Investment notes: Greenlake Medical
Summary
Sprint is excited to announce our recent investment in Greenlake Medical, a healthcare AI platform radically improving hospital productivity and profitability.Hospital administration is known to be complex akin to managing a city yet Greenlake Medical makes the traditionally complicated procedure coding and hospital activity funding simple, elegant and infinitely scalable.We are excited to partner with Founders Sri and Abhi, as a part of the Greenlake Medical journey as they transform hospital coding using AI, shares Llew Jury, Sprint Managing Partner and Investor.This will result in huge productivity gains for hospital teams and systems globally.Greenlake Medicals Medici suite of software tools enables hospitals of all sizes to improve a huge silent issue in clinical information management: casemix capture, backlog management and analysis.Founded by Drs. Casemix represents a unique code, communicating patient classification data as well as scheduled and delivered healthcare services across multidisciplinary teams think nurses, doctors and allied health professionals, as well as administrators, billing, and health insurers.With hospitals being large, complex organisations, the correct data capture is essential to an efficiently run and funded hospital.By analysing casemix administrators can also improve the management of critical healthcare highlighting for example, where chokepoints exist (increasing wait times for procedures for example), where inefficient or expensive processes could be reduced, where to allocate funds, and where staffing needs to be prioritised or new capabilities developed.Efficient hospitals with excellent casemix coding and analysis are not only productive with well managed revenue streams, theyre also operationally safer for health care staff and patients.And until Greenlake Medicals Medici platform, hospital casemix coding and analysis has been difficult, hampered by manual processes and legacy technology.As casemix data capture rises, so have error rates, resulting in up to $33M in lost revenue per year, per hospital across Australia.After seeing the often hidden problem in the back-end of hospitals and realising the need for digital tools as healthcare providers switch to eHealth records, co-founders Drs. Srinivas Sridharan and Abhinav Somarajui were determined to create a better system.Hospitals serve our communities and deserve the best tools possible, no matter their size, states Dr. Sridharan.The Medici suite works to improve casemix capture, reduce backlog via rapid coding & auditing, and deliver best in class integrated analytics.We combined our experience with AI, machine learning and healthcare to help hospitals stay on top of their data and revenue. The best thing about the Medici platform is it learns about errors and best practices, and keeps getting better.Simplifying a systemic problem with technology that improves overtime was a clear point of attraction for Sprint.We were also impressed by Greenlake Medicals ability to deliver clear returns for its customers, yielding them ROIs between 10 and 35x, depending on the size of the hospital.With strong ties and investments in health care, it was easy for Sprints Investment team to spot the magic in founders Sri and Abhi, says Heath Shonhan, Sprint Chairman and founder of health accelerator, CareFactor.There are very few companies globally that are able to produce the results the Greenlake Medical team have with the steep learning curves required of machine learning algorithms providing a natural barrier to entry, and having secured regulatory approval to operate in 19 countries, their prospects are strong.Sprint has a deep focus on the health and aged care thematic and Greenlake represents Sprints third investment in the health sector (following Hayylo and Umps).Historically, the health sector has been technologically underserved with many outdated and manual processes. Hospitals receive substantial government funding from 1 July 2020 and 30 June 2025, the Australian Government will contribute about $133.6 billion for public hospital services.Greenlake Medicals proven outcomes align perfectly with the 202025 National Health Reform Agreement, which was signed by all Australian governments in order to: deliver safe, high-quality care in the right place at the right time prioritise prevention, and help people manage their health across their lifetime drive best-practice and performance using data and research improve efficiency and ensure the financial sustainability of health care providers and networks.By improving funding streams for hospitals and supporting better clinical outcomes across hospital and allied health services, the Greenlake Medical solutions directly benefit communities, states Jury, which is exactly where Sprint wants to invest.At Sprint, we invest in Australias best opportunities.