QPID Health Raises $12 Million Series B For Its EHR Search Tool

2014-05-07_17-20-46

Boston, MA-based health IT startup QPID Health has raised a $12.3 million Series B led by New Leaf Venture Partners, and with additional support from returning investors Cardinal Partners, Matrix Partners, the Massachusetts General Physicians Organization, and Partners Innovation Fund. As part of the investment round, QPID will add New Leaf Director Philippe Chambon to its board of directors. The new round follows a 2013 Series A round that brought in $4 million, bringing QPID’s total raised to just over $16 million.

QPID, short for Queriable Patient Inference Dossier, was founded in 2013 by Michael Zalis, MD and Mich Harris, MD. The startup was formed as a spinoff from Massachusetts General Hospital where work on the QPID platform started as early as 2005. In its early form, QPID was an IT initiative that’s goal was to make life easier for physicians by automatically extracting relevant data that might be buried within the EHR and then pushing that information into more relevant and helpful places within the clinical workflow.

QPID relies on natural language processing technology to scrub the narrative physician notes that often contain the most valuable information within the chart. A library of thousands of clinical concepts, as well as a framework with built in machine learning principles, guides QPID to help it pull forward relevant information as it analyzes the chart.

The platform is already in use at Massachusetts General and Brigham & Women’s Hospitals, as well as across Partner’s Healthcare’s the outpatient locations. QPID works with virtually any EHR system, and early pilot studies have substantiated considerable ROI leading to increased demand from the market.

“Although health systems have invested millions of dollars in electronic health records, it’s clear that more data does not mean more efficiency. With QPID, healthcare providers can optimize the value of the digital data that they’ve captured in EHRs because of our unique ability to aggregate the right information and deliver it at the right time.”” – QPID Health CEO Mike Doyle.

At Massachusetts General, QPID has helped reduce the number of procedures cancelled because of unknown risk factors. The team focused on colonoscopies first, and set QPID’s algorithms to the task of evaluating each patient’s chart at the time that the colonoscopy was being scheduled. By extracting and presenting relevant clinical information from the patient’s chart during the scheduling process, alternative procedures or treatment options can be discussed earlier, saving both clinical and administrative time and effort.

During 2013, its first year in business, QPID supported 4,000 clinicians and processed nearly $3 million patient encounters within the Partners Healthcare network. It has since signed two non-affiliated customers, which was enough validation of its business model for investors to support the new investment round. The new funding will be used to build out QPID’s sales force, as well as build a west coast office in San Diego.


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