MyCare Inc. Secures $500,000 Seed Investment from Connecticut Innovations
SAMI™ software helps hospitals improve healthcare information access and reporting
Rocky Hill, Conn., February 2, 2012 – Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology-based economic development, today announced that it has made an investment of $500,000 in Westport-based MyCare Inc. through its Seed Investment Fund. This investment is part of a $1 million round of funding, also involving Intersection Health Partners.
MyCare is a healthcare information technology company that is developing information solutions for hospitals and other healthcare institutions. Smart Access to Medical Information (SAMI™), the company’s initial product, is a proprietary search engine tool that allows users to access data residing in any electronic medical record (EMR), and analyze that data in near real-time. The product will assist users with clinical oversight, resource utilization, and performance/regulatory compliance. The product is layered with an institution’s existing core EMR systems and is “system agnostic” (compatible with virtually all EMR systems).
“SAMI is a cost-effective tool for institutions that want to improve their healthcare quality and safety performance,” said Peter Longo, president and executive director of CI. “We are very optimistic about the market potential for SAMI, in part because of new mandates imposed recently by the Centers for Medicare & Medicaid Services, which now require the installation of patient care quality measurement systems at all U.S. hospitals.”
MyCare has developed four application modules in the SAMI solution: Real-time Core Measurement Compliance, Clinical Decision Support, Personalized Genomic Medicine, and Patient-Family Portal.
SAMI offers many advantages. In addition to providing output in near real-time, SAMI allows user mobility, as it can be accessed via computers, PDAs, smart phones or tablets. SAMI can also uniquely search data from any existing EMR – individually or across multiple systems simultaneously – looking for information about an individual patient or group of patients while displaying that information in a unified form. It “pushes” out relevant information to the healthcare practitioner in order to improve patient care. SAMI also makes it possible to provide appropriate information to patients and their families so they can actively participate in the progress of their own care.
SAMI is currently being deployed within the Yale New Haven Health System, which consists of Yale - New Haven Hospital, Bridgeport Hospital and Greenwich Hospital.
“CI’s investment represents a critical step in MyCare’s success in bringing powerful new clinical data search and care delivery technology to the provision of patient care,” said Matt Walton, chief executive officer and co-founder of MyCare. “We’re proud to be a Connecticut company, and to have developed this new approach to saving lives and improving healthcare quality in partnership with Yale New Haven Health System’s Bridgeport Hospital and Intersection Health Partners.”
“Bridgeport Hospital is proud to be one of the founding partners in the development and implementation of MyCare’s software, which presents a significant enhancement to the delivery of patient care,” says William M. Jennings, Bridgeport Hospital president and chief executive officer and executive vice president of the Yale New Haven Health System.
Dan Wagner, CI director of investments, will represent CI on MyCare’s board of directors.
About Connecticut Innovations Inc.
Connecticut Innovations (CI) is a quasi-public organization dedicated to driving a vibrant, entrepreneurial, technology-based economy in Connecticut. CI stimulates high-tech growth by investing in early-stage Connecticut technology companies, university/industry research collaborations and technology transfer and collaborating with government, business, nonprofit and academic organizations to advance technology growth and promote public policies consistent with CI’s mission. For more information on CI, please visit www.ctinnovations.com.
About MyCare Inc.
MyCare is committed to bringing disruptive search and clinical care delivery technology to the provision of patient care across the multiple institutions that make up the care delivery system. MyCare’s mission is to provide access to the data in electronic medical record systems to improve care delivery and empower the participation of patients and their families in the conduct of their care.
About Bridgeport Hospital
Bridgeport Hospital is a member of Yale New Haven Health System (YNHHS), the largest and most comprehensive integrated health care delivery system in Connecticut. Yale New Haven Health System is recognized for advanced clinical care, quality, service, cost effectiveness and commitment to improving the health status of the populations it serves. Yale New Haven Health System's service area covers portions of eastern New York, the state of Connecticut and southwestern Rhode Island. Yale New Haven Health System is committed to making the best health care easier to use.