SymphonyRM leverages machine learning and artificial intelligence to modernize the way healthcare organizations communicate with patients and consumers.
The Bay Area startup helps health systems and payers use their data to develop actionable plans, or what it calls "next best actions," for healthcare consumers to build deeper customer relationships and drive better outcomes.
The COVID-19 pandemic has accelerated both the consumerization of healthcare and digital transformation initiatives to meet those demands, according to the company.
With an eye toward increasing its reach and footprint in the payer segment by creating next best actions that improve member experiences, SymphonyRM clinched $25 million in series B funding. The round is led by new investment partner TT Capital Partners (TTCP) with continued investment from Adams Street Partners. The company has raised $35 million following the closing of its $10 million series A in 2019.
The capital injection also will fuel SymphonyRM’s sales and marketing efforts to support the accelerated demand for actionable intelligence, company executives said.
“We’re thankful to have established a partnership with TTCP, which is one of the most revered investors in emerging healthcare technology and SaaS companies, and to have the renewed support of Adams Street, which has been an exception steward of our organization’s evolution,” said Michael Linnert, CEO of SymphonyRM, in a statement.
RELATED: Global investment in telehealth, artificial intelligence hits a new high in Q1 2021
“Individually, each organization is known for its successes helping companies navigate the growth stage, and together, we are working with the best possible team to shepherd us through this exciting new chapter," he said.
The doctor-patient relationship is core to healthcare delivery and improved health outcomes, said Donnacha O’Sullivan, TTCP's vice president.
"SymphonyRM’s capabilities further this important relationship, while helping providers become even more successful in the era of value-based care,” O’Sullivan said. “We look forward to collaborating with SymphonyRM’s strong management team as they continue advancing the use of actionable data to help health systems and consumers thrive.”
O’Sullivan also has joined SymphonyRM’s board of directors. The addition adds depth to a versatile bench that was strengthened earlier this year by the appointment of 2019 HIMSS and CHIME Chief Information Officer of the Year Marc Probst, according to the company.
Tom Bremner, partner with Adams Street, said, "SymphonyRM has always had its eye on where healthcare is going, and we look forward to supporting the team as they innovate, flourish and cement the company’s reputation as the preferred provider of healthcare consumer engagement solutions.”
The majority of people know that preventive care, like mammograms and colonoscopies, is good for the management of their health, but patients often don't take action. Like Amazon’s “Buy Now” button, healthcare organizations need to make the process of taking action as frictionless as possible, according to company executives.
SymphonyRM works with health systems to provide a frictionless consumer experience that rivals the capabilities of world-class, consumer-centered organizations to help organizations acquire, engage and retain patients. The company's actionable intelligence helps influence consumer behavior and close care gaps with prioritized, personalized and proactive patient engagement across all channels.
The SRM engagement prioritization platform delivers actionable intelligence for marketing, call centers, physician relationship management, rising risk engagement and service lines that maximize patient outcomes.
The company's health system customers include Derby, Connecticut-based Griffin Health and Scottsdale, Arizona-based Honor Health.