Digital health startup Regard aims to help physicians save time and improve diagnosis accuracy with AI analysis of patient data
Data is frequently referred to as the “new oil” by individuals in the technology sector. Of course, the phrase, coined by the British mathematician Clive Humby, suggests that data is valuable.
According to the World Economic Forum, physicians currently utilize only 3% of patient data, even though data regarding an individual’s health can offer valuable insights and enhance outcomes.
Doctors know they can extract valuable information from patient data but cannot examine every detail in the medical record.
On Thursday, Regard disclosed that it had secured a $61 million Series B round, which Oak HC/FT led. Cedars-Sinai Health Ventures, Calibrate Ventures, Techstars, and TenOneTen were also involved.
The corporation is currently valued at $350 million, according to an individual who is knowledgeable about the situation.
The company’s software extracts thousands of data points from a medical chart and presents the information to enable physicians to identify health conditions more easily.
Eli Ben-Joseph, Regard’s co-founder and CEO, stated to TechCrunch, “Doctors utilize our product to ensure that nothing critical is overlooked in the data.”
“Each physician with whom we collaborate has an anecdote regarding how their utilization of your product altered their approach to patient care.”
Ben Joseph stated that Regard had assisted a general physician in identifying atrial fibrillation (an irregular pulse) previously undetected by the cardiologist. “She now believes that it is irresponsible not to utilize our product,” he stated.
However, Regard is only sometimes appreciated by physicians. Ben-Joseph also reports that hospital financial administrators are enthusiastic supporters.
Regard’s capacity to identify novel conditions generates novel invoicing opportunities for medical systems.
Ben-Joseph stated that the organization has experienced a 4.5-fold increase in revenue in 2023 and is on track to achieve a “similar level of growth” this year. Within the next two years, the organization anticipates attaining profitability.
As a result of this rapid expansion, investors are enthusiastic.
Nancy Brown, general partner at Oak HC/FT, stated, “We were immediately captivated by [Regard] due to its direct influence on physician productivity, burnout, proper coding, and clinical outcomes.”
Brown, a healthcare technology operator and investor with over 30 years of experience, has always aspired to have a computer generate insights from patient data.
“That aspiration has been thwarted by the absence of technology over the years,” she stated. That is why, upon encountering Ben-Joseph at a healthcare conference earlier this year, she immediately recognized that Regard is the technology she desires.
Regard has secured the services of numerous significant healthcare systems since its product introduction in 2021. These systems include Banner Health, one of Arizona’s most important health providers; Sentara Healthcare, a Virginia-based organization; Montefiore Medical Center in New York; and Cedars-Sinai Medical Center in Los Angeles.
Business Insider had previously disclosed certain specifics regarding its most recent funding round.
According to Ben-Joseph, the company’s competitors are the startup Pieces and Engage One, a product developed by the multinational conglomerate 3M.
Regard is, without a doubt, the leader in the field of space, according to Brown. She stated, “They are a stunning scaling company with substantial margins that provide their clients with a reliable return on investment.”