PitchBook-2023年一季度医疗保健IT报告（英）-2023-16页-WN6.pdf

EMERGING TECH RESEARCHHealthcare ITReportVC trends and emerging opportunitiesQ12023REPORT PREVIEWThe full report is available through the PitchBook Platform.群内每日免费分享5份+最新资料 群内每日免费分享5份+最新资料 300T网盘资源+4040万份行业报告为您的创业、职场、商业、投资、亲子、网赚、艺术、健身、心理、个人成长 全面赋能！添加微信，备注“入群”立刻免费领取 立刻免费领取 200套知识地图+最新研报收钱文案、增长黑客、产品运营、品牌企划、营销战略、办公软件、会计财务、广告设计、摄影修图、视频剪辑、直播带货、电商运营、投资理财、汽车房产、餐饮烹饪、职场经验、演讲口才、风水命理、心理思维、恋爱情趣、美妆护肤、健身瘦身、格斗搏击、漫画手绘、声乐训练、自媒体打造、效率软件工具、游戏影音扫码先加好友，以备不时之需扫码先加好友，以备不时之需行业报告/思维导图/电子书/资讯情报行业报告/思维导图/电子书/资讯情报致终身学习者社群致终身学习者社群关注公众号获取更多资料关注公众号获取更多资料ContentsCONFIDENTIAL.NOT FOR REDISTRIBUTION.PG 2Institutional Research Group AnalysisQ1 2023 Healthcare IT ReportPublishingReport designed by Jenna OMalley and Chloe Ladwig Published on May 31,2023DataCollin Anderson Data AnalystVertical overview3Q1 2023 timeline5Healthcare IT landscape6Healthcare IT VC ecosystem market map7Healthcare IT PE ecosystem market map10VC and PE activity13Emerging opportunities24Prior authorization25Synthetic data30Select company highlights33Health Gorilla34Modernizing Medicine36Rebecca Springer,Ph.D.Senior Analyst,Healthcare Lead Q1 2023 Healthcare IT ReportCONFIDENTIAL.NOT FOR REDISTRIBUTION.PG 5Q1 2023 timelineJan 1Feb 1Mar 1Mar 31Q1 2023 VC deal value summary$1.3Btotal deal value184.5%QoQ change in deal value-44.5%YoY change in quarterly deal value2023 PE deal count summary27Q1 2023 deal count8.0%QoQ change in deal count-38.6%YoY change in quarterly deal countVC dealJanuary 26Pearl,a value-based care enabler,raises$55.0 million.By the end of the quarter,two other second-generation enablers,Vytalize and Wellvana,will raise sizable rounds.NewsMarch 20Microsoft-owned Nuance announces DAX Express,an iteration on the companys Dragon Ambient eXperience clinical documentation product that integrates GPT-4.The announcement reinforces the companys leadership in clinical documentation AI.VC dealFebruary 27Coding automation platform CodaMetrix raises a$55.0 million Series A led by SignalFire.The company grew out of technology developed in-house at Mass General Brigham.NewsMarch 29UnitedHealthcare announces its intention to reduce its prior authorization by 20%,maneuvering amid growing political attention on alleged prior authorization overutilization,especially by Medicare Advantage plans.NewsMarch 7Atrium Health announces a partnership with Best Buy to develop a hospital-at-home program.Best Buy had previously moved into the remote care space via its 2021 acquisition of Current Health and other deals.PE dealMarch 13Dragoneer-backed PointClickCare acquires Patient Pattern,a population health analytics company specializing in frailty-based risk.It is the companys fourth acquisition since 2020.Q1 2023 Healthcare IT ReportCONFIDENTIAL.NOT FOR REDISTRIBUTION.PG 6Healthcare IT landscape34512EHRs&clinical informationInfrastructure&complianceOperationsAnalyticsRevenue cycle34512Q1 2023 Healthcare IT ReportCONFIDENTIAL.NOT FOR REDISTRIBUTION.PG 13VC and PE activityVC funding bounced back modestly in Q1 2023 after hitting rock bottom in Q4.Startups raised$1.3 billion across 70 deals,roughly in line with Q3 2023s activity levels and representing a greater deal value than Q1 2020.We attribute this partially to the slightly sunnier macroeconomic outlook that characterized the quarteruntil Silicon Valley Banks collapse and the subsequent banking crisis rattled markets.Additionally,clusters of sizable workforce management(ShiftMed and ShiftKey)and value-based care enablement(Pearl,Vytalize,and Wellvana)deals boosted the quarters figures.Overall,Q1 represented a flight to quality for VC investors,manifest in a willingness to