Medchart raises $17M to transform business

TORONTO – Medchart announced it has raised $17 million in funding led by Crosslink Capital and Golden Ventures, with additional funds from Vast Ventures, Union Ventures, iGan Partners, Stanford Law School, and Nas, an original backer. The company will use the funds to accelerate product innovation and hire new talent to meet the widespread demand for businesses to get patient-authorized health information.

Medchart addresses one of the slowest, most tedious, and fractured processes: getting patient health records for common business tasks. The company lets businesses easily, securely, and cost-effectively access and exchange patient-authorized digital health information for everything from life sciences real-world evidence or insurance underwriting to legal claims.

The company’s cloud-based health information platform delivers complete and accurate digital records, regardless of the original format and in compliance with patient preferences and global privacy standards.

“Medchart applies digital transformation and analytics to business processes that remain slow, expensive, and paper-based,” said James Bateman (pictured), co-founder and CEO of Medchart.

“Our mission is to revolutionize the way legal, insurance, researchers, and other professionals access medical records in a fraction of the time. Through our cloud-based platform, direct electronic health information connections, and advanced analytics, we are transforming the medical record access process for businesses beyond patient care.”

Recognizing the race to online digitization, Medchart is expanding across new vertical markets to ensure organizations can keep up with market shifts and regulatory considerations.

More than 2,500 healthcare providers and pharmacies across North America already use Medchart to release records electronically. Medchart has also partnered with some of the largest North American insurers and clinical researchers around new initiatives.

“Medchart drastically improves the way we acquire health records, allowing staff to focus on our core competency – cases,” said Charles Gluckstein, partner at Gluckstein Personal Injury Lawyers. “The company’s leading-edge view of what’s next aligns well with our ongoing efforts to continually innovate business services.”

And Medchart will further enhance its AI capabilities to enable organizations to analyze records in even more depth, providing insights and connections that allow law firms to use records in new and more effective ways.

More than 200 businesses and law firms across North America use the Medchart platform to easily exchange information with partners and drive critical business decisions. Leading law firms rely on Medchart for AI- and ML-assisted claimant qualification for individuals who have suffered life-altering injuries, including almost 40% of all U.S. claimants in the ongoing Purdue opioid litigation.

About Medchart
Medchart is a cloud-based health data platform for aggregating and analyzing patient-authorized information to enable trusted access to businesses, researchers, and all patient services. By removing the friction of digital business practices, Medchart powers the future of democratized health information controlled by patients. Using artificial intelligence (AI) and machine learning (ML), Medchart offers actionable insights to those who depend on high-quality, complete patient information. Visit Medchart at www.medchart.com, or on Twitter and LinkedIn.