Durham, N.C.-based SaaS startup Bivarus recently closed a $1.9 million Series A round of debt financing. The funding round was led by Excelerate Health Ventures, an early stage healthcare IT fund based in Research Triangle Park.
Co-founded in 2012 by Seth Glickman, who currently serves as the company’s chief medical officer and Kevin Schulman, the company’s chief strategy officer, Bivarus is a healthcare analytics platform that focuses on improving the patient experience. The software only requires patients to answer a maximum of 10 questions as opposed to traditional, more extensive surveys which are less likely to be completed. The 10 questions included in a particular survey are chosen using Bivarus’ algorithm which takes into account the importance of certain questions as well as prior observations to customize each patient survey. The platform also makes it easier for patients to engage by allowing them to fill out the surveys via email or text message.
“We have talked with dozens of physicians and healthcare leaders who haven’t been well served by the status quo and are desperately searching for alternatives,” shares Gary Abrahams, managing partner at Excelerate Health Ventures. “With Bivarus, providers ‘in the trenches’ now have more precise data they can actually act upon to make appropriate improvements.”
According to Bivarus, the startup’s survey algorithm results in a 30-60 percent higher response rate from patients. David Levin, CEO of Bivarus, says that 225,000 surveys have been completed using their software to date. The startup also offers healthcare institutions and clinics analytics reports and real-time data on a subscription-based model and fees are based on the number of patients a particular facility sees on average.
This latest funding round will be used to expand operations, including the hiring of more customer success managers and software developers as well as expanding their sales team.
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