Startup Spotlight: healthtech firm Aledade
Aledade partners with practices and providers in 27 US states to form accountable care organisations - entities focused on reducing the cost of care.
The company has raised, across six funding rounds, nearly $200mn since its founding in 2014. Its latest Series C round, announced last month, saw Aledade raise $64mn in a round led by OMERS Growth Equity, with the participation of others including California Medical Association, Meritech Capital, Echo Health Ventures, CVF, and GV.
"When we started Aledade nearly six years ago, we believed that value-based care was the only path forward for our health care system and a sustainable business model for independent primary care practices," said Farzad Mostashari, MD, CEO and co-founder of Aledade in a press release. "Our uniquely resilient business model - built on years of hard work, innovation, and partnership - means that we have the resources during this difficult time to be able to support practices and help them not only to survive but to thrive. Aledade's mission of always doing the right thing for patients, for doctors, and for society is now, and will continue to be, the core of our success as a business."
The company said it had achieved a larger than 60% annual growth in revenue alongside a nearly 50% growth in its patient base. 840,000 patients are cared for by the company’s accountable care organisations, managing over $7.5bn in health care spending.
"All across America, primary care physicians are in need of innovative ways to deliver better care at a lower cost, while simplifying the administrative burden that takes time away from their patients. As this shift from legacy models of reactive patient health management to proactive value-based care gains momentum, and interest in the ACO approach continues to grow, Aledade is working hard to support physicians through this positive change," said Teresa Lee, Managing Director, OMERS Growth Equity. "We are proud to have led this new investment in Aledade's team and business and look forward to helping the company build out its proven model, team, business, and vision of a better health care system built around trusted primary care providers."
Data de-identification - why it matters in healthcare
Large amounts of healthcare data is generated yet goes unused due to privacy concerns. To address this, data privacy firm TripleBlind has created Blind De-identification, a new approach that allows healthcare organisations to use patient data while eliminating the possibility of the user learning anything about the patient’s identity.
We asked Riddhiman Das, co-founder and CEO to tell us more about data de-identification.
Why is data de-identification important in healthcare?
Blind De-identification allows every attribute of any given dataset to be used, even at an individual level, while being compliant to privacy laws, rules, and regulations by default.
Governments around the world are adopting global data privacy and residency laws like GDPR, which prohibit citizens’ personally identifiable information data from leaving the borders of the country. While great for data protection, data residency laws result in global silos of inaccessible data. TripleBlind allows computations to be done on enterprise-wise global data, while enforcing data residency regulations.
In the US, HIPAA compliance has relied on what is called the Safe Harbor method, which requires removing 18 types of personal patient identifiers like names, email addresses, and medical record numbers. The Safe Harbor method can be too restrictive with the data or can leave too many indirect identifiers, which puts the patient data security at risk. Getting de-identification wrong could make an organisation liable for a costly mistake.
What does TripleBlind's solution do?
With TripleBlind, data is legally de-identified in real time with practically 0% probability of re-identification. Our solution allows analytics on data containing personally identifiable information and protected health information with zero possibility of re-identifying an individual from the dataset. This allows healthcare organisations to access more meaningful data, creating more accurate and less biased results.
For example, a healthcare drug researcher in a rural, predominantly white area, would only have patient data that would reflect their local population. With TripleBlind’s de-identification, they could more easily leverage third-party data from another healthcare facility in a more diverse region, creating a more complete data set that more accurately reflects the larger population. This has the possibility to create more accurate diagnoses and better drug results for more diverse populations.
How can healthcare organisations use this in practice?
TripleBlind is blind to all data and algorithms. That means we never take possession of customer data. We only route traffic between entities, enforce permissions, and provide audit trails. The enterprise’s data remains under their control. TripleBlind does not host, copy or control their data, algorithms or other information assets, ever.
We facilitate a connection to an encrypted version of their information assets. Our technology allows the algorithms and data to interact in an encrypted space that only exists for the duration of the operation. Organisations use their existing infrastructure, so it’s not hardware dependent.