Carta Healthcare Secures $20 Million Series B Funding to Help Additional Health Systems Improve Patient Care Amid Challenging Global Economy, Pandemic Turbulence, and Downturn in VC Funding

BY Business Wire | ECONOMIC | 11/02/22 09:35 AM EDT

With proven results including cost savings and improved patient outcomes in more than 20 leading health systems, Carta Healthcare will use the funds to scale its business

SAN FRANCISCO--(BUSINESS WIRE)-- Carta Healthcare?, a pioneer in harnessing the power of clinical data, today announced it closed a $20 million series B round. Investors include Paramark Ventures, Frist Cressey Ventures, American College of Cardiology, Asset Management Ventures, CU Healthcare Innovation Fund, Mass General Brigham, Maverick Ventures Investment Fund, and Storm Ventures.

Carta Healthcare currently serves 20 of the leading health systems in the United States, including Stanford University Medical Center, Common Spirit, UCSF, Mass General Brigham, to name a few. Carta Healthcare?s industry-leading solutions reduce the cost of labor associated with manual data abstraction processes and curate trustworthy, actionable datasets concerning patient care. By transforming the abstraction process and implementing powerful analytic capabilities, Carta Healthcare informs data-driven decisions that improve patient outcomes, realize equipment and data processing cost savings, and enable healthcare professionals to spend more time on patient care rather than data entry.

Matt Hollingsworth, co-founder and CEO

?Carta Healthcare is incredibly excited and thankful for this funding round, which will help us scale the business and further realize our mission to make healthcare more accessible, efficient, scalable, effective, and affordable for patients across the United States,? said Matt Hollingsworth, co-founder and CEO, Carta Healthcare. ?We look forward to continually helping reduce the administrative burden and data entry fatigue among healthcare workers so they can spend their time and energy on research and face-to-face patient time and share best practices to improve patient outcomes.?

Lucas Tanner, CFO

?At Carta Healthcare, we believe that the highest attainable standard of health is a fundamental right of every human being. Since our series A in April 2021, we have been able to help leading health systems process and analyze data quickly, accurately, and insightfully to improve on the delivery of care. With our series B round of funding, we will be able to focus on rapidly expanding our solutions to help even more hospitals cost effectively improve patient outcomes.?

Frist Cressey Ventures

?We?re thrilled to partner with Carta Healthcare in co-leading this series B growth round. By leveraging the novelty of their technology and product expertise, we believe this is a huge opportunity to improve quality of care by revolutionizing the way health data is captured and utilized. With the increasing labor costs our industry is facing, it?s now more important than ever to support health systems with simple tools that reduce the administrative burden on clinical teams,? said Frist Cressey Ventures partner, Navid Farzad.

Paramark

Chunsoo Kim, managing partner at Paramark Ventures, said, ?We've been impressed with Carta Healthcare's progress towards its goal of improving care delivery through leveraging data and technology. We believe the patient registry market presents an enormous opportunity for technology-driven transformation.? Chunsoo added, ?Manual data abstraction is prone to human errors and creates administrative burden that often leads to burnout and distraction from patient care. We are excited to support Carta Healthcare's journey to liberate the healthcare workforce from these administrative burdens and allow them to focus on what they do best, providing life-saving patient care."

David Scheinker, Ph.D., founder and director of SURF Stanford Medicine (Systems Utilizations Research for Stanford Medicine), a Carta Healthcare advisor who supervised the Stanford University research and MBA work of Carta Healthcare co-founders Matt Hollingsworth and Anna Brody, said, ?I worked closely with the co-founders of Carta Healthcare at SURF Stanford Medicine, and I?m now seeing the realization of operational efficiencies that can help improve patient care and reduce the skyrocketing cost of healthcare, which is now $4 trillion annually, 20% of GDP, in the United States. It is great to see the application of Matt?s and Anna?s research, combined with their management expertise and the invaluable contributions of their team, at major health systems in the United States.?

To learn more about how innovative solutions, including those that Carta Healthcare?s interdisciplinary team of experts has created, can address common healthcare challenges, listen to our new podcast, Charting the Waters, or visit www.carta.healthcare.

About Carta Healthcare

Founded in 2017, Carta Healthcare?s mission is to improve patient care by harnessing the value of clinical data. Through its combination of industry-leading, AI-driven technology, and multidisciplinary team of experts, Carta Healthcare has transformed the traditional clinical data abstraction process. The company?s agile, innovative approach to expertise and technology allows healthcare organizations to collect, analyze, and act on their clinical and operational data in a fraction of the time. The result is high-quality, accurate, trustworthy datasets for use across a healthcare organization?s initiatives to operate more efficiently, optimize care delivery, improve patient outcomes, and allow clinicians to practice at the top of their license. For more information, check out our new podcast, Charting the Waters; visit www.carta.healthcare; or contact us at hello@carta.healthcare.

Source: Carta Healthcare

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