DALLAS– Medchart today announced that it has raised $17M in Seed and Series A funding led by Crosslink Capital and Golden Ventures, with additional funds from Vast Ventures, Union Ventures, iGan Partners, Stanford Law School, and Nas, an original backer. The company will apply the current investment to accelerate product innovation and hire new talent to meet the widespread demand for businesses to get patient-authorized health information.
Medchart squarely addresses one of the slowest, most tedious, and fractured processes: getting patient health records for common business tasks. Medchart lets businesses easily, securely, and cost-effectively access and exchange patient-authorized digital health information for everything from life sciences real-world evidence or insurance underwriting to legal claims. The company’s cloud-based health information platform delivers complete and accurate digital records, regardless of the original format and in compliance with patient preferences and global privacy standards. Via API access to data, Medchart powers business innovation.
“Medchart’s automation and efficiency unlocks new generations of digital transformation and analytics to business processes that remain slow, expensive, and paper-based,” said James Bateman, co-founder and CEO of Medchart. “Our mission is to revolutionize the way legal, insurance, researchers, and other professionals access medical records in a fraction of the time. Through our cloud-based platform, direct electronic health information connections, and advanced analytics, we are transforming the medical record access process for businesses beyond patient care.”
Recognizing the race to online digitization, Medchart is expanding across new vertical markets to ensure organizations can keep up with market shifts and regulatory considerations. More than 2,500 healthcare providers and pharmacies across North America already use Medchart to release records electronically. Medchart has also partnered with some of the largest North American insurers and clinical researchers around new innovation initiatives.
The company is connected to several nationwide and regional health information exchanges across the U.S., covering millions of records and simplifying access. Due to the longitudinal nature of its retrieval capabilities, Medchart can deliver information in a digital format that expedites processing securely.
“Medchart drastically improves the way we acquire health records, allowing staff to focus on our core competency – cases,” said Charles Gluckstein, partner at Gluckstein Personal Injury Lawyers. “The company’s leading-edge view of what’s next aligns well with our ongoing efforts to continually innovate business services.”
And Medchart will further enhance its AI capabilities to enable organizations to analyze records in even more depth, providing insights and connections that allow law firms to use records in new and more effective ways.
More than 200 businesses and law firms across North America use the Medchart platform to easily exchange information with partners and drive critical business decisions. Leading mass tort law firms rely on Medchart for AI- and ML-assisted claimant qualification for individuals who have suffered life-altering injuries, including almost 40% of all U.S. claimants in the ongoing Purdue opioid litigation.
In conjunction with the current financing, Matt Bigge, a partner at Crosslink Capital, joined Medchart’s board of directors.
“Medchart is a driving force in creating accessibility, efficiency, and transparency from a legacy-based, siloed health information industry,” said Bigge. “I am impressed by how foundational its platform has become to solving the massive challenge of data sharing and putting health information to use. Given its top-notch leadership team, there is no question that Medchart is a company we want to partner with to address a critical problem in a trillion-dollar market.”
