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AI-powered Regard nabs M to find missed illness, boost hospital revenue | TechCrunch

AI-powered Regard nabs $61M to find missed illness, boost hospital revenue | TechCrunch

People in tech often say that data is the new oil. This phrase, coined by the British mathematician Clive Humby, certainly implies that data is valuable.

Data about a person's health can also provide meaningful insights and improve outcomes, but currently only 3 percent of patient data is used by physicians. World Economic Forum. Although doctors know they can glean useful information from patient data, they don't have time to review every detail in the medical record.

Regard, a digital health startup founded in 2017, wants to help doctors save time and improve diagnosis accuracy by analyzing patient health data using AI.

Regard announced Thursday that it raised a $61 million Series B round led by Oak HC/FT, with participation from Cedars-Sinai Health Ventures and existing investors TenOneTen, Calibrate Ventures and Techstars. The company is now valued at $350 million, according to a person familiar with the matter.

The company's software mines thousands of data points in medical charts and presents the data in a way that doctors can more easily diagnose health conditions.

“Physicians use our product because we help them make sure nothing important is missed in the data,” Eli Ben-Joseph, co-founder and CEO of Regard, told TechCrunch. “Every doctor we work with has a story: 'I used your product and I found something that changed the way I treat this patient.

Regard has helped a general physician catch atrial fibrillation (an irregular heartbeat) that cardiologists missed, Ben-Joseph said. “She now feels it's irresponsible not to use our products,” he said.

But doctors aren't the only ones who value Regard. Hospital financial managers are also big fans, according to Ben Joseph. Regard's ability to identify new conditions creates new billing opportunities for medical systems.

Ben Joseph said the company has grown its revenue by 4.5 times in 2023 and is on track for “similar growth this year”. The company expects to reach profitability in the next two years.

Such rapid growth has excited investors.

“We absolutely fell in love with (regard) because of the direct impact it has on physician productivity, burnout, proper coding and clinical outcomes,” said Nancy Brown, general partner at Oak HC/FT.

Brown, who has more than 30 years of experience as an operator and investor in healthcare technology, has always dreamed that a computer would provide insights from patient information. “This dream has failed (over the years) due to lack of technology,” he said. That's why when she met Ben Joseph at a healthcare conference earlier this year, she immediately recognized that Regard was the technology she'd been dreaming of.

Since launching its product in 2021, Regard has signed up several major healthcare systems, including Banner Health, one of Arizona's largest health providers, Virginia-based Centara Healthcare, New York's Montefiore Medical Center and Cedars-Sinai Medical Center in Los Angeles. Here were some details of its latest funding round. Reported earlier By Business Insider.

Competitors of the company are included. Engage oneA product developed by the multinational company 3M and a startup piecesAccording to Ben Joseph.

Brown has no doubt that Regard is a leader in the space. “They're a pretty scaling company with great margins, and they're delivering solid ROI for their clients,” he said.

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