CrossChx Raises $15M Series B
COLUMBUS, OH, Only solution to global patient identification, today announced it has raised $15 million in Series B funding led by new investor Khosla Ventures.
CrossChx, the only solution to global patient identification, today announced it has raised $15 million in Series B funding led by new investor Khosla Ventures and current investor Drive Capital. This round brings CrossChx's total funding amount to more than $20 million. Keith Rabois, partner at Khosla Ventures, will join CrossChx's board of directors as an observer.
'One of the most pressing issues in healthcare today is verifying and protecting patient identity'
CrossChx uses unique algorithms to instantly resolve the identities of nearly 15 million patients in their network. Through their proprietary technology, CrossChx combines siloed patient information from healthcare providers to create unique global identities for every patient. With their flagship SafeChx software, the company can instantly verify patient identity through fingerprint scanning and alert hospital personnel to potential medical record errors. The CrossChx platform creates a single global patient ID to ensure that the right person receives the right care.
'One of the most pressing issues in healthcare today is verifying and protecting patient identity,' says Sean Lane, CEO and Co-Founder of CrossChx. 'Our goal is not only to provide more accurate and potentially life-saving information to medical personnel, but also to safeguard patients against fraud and abuse, and empower them with control over their medical records. We believe that a global patient identity is not only achievable but a fundamental necessity for healthcare.'
CrossChx has found that more than 10-percent of medical records contain serious errors. In many cases, an administrative error as simple as incorrectly transposing social security numbers can create multiple medical records for a single patient. These serious errors split a patient's medical history, often leading to treatment based on incomplete information, which can cause medical errors and even the loss of life.
'Nearly 60-percent of medical error deaths are the result of patient identification errors with over $40 billion lost annually due to medical identity theft,' said Keith Rabois, partner at Khosla Ventures. 'CrossChx is at the forefront of patient identity, ensuring that patients are accurately identified thereby reducing the risk of medical errors and mistreatment.'
With the additional funding, CrossChx will continue to rapidly expand their customer base, triple staff, and develop a mobile platform. Already, CrossChx has verified more than two million patient visits to date, and is deployed in more than 100 hospitals across eight states, and plans to be nationwide by the end of the year. In addition to growing current products including their secure sign-in system, SafeChx Kiosk, and their healthcare intelligence software, Mission Control, CrossChx plans to bring new solutions that engage directly with patients.
Founded in 2012 by CEO Sean Lane and President Brad Mascho, CrossChx is the only global solution to the healthcare identity crisis. The company's proprietary identity resolution system instantly verifies a patient's identity and links them to their medical benefits to ensure the right person receives the right care. With over 15 million patient records and two million patient visits to date, CrossChx provides actionable intelligence to reduce risk, drive revenue and improve health outcomes.
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