Healthcare software firm Commure raises $500M at $3.5B valuation

Almost $500 million have been raised by Commure, a Healthcare software company, over two rounds of funding. The company valuation stands at $3.5 billion after this latest Series D round, which had closed in the previous week, while a company spokesperson stated that they do not offer comments on the company’s valuation or funding.

It was reported that the latest round was led by Human Capital and Greenoaks.

An FIHR-compliant development platform for vendors, startups, and health systems is provided by Commure so that they may build healthcare software or applications. The platform is equipped with an AAA security framework, an API gateway, an event service bus, terminology services, a flexible data store, and UI components that are healthcare-specific.

In the healthcare industry, data sharing and interoperability are still obstacles. A Royal Philips report in 2019 made note of the fact that digital innovation was hindered by infrequent and poor data sharing. Its survey found only 32% of healthcare professionals shared data outside of their facilities, while 80% shared data of some nature inside their facilities.

59% of the respondents stated the records improved patient outcomes, while 69% stated that they improved care quality.

In the previous month, one of the country’s largest health systems; HCA Healthcare had announced the sale to Commure of its EHR-optimization company PatientKeeper. The announcement further stated that investment would be made in Commure by HCA.

Commure’s CEO Brent Dover and PatientKeeper’s CEO Phil Meer stated “The current health ecosystem functions like a city without roads. We built the ‘city’ of healthcare, populated with over 3,000 healthcare IT companies, without considering the pathways that would connect them,” further adding “Healthcare lacks the proper infrastructure and connectivity to collect and serve up data in ways that will meaningfully transform the way care is accessed, coordinated, delivered and experienced.”

The two CEOs wrote that within Commure, PatientKeeper would continue its existence as a standalone unit, with a move from the software of PatientKeeper to the cloud-based platform of Commure.

In March, Commure had announced an acquisition of a Karuna Health virtual health communications platform.

Dr. Saurabha Bhatnagar was hired in July by Commure to serve as the chief health officer. He had previously worked at the UnitedHealth Group as the chief medical officer as well as head of digital and technology.