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Despite the fact that there's more data than ever flowing through the healthcare system, thanks, in part, to the implementation of EHR systems, as well as wearables and other sources, trying to make some kind of use of that data has proven to be extremely difficult.
That's where a company like Nashville-based Stratasan enters the picture; it's a healthcare data analytics software provider for hospitals, which gives them a platform to gleam insights into the data they already have.
"Hospitals and health systems need data-based intelligence to guide their growth planning. But too often, healthcare providers make growth decisions based on gut feelings rather than data-based insights. With increasing competition in the market, hospitals need a trusted partner who can provide insights and intelligence that will inform their growth questions, allowing them to make better, more informed decisions," said Jason Moore, co-founder and CEO of Stratasan, told me.
Stratasan’s services and solutions, he said, "give strategic planners and hospital executives immediate and unrestricted access to healthcare intelligence."
"Our tools and data processing allow planning team to spend less time curating data and more time leveraging that data to make informed decisions. Our services team is skilled in GIS mapping, health analysis, and data handling, and is a complement and extension to any hospital planning team."
On Wednesday, the company announced that raised a $26 million investment round led by Fulcrum Equity Partners with participation from Frist Cressey Ventures, Blue Heron Capital, Bridge Bank and Company management. The company had previously raised $1.2 million from XMi High Growth Development Fund.
In addition to the new funding, it was also revealed that Ken Walters, former President of Infor, and Jim Riley, former CEO of Capario, will be joining the board of directors at Stratasan, replacing Jim Phillips and Steve Geringer of XMi High Growth Development Fund and Nancy Allen of Rolling Hills Capital.
"These folks have decades worth of operational experience, particularly with SaaS businesses. They bring a wealth of knowledge in areas that we intend to focus on over the next 12 to 24 months, such as sales, marketing, and customer success," said Moore.
Stratasan's customers consist of strategic planning, business development, and marketing departments at hospitals systems both small and large.
"Hospital marketing teams need fast, reliable, and in-depth intelligence about pertinent patient populations in order to build effective campaigns with the highest probability of a favorable ROI. Critical consideration of every marketing dollar spent helps ensure alignment with the hospital’s overall strategic plans to effectively connect the right message with the right patients at the right time," Moore told me.
Meanwhile, physician Relations departments are tasked with creating strategies for relationship building, physician outreach, and, ultimately, patient retention.
"To set these strategies, they analyze inbound and outbound referrals combined with their local knowledge to determine leakage and opportunity areas," he explained.
Finally, he said, strategic planning professionals need timely insight, actionable information, and answers to questions such as where to build the next urgent care facility, what marketing programs are working effectively and which service lines should be grown.
"Stratasan’s software and services provide the insights and analysis to guide these teams toward solutions with a high probability of success."
The company says will use this new capital it has raised to further expand its product offerings as well as to grow its sales, marketing, and customer success teams; Stratasan currently has 37 employees, plus two interns, and plans to add six to eight new team members over the next year.
"Stratasan has a customer-first culture, and intends to provide increased value to current and future customers through this new investment. Stratasan has grown to where we are today by actively listening to those partners, and we will continue to grow only if we keep that as a focus," said Moore.
"It is our mission to continue to deliver products and services that help hospitals and health systems make informed strategic growth decisions. This investment is an important step toward the achievement of that mission."
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