write decently sized checks to startups with prestigious origin stories.CodaMetrix,an AI coding company developed at Mass General Brigham and piloted at a handful of leading academic medical centers,took in$55.0 million,while Zus Health,an interoperability company started by Athenahealth founder Jonathan Bush,brought in$40.0 million.With IPO markets still shuttered until at least 2024,we recorded only a handful of VC-backed exits at undisclosed valuations.In contrast to the volatility in the VC market,PE healthcare IT deal activity continues to show resilience.PE firms closed 27 healthcare IT deals in the quarter,modestly below the activity levels that characterized 2021.We are seeing some PE firms continue a trend begun a few years ago by moving“upstream”to invest in late-stage startups.For example,Enhanced Healthcare Partners,a middle-market firm that has lately been pivoting from healthcare services toward a greater proportion of healthcare IT deals,invested just over$45 million in Janus Health in February.Compared with buying out a mature company,this strategy is less capital intensive and requires no leverage;lately,it has also begun to look more attractive from a valuation standpoint.Other noteworthy deals in the quarter included Aquiline and Level Equitys buyout of dental EHR vendor Cloud 9 Software,Thoma Bravos acquisition of healthcare analytics provider Logex Group,and Alpine Investors acquisition of Medusind Solutions,a medical and dental billing company that offers both fully outsourced and software-only solutions.Source:PitchBook Geography:Global *As of March 31,2023Q1 2023 healthcare IT VC and PE deal count by segment*15828109133641EHRs&clinicalinformationRevenue cycleOperationsAnalyticsInfrastructure&compliancePE deal countVC deal countQ1 2023 Healthcare IT ReportCONFIDENTIAL.NOT FOR REDISTRIBUTION.PG 16CompanyClose date(2023)Deal value($M)CategoryDeal typeLead investor(s)Valuation step-up(post to pre)PearlJanuary 26$55.0VBC enablementSeries BAndreessen Horowitz,Viking Global InvestorsN/AJanus HealthFebruary 28$45.1Process automationSeries BEnhanced Healthcare Partners3.3xZus HealthFebruary 22$40.0Data ecosystemSeries A1Andreessen Horowitz et al.0.8xKeyCareJanuary 5$27.0Telemedicine enablementSeries A8VC3.2xSpectrumAiMarch 16$20.0Vertical EHRs and enterprise systemsSeries ACVS Health VenturesN/AdeepcMarch 28$12.8PACS,RIS,and clinical image workflowsSeries ASofinnova PartnersN/ACariumJanuary 20$6.0Telemedicine enablementSeries AAmerican Family Ventures1.5xRhythmScienceMarch 23$6.0Clinical decision supportSeries ACedars Sinai Health Ventures4.8xHealtheMedJanuary 17$5.7Telemedicine enablementSeries A1Panoramic Ventures2.4xAltrixJanuary 31$3.1Workforce managementN/AN/AN/ASource:PitchBook Geography:Global *As of March 31,2023Key healthcare IT early-stage VC deals*VC AND PE ACTIVITYQ1 2023 Healthcare IT ReportCONFIDENTIAL.NOT FOR REDISTRIBUTION.PG 17CompanyClose date(2023)Deal value($M)CategoryDeal typeLead investor(s)ShiftKeyJanuary 11$300.0Workforce managementN/ALorient Capital ManagementShiftMedFebruary 6$200.0Workforce managementN/APanoramic VenturesVytalizeFebruary 7$100.0VBC enablementSeries CEnhanced Healthcare Partners,Monroe CapitalWellvanaMarch 27$84.0VBC enablementN/AHeritage Group,Valtruis(Welsh,Carson,Anderson&Stowe)KakehashiMarch 29$70.2Pharmacy and medication managementSeries CSalesforce Ventures CodaMetrixFebruary 27$57.4Billing and codingSeries ASignalFireClearsenseJanuary 30$49.9Data ecosystemSeries DHealthQuest CapitalViz.aiMarch 22$40.0PACS,RIS,and clinical image workflowsN/ACanadian Imperial Bank of CommerceSolve.CareJanuary 16$30.2Cloud and software platformsN/AN/ASmile