ELGIN, IL – SonarMD raised $10 million in Series A venture financing on December 17, 2018 from BlueCross BlueShield Venture Partners and Arboretum Ventures.
The company will use the funds to help accelerate growth and expansion of its team and offerings into other specialty areas beyond inflammatory bowel disease in GI practices.
SonarMD is a provider of a cloud-based care management platform designed to analyze and respond to changes in a patient’s health status through the use of electronic health assessment surveys. The platform alerts specialists to patients’ survey responses in order to facilitate earlier and improved care intervention.
SonarMD partners with payer organizations and specialist groups to improve care for “high beta” patients — those with high variability in clinical outcomes as well as cost, and who are typically treated with expensive drugs. SonarMD provides financial incentives for specialists to transition to value-based care that results in fewer hospitalizations and improved patient outcomes.
Lawrence Kosinski, MD founded SonarMD in 2015.
Changing clinical practice isn’t easy, but SonarMD has already shown its model can work. “Getting the specialists on board is crucial,” said Dr. Kosinski in a press release. “They’re the key players in this space, and when they’re properly set up to support value-based care, that’s when the tides will shift.”
“We see great promise in this model,” said Anna Haghgooie, managing director of Sandbox Industries, on behalf of BlueCross BlueShield Venture Partners, in a press release. “Although SonarMD is starting with inflammatory bowel disease in GI practices, their strategy could easily expand into a number of other ‘high beta’ specialty areas where there’s room to improve on care, cost, and outcomes.”
Visit www.sonarmd.com to learn more about this company.
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