Retrieved from Boston Business Journal | Apr 15, 2015 | Jessica Bartlett
Hospitals are crunching unprecedented amounts of data to understand better ways to save money, and Arcadia Healthcare Solutions is ready to take advantage of the market opportunity.
The Burlington-based company, which collects care-related data to help hospitals better manage some of their more expensive patients, has raised $13 million to help hire 50-to-100 employees as it bolsters its technology and expands its marketing team.
The company has approximately 200 employees but does not publicly disclose revenue.
"We’re a company on the rise in terms of our recognition in the marketplace," said Arcadia CEO Sean Carroll. "We want to continue to make sure the market is aware of us, what we’re doing, how we’re trying to help our clients and how we have helped."
The funding came from Peloton Equity LLC and Zaffre Investments LLC as well as a roster of the company's previous investors. The company works by aggregating insurance information with patient data collected from a hospital’s electronic medical record.
Founded in 2002, Arcadia has approximately 65 clients, including Beth Israel Deaconess Medical Center. Arcadia estimates that it will add another 30-to-40 clients in the next year. That should help propel a 30 percent revenue increase, Carroll said.
Though the hospital analytics space is becoming increasingly crowded, Carroll said Arcadia’s focus on providing analysis and solutions – rather than just data aggregation and reports – is the company’s competing edge.
"Our interests are engaging tech to help them implement transformative plans and strategies in their ambulatory network that change the way they deliver care," Carroll said.