OSF Ventures Invests in Socially Determined Data Analytics Company
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OSF Ventures has joined four other organizations this weekin supporting Series ‘A’ funding of $7.3 million for Washington, DC-basedhealth care technology start-up Socially Determined, which offers dataanalytics to identify patients who face barriers to better health.
The additional funding will support efforts to hire toptalent as the start-up expands sales and further develops its cloud-basedSocialScape platform.
Using advanced analytics, proprietary algorithms, andmachine learning tools, Socially Determined uses a variety of data sets,including commercial and government data, coupled with information frominsurers and health systems to identify patients’ social risk and better targetexisting interventions. Additionally, the start-up offers evidence-basedstrategies that could include collaborative approaches and community-basedresources.
“Our investment strategy is to always look at ways to reducecosts and improve patient outcomes,” according to Stan Lynall, vice presidentfor OSF Venture Investments.
Sarah de Ramirez, vice president and chief medical officerfor Clinical Innovation at OSF HealthCare says Socially Determined willeventually help predict socially vulnerable patients for possible interventionbefore they face a crisis that could significantly impact their health.
The investor group supporting Socially Determined includesanother OSF Innovation partner, LRVHealth, along with ProMedica, 3M, andZiegler Link-Age Funds.
