PurpleLab, a healthcare data and analytics platform, has raised USD3 million in growth financing from Edison Partners. PurpleLab will use the capital to bolster its analytics capabilities and sales and marketing operations.
Provider profiling and medical terminology master data management represents a USD2 billion-plus market in the US, PurpleLab leverages its data and analytics technology platform to help health plans, healthcare providers, as well as life science organisations to model and measure episodes of care. PurpleLab utilises medical and prescription claims data to produce objective, quantitative, and predictive performance measures for 1.8 million healthcare providers across the nation.
“Outcomes and costs are the most important metrics in healthcare today. Our platform harmonises medical terminologies and provider reference data to help researchers and analysts gain predictive insights into provider-level outcomes and costs before they happen,” says Mark Brosso, founder and CEO of PurpleLab. “With this funding from Edison Partners, we will further scale our technology and accelerate our sales and marketing efforts.”
PurpleLab’s self-service model features on-demand predictive analysis in a fraction of the time and cost compared to other B2B healthcare information companies, which rely heavily on human analysts for insights. The company is experiencing significant traction with enterprise clients. The company’s bookings growth is forecast to increase 300 per cent this year.
“PurpleLab has the potential to become an industry leader with a differentiated solution that provides a holistic view of care to better measure outcomes, effectiveness, and cost efficiencies, which is paramount for value-based care models,” says Gregg Michaelson, partner at Edison Partners, who led the investment. “Mark Brosso, who previously founded and led Edison portfolio company Health Market Science, has deep expertise in the industry and repeated successes in healthcare analytics. We’re thrilled to partner with him once again during this next phase of growth.”
