On Thursday, Grand Rounds, a leading startup that connects patients with the best doctors for their ailments announced it securing $55 million in a Series C round of funding led by the existing investor Venrock and Greylock along with an unknown new investor.
Founded in 2011 to tackle a challenge, Grand Rounds works to bring together patients with top medical experts and also offers the world’s largest repository of data about physician performance. It aims to improve clinical outcomes for the patients by eliminating care delivery inefficiencies. US, despite of having the best health care in the world lacks the system or an easy way to choose the practitioner based on the ailment they have, said Owen Tripp, CEO and co-founder of Grand Rounds. “I think a lot of patients are missing an opportunity to go to a top quality physician who is in their area and is on their insurance network,” said Tripp.
Considering the issue, Grand Rounds made use of the big data approach to solve it by creating a system of ranking doctors based on factors that predicts the doctor’s performance in a specific specialty. The system considers the factors like doctors’ practice patterns, residencies and fellowship program they have completed and even the reputation of the hospital program when they took it up years ago. The company goes in-depth from general specialties like cardiology, neurology to specific maladies like multiple sclerosis and Parkinson’s disease. The startup claims to have evaluated around 96% of the active physicians in USA.
Grand Rounds partners with various companies whose employees are entitled to avail the services of the company. An employer spends not more than couple of dollars per employee per month. It signed with its first employer in 2013 and now it serves more than 50 companies in the USA and around 120 countries worlwide. Adding the current funds, the company has raised a total of $106 million. With the ne infused cash, it plans to widen its analytics platform and hire new staff to catch up with the demand.
“The US spends over $40 billion annually on spinal surgeries alone. That is nearly a third of federal education spending,” said Bryan Roberts, partner at Venrock. “If these patients received a Grand Round consultation as part of their decision-making process, we could save $24 billion in avoidable procedures, not to mention the associated complications and diminished quality of life. This goes far beyond cost savings – Grand Rounds actually gives more value to the patient, rather than taking services away. We are proud to help Grand Rounds democratize access to the world’s best medicine.”
Apart from connecting the patients and doctors, it also does follow ups with patients to check whether the match generated through the system has given the best results. The reviews and feedback data are recorded into the recommendation engines. Owing to the best results, companies are even working to make the Grand Rounds system compulsory for their employees as they see it as a means of cost saving and keeping the employees hale and healthy.