Canvas Medical, an digital well being information (EHR) startup, immediately introduced their $17 million Series A and a brand new partnership with Anthem, one of many greatest well being insurance corporations within the nation.
The spherical was co-led by Inspired Capital and IA Ventures, with participation from Upfront Ventures. This spherical brings the corporate’s complete funding to this point to $20 million.
The San Francisco-based firm, which launched in 2015, goals to assist docs expertise a extra environment friendly — and painless — method to delivering value-based care by providing an EHR platform that guarantees “80% fewer clicks, 3x faster workflows, and the ability to truly work on one screen,” stated Andrew Hines, the corporate’s CEO and founder.
Andrew Hines. Image Credits: Canvas Medical
Value-based care is a supply mannequin the place suppliers are paid primarily based on affected person well being outcomes versus the standard pay-per-service mannequin the place docs are reimbursed per go to.
We’ve seen a transition within the U.S. towards value-based care over the past a number of years, and that shift can be being mirrored in how docs are getting reimbursed. As a outcome, present EHR corporations discover themselves having so as to add bells and whistles to their platforms, which in flip has compromised the physician’s workflow expertise.
“What has happened over time is we have asked our clinicians to become sophisticated coders. They are clicking through screens that are cluttered, that are not designed with human factors in mind,” stated Steve Strongwater in Catalyst, a journal on innovation in care supply printed by the New England Journal of Medicine. Strongwater is a doctor and the CEO of Atrius Health in Boston.
“Current EHRs are a workplace hazard from an ergonomics perspective,” stated Hines. “It’s like if you sit in the wrong chair day in and day out, your back is going to hurt.”
While expertise has made many individuals’s jobs simpler, that’s not the case for docs. Studies have proven that EHRs are actually a source of physician burnout in the U.S., which is in and of itself an issue of nationwide concern.
The EHR market is extraordinarily fragmented (there are a number of hundred EHR corporations within the U.S.) which makes sharing medical information between physicians a problem. Because well being insurance claims include important medical data, insurance corporations are a dependable various supply for lots of the vital knowledge about their members. But if a physician must entry that data for remedy functions – which they need to do commonly – they need to log into a unique portal or entry a unique report relying on every affected person’s insurance. That’s one of many issues Canvas goals to unravel, and their partnership with Anthem is just the start.
While there’s usually a serious quantity of inertia — and related price — with altering EHRs, Hines, an information scientist-turned-entrepreneur, says the corporate assuages these issues by main its sale efforts with its numbers.
“Doctors who use Canvas experience 30% more productivity in the first month and are able to save 1-2 hours a day charting — which allows them to see more patients or go home early,” he added.