Arcadia Finishes Strongest Performance Year Ever by Closing Fully-Subscribed Growth Equity Investment
Arcadia demonstrates continued financial and market leadership heading into 2020
SAN FRANSISCO, Jan. 13, 2020 /PRNewswire/ -- Population health management technology leader Arcadia (arcadia.io) today announced at the 38th Annual J.P. Morgan Healthcare Conference that it finished 2019 by achieving its fourth consecutive year of sales over performance-to-plan while sustaining leading marks from market analysts and customers alike. In Q4, Arcadia also closed a fully-subscribed growth equity investment of $29.5M led by Cigna Ventures and augmented by existing shareholders.
Arcadia's financial and market momentum reflects the recently announced success of its healthcare customers, and further underscores both the continuing shift in healthcare to value-based payment models, and the important role that data and analytics technology plays in this transition.
"Arcadia is accelerating the path to value-based care through its use of high-quality data, sophisticated analytics and workflow technology," said Tom Richards, global lead, strategy and business development at Cigna Ventures. "Cigna has a long history of partnering with innovative companies who, like us, are focused on making health care affordable, predictable and simple and improving health and well-being outcomes. Arcadia not only shares that vision, but with our investment and partnership, can bring even more resources and tools to health care professionals – enhancing patient care and furthering the adoption of value-based care models."
Arcadia Analytics key to healthcare's profitable shift to value-based care
Arcadia's driving mission is to enable healthcare organizations to succeed financially in the dynamic U.S. healthcare market and overcome the uncertainty of evolving healthcare delivery and risk-based payment models. Arcadia's population health management technology platform Arcadia Analytics was purpose-built to support economic success under value-based care.
"We are honored to partner with so many innovative organizations around the country as they transform healthcare delivery," said Arcadia chief executive officer Sean Carroll, "as well as to be recognized by virtue of a new investment by Cigna Ventures and our existing slate of leading healthcare investors for our sustained growth in enabling economic success under challenging risk-based payment models."
Arcadia's focus on helping customers transition to value is consistently reflected in coverage from independent analysts like KLAS Research, who recognized Arcadia for the consistent financial success of its customersi and its ability to lead with outcome-producing, data-driven insightsii, and in its strong customer partnerships highlighted by events like the HIMSS20 Global Conference.
Arcadia's innovative customers earned six juried general education sessions at HIMSS20, where they will share more about their strategies to achieving success in Medicare, Medicaid and Commercial value-based payment models in partnership with Arcadia and the Arcadia Analytics platform.
These healthcare leaders will speak on a range of topics: from physician readiness to organizing providers for success and ensuring that distribution rewards the right behaviors, from addressing non-clinical barriers to care with social determinant of health data to engaging post-acute providers as partners, and from engaging the patient in making smarter utilization decisions to predictive analytics for care management initiatives aimed at reducing unnecessary emergency department utilization and hospital admissions. For every organization, these critical strategic initiatives are built on the foundation of data, analytics, and workflow technology provided by Arcadia Analytics.
Arcadia market leadership recognized by highly-regarded independent analysts
Arcadia is consistently recognized as a market leader in population health management technology by respected independent analysts like KLAS Research, Gartner, IDC, Forrester, and Chilmark.
Most recently, KLAS Research recognized its population health management platform Arcadia Analytics for its ability to support identifying and closing gaps in care. Arcadia received a score of 8.7 out of 9 (limited data) for this capability.iii In their Population Health Care Management 2019 report, KLAS evaluated Arcadia's care management capabilities versus its competitors and assessed the platform's ability to support the work of care managers. KLAS gave Arcadia Analytics its highest rating of 'above average' for the platform's ability to pull in data to create a longitudinal patient health record and then identify and close care gaps.iv
IDC also recognized Arcadia as a Leader in its recent IDC MarketScape: U.S. Population Health Management 2019 Vendor Assessment.v The IDC MarketScape recognized Arcadia for providing customers with "a clear perspective of the resources necessary to deploy a full and robust population health management program and how they can navigate their organizations through that journey." To learn more and get a complimentary excerpt of the IDC MarketScape, please visit arcadia.io.
About Arcadia
Arcadia (www.arcadia.io) is a population health management company, specializing in data aggregation, analytics, and workflow software for value-based care. Our customers achieve financial success in their risk-sharing contracts through Arcadia's focus on creating the highest quality data asset, pushing expertly derived insights to the point of care, and supporting administrative staff with data when and where they need it with applications including care management and referral management. Arcadia has off-the-shelf integration technology for more than 40 different physical and behavioral health EHR vendors, powered by machine learning that combs through variations in over 60 million longitudinal patient records across clinical, claims, and operational data sources. Arcadia software and outsourced ACO services are trusted by some of the largest risk-bearing health systems and health plans in the country to improve the bottom line. Founded in 2002, Arcadia is headquartered outside Boston in Burlington, MA, with offices in Seattle, Pittsburgh, Chicago, and Rockford, IL. In 2019, Arcadia was recognized by top independent healthcare analysts for our leadership, including being awarded Best in KLAS for Value Based Care Managed Services.
About Cigna Ventures
Cigna Ventures is a venture capital fund that works closely with entrepreneurs across the health care ecosystem to accelerate growth and innovation through the strategic use of capital and deep partnerships. Cigna Ventures is a wholly owned indirect subsidiary of Cigna Corporation. To learn more about Cigna Ventures visit: www.cignaventures.com.
Media Contacts:
Alyssa Drew, Director of Strategic Marketing, Arcadia
781.202.3775 [email protected]
Nicole Rodriguez, Account Director, Amendola Communications for Arcadia
949.520.0057 [email protected]
i KLAS Research, Population Health Management 2018, Part 2, Page 16.
ii KLAS Research, Value Based Care Managed Services 2018, Page 5.
iii KLAS Research, Population Health Care Management 2019. Performance Report; December 2019: 3.
iv KLAS Research, Population Health Care Management 2019. Performance Report; December 2019: 15-16.
v IDC MarketScape: U.S. Population Health Management 2019 Vendor Assessment, by Cynthia Burghard, Oct 2019, IDC Doc# US44263219
SOURCE Arcadia.io
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