Quovis, a Cleveland-based health tech startup, has landed a $1 million investment from the family office of Randy Bufford, the founder and former CEO of Trilogy Health Services LLC.
Quovis is a decentralized health information exchange. It provides patients' health information — such as blood pressure readings and lab results — to health care professionals through an electronic exchange.
Brandon Fairless, co-founder and CEO of Quovis, met Bufford last fall while competing in the Optimize/Aging 2.0 conference in Louisville, Kentucky, where Quovis won a pitch competition.
Fairless, a former staff attorney for Medical Mutual of Ohio, the Cleveland-area health care insurer, and Bufford "immediately gelled over our common desire to end data fragmentation in long-term care," Fairless said in a statement.
Unlike a traditional health information exchange that relies on brokers or electronic medical record platforms, Quovis has developed smart contract technology that enables coordination among care teams and reduces the friction caused by health care IT systems that can't communicate with each other, the company said.
By decentralizing the process of data exchange, Quovis offers health care providers access to a unified repository of patient and claims information without a third-party manager or new software interface at the point of care, Quovis said. This reduces the time and cost of accessing health records, it said.
The health information exchange market is expected to grow to $3.3 billion by 2028, according to a report by Insight Partners. This market has seen substantial growth during the pandemic, Inight Partners said.
In 2019, Quovis started as a software technology platform for the pharmaceutical industry that was aimed at resolving technology issues related to the opioid epidemic, said the Cleveland startup.
"We're a fully remote company with most employees based in the NEO/Cleveland area," Fairless said in an emailed statement. "We're working on getting an office space in the Cleveland area, but at this early stage, we're being mindful of costs."
