab data management and analysis. Within the last year, Prognos has also bolstered its leadership team with the additions of Chief Operating Officer Lisa Kerber, Chief Commercial Officer Stephen Silvestro and Chief Data Scientist Fernando Schwartz, Ph.D.

“The Life Sciences industry is increasingly structured around biomarkers and smaller populations where early diagnosis and treatment are key for improving outcomes,” said Joe Volpe, Managing Director, Merck GHI Fund. “Healthcare AI and the right kind of big data, such as lab and diagnostics data driving clinical decision-making, can enable us to predict which patients will benefit from a particular therapy. This round continues our investment into Prognos, the AI company that has demonstrated its capability to transform how the Life Sciences industry does business, now and in the future.”

Global health service company Cigna has been working with Prognos to use lab data and analytics to improve health engagement among its Individual and Family Plan customers.

“AI is a game changer in healthcare risk management,” said Craig Cimini, VP Strategy and Business Development at Cigna. “We have seen Prognos’ capabilities first-hand and believe health plans will greatly benefit from integrating real-time lab and diagnostics data intelligence to refine their approaches to risk adjustment, clinical quality, and care management.”

About Prognos

Prognos is a healthcare AI company focused on predicting disease to drive decisions earlier in healthcare in collaboration with payers, Life Sciences and diagnostics companies. The Prognos Registry is the largest source of clinical diagnostics information in 50 disease areas, with over 13B medical records for 180M patients. Prognos has 1000 extensive proprietary and learning clinical algorithms to enable earlier patient identification for enhanced treatment decision-making, risk management and quality improvement. The company is supported by a $42M investment from Safeguard Scientifics, Inc. (NYSE: SFE), Merck Global Health Innovation Fund (GHIF), Cigna (CI), GIS Strategic Ventures, Hikma Ventures, Hermed Capital, and Maywic Select Investments. For more information, visit www.prognos.ai.

November 30, 2017 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

UNIQUE COLLABORATION BY 12 OF THE NATION’S TOP INSURERS WILL STREAMLINE AND IMPROVE ACCURACY OF COORDINATION OF BENEFITS PROCESS

Washington, D.C. – March 4, 2013 –CAQH® announced today a major new initiative designed to reduce costs and improve the accuracy of coordination of benefits processes. This initiative will enable health plans and providers to “get it right the first time,” and more efficiently manage benefits for patients with policies from more than one insurer. CAQH research suggests that administrative efficiencies associated with benefits coordination could, over time, save consumers, providers, health plans and others more than $800M per year.

The coordination of benefits process determines primary and secondary coverage for patients who are insured by more than one policy. Confusion over insurance status can occur with patients who have lost or changed jobs or have multiple sources of coverage. This initiative will create a single source of timely and accurate coverage status, enabling providers to properly bill insurers and improve claims processes.

“This initiative is part of our ongoing commitment to reduce costs and make administrative processes work better across the healthcare system,” said Robin Thomashauer, Executive Director of CAQH. “We are working with the leadership of our member organizations to develop a solution that offers a more reliable, more transparent way to simplify the coordination of benefits process.”

Each of the CAQH member plans has committed to adopt the coordination of benefits solution when it is launched later this year. These health plans include Aetna; AultCare; Blue Cross Blue Shield of Michigan; Blue Cross and Blue Shield of North Carolina; BlueCross BlueShield of Tennessee; CareFirst BlueCross BlueShield; Cigna; Health Net, Inc.; Horizon Healthcare Services, Inc.; Kaiser Permanente; UnitedHealth Group; and WellPoint, Inc., on behalf of its affiliated health plans. Together these organizations cover more than 165 million lives.

“By building and investing in technology that simplifies the claims process, and deploying it in partnership with care providers, we are collectively committing to reducing unnecessary administrative costs and improving the patient experience,” stated David Wichmann, Executive Vice President and Chief Financial Officer, UnitedHealth Group, President, UnitedHealth Group Operations and Technology and chair of the CAQH Board.

