OSF Ventures Invests in Socially Determined Health Care Data Analytics Company
Start-up is Positioned to Become First-Choice Provider for Social Risk Analysis
OSF Ventures has joined four other organizations this week in supporting Series ‘A’ funding of $7.3 million for Washington, DC-based health care technology start-up Socially Determined which offers data analytics to identify patients who face barriers to better health.
The additional funding will support efforts to hire top talent as the start-up expands sales and further develops its cloud-based SocialScape™ platform.
Using advanced analytics, proprietary algorithms, and machine learning tools, Socially Determined uses a variety of data sets, including commercial and government data, coupled with information from insurers and health systems to identify patients’ social risk and better target existing interventions. Additionally, the start-up offers evidence-based strategies that could include collaborative approaches and community-based resources.
“We are proud to partner with OSF HealthCare and provide analytic tools and insights to support their Mission and their communities,” said Trenor Williams, MD, CEO and co-founder of Socially Determined.
“Our investment strategy is to always look at ways to reduce costs and improve patient outcomes,” according to Stan Lynall, vice president for OSF Venture Investments.
“Socially Determined will let us connect non-traditional data with our clinical data for our patients to identify the risks they face outside of our hospitals and medical offices. That will enhance our efforts to develop strategies with community partners to intervene and impact overall health and wellness.”
Sarah de Ramirez, vice president and chief medical officer for Clinical Innovation at OSF HealthCare says Socially Determined will eventually help predict socially vulnerable patients for possible intervention before they face a crisis that could significantly impact their health.
The investor group supporting Socially Determined includes another OSF Innovation partner, LRVHealth, along with ProMedica, 3M, and Ziegler Link-Age Funds.
OSF Ventures specializes in venture optimization, partnering financially and operationally in companies that improve patient outcomes and reduce costs to health care systems. OSF Ventures is a division of OSF HealthCare. More at www.osfventures.org.
OSF HealthCare, headquartered in Peoria, is owned and operated by The Sisters of the Third Order of St. Francis, and consists of nearly 21,000 employees in 126 locations, including 13 hospitals, 11 Centers for Health and 15 OSF PromptCares throughout Illinois and Michigan. OSF Innovation, ranked among the top 10 innovation centers in the country, is located in Jump Trading Simulation & Education Center. Launched in 2016, OSF Innovation is a multidisciplinary innovation center focused on internal and external innovation to solve the largest health care challenges. More at www.osfinnovation.org and www.osfhealthcare.org.
Socially Determined is a Washington, DC-based healthcare technology and analytics startup focused on measuring the impact of the social determinants of health. SocialScapeTM is the industry’s first analytics platform to quantify and visualize social risk using the largest curated repository of SDOH data in the nation. The technology is supported by a team of experts who provide SDOH program evaluation and measurement, offer deep cohort analysis, and guide clients through analytic insights to grow their lines of business into new geographies and risk arrangements. Learn more at www.sociallydetermined.com.