Digital HealthJanuary 23$30.0Data ecosystemSeries B30 North Group,UPMC EnterprisesSource:PitchBook Geography:Global *As of March 31,2023Key healthcare IT late-stage VC and growth deals*VC AND PE ACTIVITYQ1 2023 Healthcare IT ReportCONFIDENTIAL.NOT FOR REDISTRIBUTION.PG 35SELECT COMPANY HIGHLIGHTS:MODERNIZING MEDICINEOverviewModernizing Medicine(ModMed)is a provider of vertical EHR and practice management and patient engagement software to physician group practices,including many PE-backed platforms.Co-founded in 2010 by CEO Dan Cane,a seasoned technology leader,and Chief Medical and Strategy Officer Michael Sherling,a dermatologist,the company has differentiated itself through a strong focus on aligning with the needs of physicians in specific specialties.ModMed has expanded beyond its roots in the dermatology market to offer solutions across 10 additional specialties:allergy,gastroenterology,Ob/Gyn,ophthalmology,orthopedics,otolaryngology,pain management,plastic surgery,podiatry,and urology.The company raised venture funding through a Series E between 2011 and 2015 before selling a minority stake to Warburg Pincus for$231.0 million in 2017.Warburg was rumored to be exploring a partial-stake sale in November 2022,but no deal materialized.24ModMed develops unique,PC-and iPad-based applications for each of its supported specialties in consultation with physicians.Although ModMeds systems provide some customizability,the company prefers to create workflows and care pathways tailored to specific physician types in order to simplify the user experience.Implementation support and change management have been a key area of focus for ModMed.Healthcare providers can be slow to adopt new technologies,and the disruption associated with learning new systems can have significant revenue and burnout impactsparticularly in the current period of tight margins and limited staff resources.While some implementations can be completed in a number of days,others are extremely complexoverhauling the tech stack of a large,multipractice roll-up running different systems at different sites can take one to two years.ModMed has developed a mature customer support function that includes an internal knowledge services team to help the company learn from past implementations.The company can provide 24:“Scoop:Warburgs ModMed Explores Partial-Stake Sale,”Axios Pro,Sarah Pringle,November 10,2022.Founded 2010Total VC raised:$80.5MLast reported ARR:Approximately$400.0MLast financing:Raised$231.0M in a PE growth dealLargest investor:Warburg PincusQ1 2023 Healthcare IT ReportCONFIDENTIAL.NOT FOR REDISTRIBUTION.PG 36SELECT COMPANY HIGHLIGHTS:MODERNIZING MEDICINEclients with enterprise change management resources,including communication templates,project planning frameworks,training resources,and postdeployment analytics.Because of this,ModMeds team can identify challenges with adoption and training early in an implementation and proactively intervene to maximize the customers success on the new system.Competitive landscapeModMed competes with generalist/multispecialty EHR and practice management providers focused on the large physician group market,including athenahealth,Veradigm,NextGen,eClinicalWorks,Meditech,and Practice Fusion.It also competes with specialist software providers in the categories in which it operates.ModMed has the dominant market position in its original specialty,dermatology,and is growing at above-market rates in more fragmented spaces such as Ob/Gyn and orthopedics.PE-backed physician practice management(PPM)consolidation has been a tailwind for ModMed,because it creates scaled buyers and because PE firms with