HealthCatalyst is the latest health technology startup to benefit from the Affordable Care Act, aka Obamacare.
The startup, once known as Healthcare Quality Catalyst, provides health care data warehousing for 81 hospitals and health systems, serving 20 million patients. The company claims to be the only data warehouse that is specifically built for the healthcare industry.
This makes it ideally positioned to take advantage of Obamacare, which mandates that health providers and hospitals shift to to electronic records.
“Almost every hospital and hospital system will need a data warehouse to organize, visualize and utilize its data to address the $750 billion of waste in the U.S. healthcare system,” said Norwest Venture Partners’ Pramod Haque in a statement. He said that Health Catalyst can meet this need and boasts a “pipeline of health systems that are demanding the company’s solutions.” Its current customers include Stanford Hospital and Clinics and Texas Children’s Hospital.
The Salt Lake City-based company raised a mammoth $33 million in funding from a roster of venture capital firms. The second round was led by Norwest Venture Partners, with participation from existing investors Sequoia Capital and Sorenson Capital. Haque will join the board of directors, and Frank Bullock, Sorenson Capital’s managing director, will assume a role as a board adviser.