The Value of Patient Data
The phrase “data is the new oil,” coined by British mathematician Clive Humby, highlights the immense value of data. In healthcare, patient data holds the potential to provide meaningful insights and improve outcomes. However, according to the World Economic Forum, only 3% of patient data is currently utilized by physicians. Despite the potential benefits, doctors often lack the time to review every detail in medical records.
Regard’s Mission
Founded in 2017, Regard is a digital health startup that aims to assist physicians by analyzing patients’ health data using AI. The company’s software mines thousands of data points in a medical chart, presenting data in a way that allows doctors to detect health conditions more easily.
Recent Funding and Valuation
Regard recently announced a $61 million Series B funding round led by Oak HC/FT, with participation from Cedars-Sinai Health Ventures and existing investors TenOneTen, Calibrate Ventures, and Techstars. The company is now valued at $350 million.
Impact on Healthcare
Regard’s software is designed to help doctors ensure that no important data is missed. Eli Ben-Joseph, Regard’s co-founder and CEO, shared that every doctor using their product has a story of how it changed patient treatment. For instance, a general physician using Regard detected atrial fibrillation (irregular heartbeat) that a cardiologist had missed. This underscores the software’s ability to enhance diagnostic accuracy.
Regard also offers significant value to hospital financial administrators by identifying new conditions, which creates new billing opportunities for medical systems.
Growth and Future Prospects
The company experienced a 4.5-fold increase in revenue in 2023 and is on track for similar growth in the current year. Regard expects to reach profitability within the next two years. This rapid growth has attracted substantial investor interest.
Investor Confidence
Nancy Brown, a general partner at Oak HC/FT, expressed strong confidence in Regard. Brown, with over 30 years of experience in healthcare technology, recognized Regard as the solution she had long envisioned for deriving insights from patient data. Her enthusiasm reflects the transformative potential of Regard’s technology.
Market Presence and Competitors
Since launching its product in 2021, Regard has signed up several large healthcare systems, including:
- Banner Health (one of Arizona’s largest health providers)
- Sentara Healthcare (Virginia)
- Montefiore Medical Center (New York)
- Cedars-Sinai Medical Center (Los Angeles)
Regard’s competitors include Engage One by 3M and startup Pieces. Despite the competition, Nancy Brown believes Regard is the leader in the space due to its scalability, great margins, and solid ROI for clients.
