Particle Health Company Profile

Background

Founded in 2018, Particle Health is a New York City-based health technology company dedicated to transforming healthcare data exchange. The company's mission is to break down data silos in the healthcare industry by providing a user-friendly API platform that aggregates and standardizes medical records from over 320 million patients across the United States. By integrating with major healthcare networks such as CommonWell, Carequality, and eHealth Exchange, Particle Health enables seamless and secure access to comprehensive patient data, thereby enhancing clinical decision-making and patient outcomes.

Key Strategic Focus

Particle Health's strategic focus centers on facilitating efficient and secure healthcare data interoperability. The company specializes in providing a modern API platform that allows healthcare providers, digital health companies, and payers to access and utilize patient medical records effectively. By leveraging advanced technologies, Particle Health aims to support value-based care initiatives, enhance patient engagement, and drive innovation across the healthcare continuum.

Financials and Funding

Since its inception, Particle Health has successfully secured a total funding amount of $39.3 million. The funding history includes a $12 million Series A round led by Menlo Ventures in early 2020 and a $25 million Series B round led by Canvas Ventures in the summer of 2022. Additional investors include PruVen Capital and Story Ventures. The capital raised has been instrumental in expanding the company's platform capabilities, enhancing data integration processes, and scaling operations to meet the growing demand for healthcare data interoperability solutions.

Technological Platform and Innovation

Particle Health's technological platform is distinguished by its comprehensive API that unifies patient records from a vast array of healthcare sources. The platform offers:

FHIR-Enabled Records: Access to over 320 million patient records in FHIR and C-CDA formats, facilitating standardized data exchange.

Extensive EMR Coverage: Integration with more than 160,000 health systems, practices, and clinics, covering over 90% of Electronic Medical Records (EMRs) in the U.S., including major systems like Cerner, Greenway Health, Epic, athenahealth, and GE Healthcare.

High Query Success Rate: Achieving a query success rate of approximately 90%, with an average of 135 records found per successful query, ensuring reliable and efficient data retrieval.

These capabilities enable healthcare organizations to build custom analytics, proactively manage patient care, and strategically grow their services by leveraging comprehensive clinical insights.

Leadership Team

Particle Health is led by a team of experienced professionals dedicated to advancing healthcare data interoperability:

Troy Bannister: Co-Founder and CEO. With a background as an emergency medical technician and consultant, Bannister brings firsthand healthcare experience and a vision to revolutionize data exchange in the industry.

Dan Horbatt: Co-Founder and CTO. A seasoned software engineer with experience at companies like Palantir and Google, Horbatt leads the technological development of Particle Health's platform.

Competitor Profile

Market Insights and Dynamics

The healthcare data interoperability market is experiencing significant growth, driven by regulatory mandates, the shift towards value-based care, and the increasing need for seamless data exchange among healthcare stakeholders. The adoption of standardized data formats like FHIR and the development of API-based solutions are pivotal in addressing the challenges of fragmented healthcare data systems.

Competitor Analysis

Particle Health operates in a competitive landscape with several key players offering similar interoperability solutions:

1upHealth: Founded in 2017, 1upHealth provides a FHIR-based API platform connecting payers, providers, patients, and app developers within a trusted interoperability network. The platform emphasizes cloud-native applications to improve patient outcomes and drive population-level analytics.

Redox Engine: Established in 2014, Redox offers a modern API for healthcare, facilitating data exchange between healthcare providers and digital health solutions. The company focuses on enabling seamless integration with existing Electronic Health Records (EHRs) to streamline patient data management.

Flexpa: Founded in 2021, Flexpa provides a platform for applications to connect with identified claims data efficiently and in compliance with HIPAA regulations. The platform simplifies access to claims data by normalizing payer variations into a consistent FHIR R4 format.

These competitors, along with others like Impilo, Founda Health, and Ribbon Health, contribute to a dynamic market where innovation and compliance with interoperability standards are critical for success.

Strategic Collaborations and Partnerships

Particle Health has established strategic partnerships to enhance its platform capabilities and expand its market reach:

xCures: A technology platform utilizing artificial intelligence and predictive modeling to identify treatment options for cancer patients. By integrating Particle Health's Specialty Search capabilities, xCures can efficiently access comprehensive oncology data, leading to increased program enrollment and improved patient care management.

Hona: A customizable AI product that converts health records into concise patient overviews. The integration of Particle Health's API for medical record retrieval enables Hona to analyze and present a complete view of a patient's health history, facilitating informed clinical decisions and streamlined care encounters.

Operational Insights

Particle Health's platform offers several distinct competitive advantages:

Comprehensive Data Access: With connections to over 160,000 healthcare organizations and access to more than 320 million patient records, Particle Health provides one of the most extensive data networks in the industry.

Developer-Friendly API: The platform's intuitive API design allows for seamless integration, enabling developers to build scalable and innovative healthcare solutions efficiently.

High Data Quality and Standardization: By delivering FHIR-enabled records with a high query success rate, Particle Health ensures that healthcare organizations receive accurate and actionable patient data.

These operational strengths position Particle Health as a leader in the healthcare data interoperability market, offering solutions that address the critical needs of healthcare providers, payers, and digital health companies.

Strategic Opportunities and Future Directions

Looking ahead, Particle Health is poised to capitalize on several strategic opportunities:

Expansion of Specialty Search Capabilities: Building on the success of its Specialty Search feature, Particle Health plans to extend its capabilities to cover additional complex health conditions, thereby supporting a broader range of providers treating chronic illnesses.

Integration of Additional Data Sources: The company aims to incorporate diverse data sources such as pharmacy records, admission, discharge, and transfer notifications, and billing claims data, with future plans to integrate genomics and other sources.

Enhancing AI and Machine Learning Applications: By leveraging advanced analytics, Particle Health seeks to provide deeper insights and predictive capabilities, further empowering healthcare organizations to make informed decisions and improve patient outcomes.

These strategic initiatives align with Particle Health's mission to revolutionize healthcare data exchange and support the industry's transition towards more integrated and data-driven care models.