A Boston startup that makes patient-tracking software has raised $31 million from investors to help it expand nationally.
PatientPing Inc. is set on Tuesday to disclose the new funding, led by Leerink Transformation Partners, a Boston-based fund, and Andreessen Horowitz of Menlo Park, Calif., which has invested in well-known companies such as Airbnb and Lyft.
Chief executive Jay Desai said the infusion of cash will help PatientPing double its workforce of 50 and expand into new states.
PatientPing makes software that tracks, in real time, when patients are admitted and discharged from hospitals and rehab facilities. By connecting to electronic health records, the program triggers a “ping” when patients enter and leave hospitals. Such basic information can enable doctors and nurses to coordinate care, by allowing them to call or visit patients after a hospital stay and helping them avoid future complications.
This kind of information sharing is becoming increasingly important under new insurance models known as accountable care, which pay doctors and hospitals a set amount of money to care for patients. When health care providers stay under budget, they can keep some of the savings.
Desai said such data sharing can also help reduce unnecessary tests and treatments.
“There’s a lot of avoidable waste,” he said. “Patients get overtreated.”
PatientPing, founded in 2013, raised $9.6 million