Healthcare Has a Data Problem. Here is How We Can Fix It.
Does access to seamless data matter in healthcare? To best answer this question, consider these two scenarios for patients with the same condition.
Patient 1 is prescribed a new drug and picks it up at his local pharmacy. They begin to have side effects, but it takes weeks to get another doctor’s appointment, and then weeks more to find out that the new drug interacts badly with a medication prescribed by another provider network.
Patient 2 is prescribed a new drug, but as the doctor submits the prescription, the connected data system immediately flags the contraindication with the patient’s other medication even though it’s reported by a different practice using a different electronic health record system. The doctor is able to switch right away to a safe treatment with no side effects.
Which patient would you rather be? In the current healthcare ecosystem, you would most likely be patient 1.
Why? Because patient data is messy, disorganized, and trapped in silos. Every practice or hospital has its own procedures for storing electronic health records. All the data that is vital to a patient’s wellbeing — clinician notes, treatment regimens, biomarker results, family history, and more — is stored differently. Sharing that data is cumbersome, often impossible, and patients themselves lack access to their own records.
Other key stakeholders in the ecosystem — such as providers, payers, and life sciences and pharma companies — find themselves limited in how they can extract key insights from these disparate data sources. Worst of all, this situation has created an ongoing cycle of reactive care rather than allowing for preventive care that could significantly improve patient outcomes.
It is time for the healthcare industry to adapt and modernize, deploying technology to address these problems and deliver better patient care.
Innovaccer is enabling the digital revolution in healthcare with the Innovaccer Health Cloud, a comprehensive integrated data and digital applications platform that connects and curates the healthcare information from various stakeholders to make it accessible and useful. Their approach has been widely adopted across the industry, with data for 24 million patients already covered by their service.
Here is how it works: Innovaccer standardizes and unifies all patient records across various sources, including data from hospitals, physicians’ offices, labs, pharmacies, payers, public health agencies, and digital health devices. This compiled data is extracted into a suite of applications that patients and their families, as well as healthcare providers and other key stakeholders, can use to inform medical treatments and care. The cloud service guarantees patient privacy and keeps all data in compliance with regulatory standards. With the Innovaccer Health Cloud, every stakeholder can be aware of and engaged in the patient’s care plan, and understand areas for improvement.
We are proud to lead Innovaccer’s $150 million series E financing. At Mubadala Capital, our investment strategy is to back businesses that transform broad swaths of the healthcare industry, and ultimately enable better care. We champion companies across the life sciences sectors including pharmaceuticals, diagnostics, synthetic biology, and biomanufacturing. By investing early in the next generation technologies, we believe we can help our portfolio companies scale to have a significant impact and improve health outcomes for patients around the world. Innovaccer squarely fits that profile, and it is why we are continuing the partnership we have had with them since 2019.
The market opportunity for Innovaccer is enormous. In the next decade, we believe digital technologies will streamline healthcare inefficiencies, and reactive responses based on fragmented information will be replaced by comprehensive, proactive, and whole-person care.
We are not the only ones who appreciate the value of Innovaccer’s technology: the company has partnered with some of the largest healthcare systems to unify patient data including Banner Health, One Medical, Sanitas Medical Center, and Blue Cross Blue Shield of Arizona. Innovaccer is also partnering with international pharma companies, most recently Roche, to break down workflow barriers and improve clinical decision support.
Our shared goal is for Innovaccer’s cloud and applications to be the central driver of a much-needed digital revolution in healthcare.