Company name: Embold Health Inc.
Amount raised: The Nashville-based company has secured a $20 million round of funding led by Echo Health Ventures, according to a news release.
What they do: Embold offers a suite of “practice pattern and appropriateness” metrics aimed at helping employers, employees, consultants and health plans make better decisions when choosing health care providers, according to the release. The company’s platform analyzes the effectiveness, appropriateness and overall cost of care provided by individual clinicians and then turns the findings into searchable ratings.
Why it matters: Nashville's health-tech industry is awash in cash, with several high-dollar rounds of funding hitting Nashville-area startups’ bank accounts this year. Franklin-based Relatient Inc. raised $100 million in August from Brighton Park Capital. In June, data analytics company Xsolis (stylized XSOLIS) secured a $75 million investment, also from Brighton Park. That was preceded weeks earlier by a $160 million capital raise by Monogram Health, which was led by private equity firm TPG Capital.
What the funds will be used for: The funds will be used for Embold’s national expansion.
Quotable: “People don’t have a meaningful tool right now to measure true quality. We are on a mission to set the standard in physician performance measurement, and we believe every health care consumer and provider should have access to this information. Our goal is to make the measures accessible and actionable for everyone,” Embold founder and CEO Daniel Stein said in the release. “We’re grateful that Echo Health Ventures shares our ideals and our goal to raise health care quality for all.”
