Clinigence At a Glance
Inspired by the electronic revolution underway in patient records a few years ago, a group of local entrepreneurs began meeting over pizza and beer to brainstorm ways to enter the market.
“Our first instinct was to jump into the electronic health record market, but we began thinking about where the market would go after the adoption of that technology,” said Jacob “Kobi” Margolin, CEO of Clinigence. “We considered clinical decision support, but realized doctors didn’t like it. Instead of telling doctors what to do, what if we could show them how well (or poorly) they are doing? This concept of clinical business intelligence led to Clinigence.”
Founded in March 2010, Clinigence is a next-generation clinical data analytics software-as-a-service (SaaS) provider. The technology is built around several key capabilities, including data mining, predictive modeling and business intelligence. Clinigence partners with healthcare providers by offering a collaborative analytics solution that translates data into business value. The end result: an improvement in provider staff performance and best practices – and ultimately more effective and efficient care for patients.
“We are truly breaking new ground,” said Margolin. “Most of the industry remains ‘stuck’ on billing data (medical claims) that is retrospective, limited and biased. This is like driving your car with the windshield covered. All you can see of the road is through the rearview mirror. We take the cover off your windshield and put a navigation system on the dash so you know exactly where you’re going and how you’re going to get there. And our solution is affordable even for an individual doctor in private practice.”
The healthcare industry has certainly taken notice. In the past three years, the ATDC Select member company’s customer base has grown to include approximately 500 doctors and 1.5 million patients. The venture, thus far, has been funded through angel investors, family and friends. But with ambitious growth anticipated in the near future, Margolin said they expect to break even this year.
“We’re targeting 10 times growth this year, and we have very specific plans on how we’re going to get there,” he said. “At the same time, we’re continuously looking for opportunities to open up new revenue streams. At the core of our strategy is the value of data and the network effect that comes from connecting people around information sharing. We think this can sustain exponential growth in the next few years.”