New Collaboration/2

This industry collaboration is the latest in an ongoing effort by CAQH to reduce administrative costs and streamline healthcare administration. For example, the CAQH Universal Provider Datasource (UPD®) is used by more than one million providers to share credentialing and other professional information with close to 700 health plans, hospitals and other related organizations. In addition, CAQH recently launched an electronic funds transfer (EFT) enrollment tool to help providers sign up to receive electronic payments from multiple health plans. Both of these initiatives are available to providers at no charge.

About CAQH

CAQH serves as a catalyst for industry collaboration on initiatives that simplify healthcare administration for health plans and providers, resulting in a better care experience for patients and caregivers. CAQH solutions help promote quality interactions between plans, providers and other stakeholders; reduce costs and frustrations associated with healthcare administration; facilitate administrative healthcare information exchange; and encourage administrative and clinical data integration. Visit www.caqh.org for more information. Follow us on Twitter at @caqh.

March 4, 2013 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

CIGNA JOINS CAQH BOARD; EXPANDS MAJOR COLLABORATIVE EFFORT TO SIMPLIFY HEALTHCARE ADMINISTRATION

CIGNA has joined CAQH as a member company and will also participate on the CAQH Board of Directors.  This collaboration will help simplify the development and adoption of new ways to make healthcare administration more efficient.  CAQH members now provide healthcare coverage for an estimated 156 million insured lives.

Growth of CAQH Membership Reflects Importance of Administrative Simplification
 
Washington, DC and Philadelphia, PA – March 30, 2011 – As part of its ongoing efforts to simplify healthcare administration, CIGNA has joined CAQH® as a member company and will also participate on the CAQH Board of Directors, the organizations said today. CIGNA is among a growing list of industry organizations that contribute their expertise to the development and adoption of new ways to make healthcare administration more efficient. CAQH members now provide healthcare coverage for an estimated 156 million insured lives.
 
“CIGNA has been a long-time supporter of CAQH initiatives to streamline administrative processes that burden the healthcare system,” said Matt Manders, president, U.S. service, clinical and specialty for CIGNA and the company’s representative on the CAQH board. “Our goal is to improve the experience that healthcare professionals and customers have with us by making healthcare simpler and easier for everyone. CAQH’s efforts support that goal and we are pleased to be a member organization.”
 
CAQH, the only nonprofit organization dedicated to simplifying healthcare administration, is a leader in the development and implementation of innovative solutions designed to promote quality interactions between plans, providers and other stakeholders. “It is through collaborative efforts with organizations like CIGNA that CAQH can realize the full potential of its initiatives and impact the national dialogue,” said Robin Thomashauer, executive director, CAQH.
 
CIGNA continues to expand its use of CAQH offerings, including the Universal Provider Datasource® (UPD®), an online data collection service that today supports almost 900,000 affiliated physicians and allied healthcare professionals, and the Committee on Operating Rules for Information Exchange® (CORE®), which enables providers to access streamlined eligibility and benefits data at the point of service. The CORE rules help improve the flow and data content of administrative exchanges between providers and health plans for more than 11 million CIGNA customers.
 
About CAQH
CAQH serves as a catalyst for industry collaboration on initiatives that simplify healthcare administration for health plans and providers, resulting in a better care experience for patients and caregivers. CAQH solutions help promote quality interactions between plans, providers and other stakeholders; reduce costs and frustrations associated with healthcare administration; facilitate administrative healthcare information exchange; and encourage administrative and clinical data integration. Visit www.caqh.org for more information.

About CIGNA
CIGNA (NYSE: CI) is a global health service and financial company dedicated to helping people improve their health, well-being and sense of security. CIGNA Corporation’s operating subsidiaries in the United States provide an integrated suite of health services, such as medical, dental, behavioral health, pharmacy and vision care benefits, as well as group life, accident and disability insurance. CIGNA offers products and services in over 27 countries and jurisdictions and has approximately 65 million customer relationships throughout the world. To learn more about CIGNA, visit www.cigna.com.

April 13, 2011 I Written By