multiple investments in the space are familiar with the platform and may encourage additional portfolio companies to adopt it.On the other hand,health system-driven consolidation of independent physicians shrinks ModMeds addressable market because acquired groups are then migrated onto the health systems enterprise EHR.Strategic directionModMed has grown through a combination of M&A and organic new product launches.Acquisitions have allowed the company to rapidly acquire market share in new specialties and geographies as well as to add important functionality.For instance,the company launched an allergy solution in 2022 before acquiring allergy testing and immunotherapy management software from Xtract Solutions in January 2023.In acquiring specialty EHRs,ModMed typically maintains the acquired platform separately while gradually working to integrate relevant features and migrating customers onto the relevant ModMed module.The company also invests heavily in research&development(R&D)to develop new features for its existing products.It acquired Klara,a digital patient engagement technology provider,in February 2022.The company expects to launch approximately one new specialty module per year.As of 2022,its annual recurring revenue was reportedly around$400 million.2525:“Scoop:Warburgs ModMed Explores Partial-Stake Sale,”Axios Pro,Sarah Pringle,November 10,2022.About PitchBook Emerging Tech ResearchIndependent,objective,and timely market intelAs the private markets continue to grow in complexity and competition,its essential for investors to understand the industries,sectors and companies driving the asset class.Our Emerging Tech Research provides detailed analysis of nascent tech sectors so you can better navigate the changing markets you operate inand pursue new opportunities with confidence.2023 by PitchBook Data,Inc.All rights reserved.No part of this publication may be reproduced in any form or by any meansgraphic,electronic,or mechanical,including photocopying,recording,taping,and information storage and retrieval systemswithout the express written permission of PitchBook Data,Inc.Contents are based on information from sources believed to be reliable,but accuracy and completeness cannot be guaranteed.Nothing herein should be construed as any past,current or future recommendation to buy or sell any security or an offer to sell,or a solicitation of an offer to buy any security.This material does not purport to contain all of the information that a prospective investor may wish to consider and is not to be relied upon as such or used in substitution for the exercise of independent judgment.Additional researchPitchBook Data,Inc.John Gabbert Founder,CEONizar Tarhuni Vice President,Institutional Research and EditorialPaul Condra Head of Emerging Technology ResearchEric Bellomo Gaming E-CommerceBrendan Burke Internet of Things Information Security Artificial Intelligence&Machine LearningAaron DeGagne Medtech Digital HealthAlex Frederick Agtech FoodtechJonathan Geurkink Supply Chain Tech Mobility TechDerek Hernandez Enterprise SaaSAli Javaheri Emerging SpacesRobert Le Web3/DeFi Insurtech CryptoJohn MacDonagh Carbon&Emissions Tech Clean Energy TechRebecca Springer Healthcare Services Healthcare ITRudy Yang FintechComing soon Biotech Pharmatech群内每日免费分享5份+最新资料 群内每日免费分享5份+最新资料 300T网盘资源+4040万份行业报告为您的创业、职场、商业、投资、亲子、网赚、艺术、健身、心理、个人成长 全面赋能！添加微信，备注“入群”立刻免费领取 立刻免费领取 200套知识地图+最新研报收钱文案、增长黑客、产品运营、品牌企划、营销战略、办公软件、会计财务、广告设计、摄影修图、视频剪辑、直播带货、电商运营、投资理财、汽车房产、餐饮烹饪、职场经验、演讲口才、风水命理、心理思维、恋爱情趣、美妆护肤、健身瘦身、格斗搏击、漫画手绘、声乐训练、自媒体打造、效率软件工具、游戏影音扫码先加好友，以备不时之需扫码先加好友，以备不时之需行业报告/思维导图/电子书/资讯情报行业报告/思维导图/电子书/资讯情报致终身学习者社群致终身学习者社群关注公众号获取更多资料关注公众号获取更多资料