ReferralPoint, LLC Company Profile

Background

Overview

ReferralPoint, LLC is a healthcare technology company specializing in referral management solutions for medical groups, health systems, and payers. Established in 2018, the company is headquartered in Irving, Texas. ReferralPoint leverages artificial intelligence (AI) and data integration to automate patient referrals, aiming to enhance savings, revenue, efficiency, and patient experience.

Mission and Vision

The company's mission is to transform patient referrals by providing data-driven, fully automated, closed-loop referral management solutions. Its vision is to be a trusted partner that helps clients deliver the best, most appropriate, and timely care while achieving their financial objectives.

Primary Area of Focus

ReferralPoint focuses on optimizing referral processes within healthcare organizations, aiming to reduce network leakage, control costs, and improve quality without compromising the delivery of high-quality care.

Industry Significance

In the healthcare industry, efficient referral management is crucial for controlling costs and ensuring quality care. ReferralPoint addresses these challenges by automating and streamlining referral workflows, thereby enhancing operational efficiency and patient satisfaction.

Key Strategic Focus

Core Objectives

• Referral Automation: Automate referral processes to reduce manual tasks and errors.

• Cost Control: Identify and mitigate unnecessary referral costs.

• Quality Improvement: Ensure referrals are directed to high-quality, in-network providers.

• Patient Experience Enhancement: Improve patient engagement and satisfaction through streamlined referral processes.

Specific Areas of Specialization

• Data Integration: Ingesting claims and third-party data to create IdealMATCH scores for specialists and facilities.

• Referral Analytics: Providing insights into referral trends, leakage, and cost-saving opportunities.

• Automated Referral Management: Integrating with electronic health records (EHRs) to automate referral selection, prior authorizations, scheduling, and communication.

Key Technologies Utilized

• Artificial Intelligence (AI): For data analysis and decision-making in referral processes.

• Data Integration Tools: To consolidate claims and third-party data for comprehensive analysis.

• EHR Integration: Seamless integration with various EHR systems to automate workflows.

Primary Markets Targeted

• Medical Groups: Enhancing referral processes to improve operational efficiency and patient care.

• Health Systems: Streamlining referrals to reduce costs and improve network management.

• Payers: Optimizing referral networks to control costs and ensure quality care.

Financials and Funding

Funding History

Specific details regarding ReferralPoint's funding history, total funds raised, and recent funding rounds are not publicly disclosed.

Notable Investors

Information about individual investors or venture capital firms backing ReferralPoint is not publicly available.

Utilization of Capital

While exact details are not disclosed, it is likely that the capital has been utilized to develop and enhance ReferralPoint's technology platform, expand its market reach, and support operational growth.

Pipeline Development

Key Pipeline Candidates

ReferralPoint's primary offering is its referral management platform, which integrates with EHRs to automate and optimize referral processes.

Stages of Development

The platform is fully developed and operational, with ongoing enhancements to improve functionality and user experience.

Target Conditions

The platform is designed to address challenges in referral management across various healthcare settings, including medical groups, health systems, and payer organizations.

Anticipated Milestones

ReferralPoint continues to expand its partnerships and integrations, aiming to enhance its platform's capabilities and reach within the healthcare industry.

Technological Platform and Innovation

Proprietary Technologies

• IdealMATCH™: A feature that uses data to match patients with the most appropriate provider or facility based on quality, cost, and network status.

• Automated Referral Coordinator (SARA): An AI-driven tool that automates scheduling, follow-ups, and communication to close the referral loop.

Significant Scientific Methods

• Data Analytics: Utilizing claims and third-party data to analyze referral patterns and identify opportunities for improvement.

• AI Algorithms: Employing machine learning to enhance decision-making in referral processes.

Leadership Team

Executive Profiles

• Patrick Cline: Executive Chairman with over 40 years in the healthcare IT market, including founding NextGen Healthcare.

• Robert Harris: Chief Executive Officer with 24 years of experience in building and leading companies, including roles as CEO and President.

• Jeff Peterson: Chief Financial Officer with an MBA from the University of Oregon, previously Senior Controller at Acumed.

• Matt Cheatham: Vice President of Client Success with 10 years in the population health space, focusing on enhancing client experiences.

• Larry Hill: Vice President of Development with over 30 years in technology, leading enterprise technology strategy.

Competitor Profile

Market Insights and Dynamics

The healthcare referral management market is evolving, with a growing emphasis on data-driven solutions to improve efficiency and patient outcomes. Organizations are increasingly seeking technologies that integrate seamlessly with existing EHR systems and provide actionable insights.

Competitor Analysis

• ReferralMD: Offers electronic patient referral solutions with a focus on healthcare referrals and digital referral forms.

• Holon Solutions: Provides knowledge delivery platforms that integrate with EHRs to enhance referral processes.

• Kyruus Health: Specializes in provider search and scheduling solutions to improve patient access to care.

Strategic Collaborations and Partnerships

• AMGA Partnership: Joined as a Premier Corporate Partner to provide members with data-driven, fully automated referral management solutions.

• athenahealth Integration: Integrated with athenahealth's Marketplace to offer seamless referral management within their EHR system.

• Holon Solutions Collaboration: Collaborated to advance physician network intelligence and referral management offerings.

Operational Insights

ReferralPoint differentiates itself through its AI-powered platform that integrates with various EHR systems, providing a seamless workflow for referral management. Its focus on data-driven decision-making and automation positions it as a leader in the referral management space.

Strategic Opportunities and Future Directions

ReferralPoint aims to expand its market presence by forming additional strategic partnerships and enhancing its platform's capabilities. Opportunities include integrating with more EHR systems, expanding into new healthcare markets, and continually improving its AI algorithms to provide more precise referral recommendations.