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.
“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.
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.