QPID, Inc. CSO and Healthcare IT innovator will be honored at 16th annual Dare to Dream Gala on April 10
WASHINGTON, DC – March 27, 2013 – The Network for Teaching Entrepreneurship (NFTE) Greater Washington Region today announced that Rick Toren, Chief Strategy Officer of QPID™ Inc., a new intelligence system for EHRs, has been selected as a 2013 Locally Grown Honoree. Toren and four other entrepreneurs were chosen by NFTE’s executive committee following a substantial nomination process. Honorees serve as NFTE ambassadors and will be formally recognized at the 16th Annual Dare to Dream Gala on April 10 at the Omni Shoreham Hotel. The event’s purpose is to raise funds that will enable over 900 youth from low-income communities in the metropolitan area access to entrepreneurial training and practical business curriculums.
The Locally Grown title is bestowed upon entrepreneurs who build companies in the Washington region and make significant contributions to their individual communities. Toren’s is the quintessential entrepreneurial story. He began his career installing pinball machines in college fraternities and went on to invent the EpiPen at Survival Technology, Inc. Toren has successfully started and sold five businesses in health care over 25 years, returning more than $575 million to investors. For years he has volunteered his time in NFTE classrooms and regularly speaks on education and entrepreneurship at local universities. His commitment is above reproach – Toren maintains contact and mentoring support with NFTE students long after they meet him.
“Rick has made significant contributions to the Greater Washington community, promised strong mentorship for our students, and inspired us with his entrepreneurial endeavors and successes. We are thrilled to engage him in NFTE’s mission to provide programs that inspire young people to stay in school, leverage business opportunities and plan for their futures,” said Tricia Granata, Executive Director of NFTE, DC Region.
Toren is now bringing the reality of better electronic health records to the market via QPID, an innovative provider of health record acceleration and intelligence solutions that was developed within Massachusetts General Hospital and Partners HealthCare in Boston. QPID is venture backed by Matrix Partners, Partners Innovation Fund, Massachusetts General Physicians Organization (MGPO) and Cardinal Partners.
Toren was formerly Chairman & President of CodeRyte, Inc., an industry leader in clinical natural language processing (NLP) technology and computer-assisted coding solutions for health care outpatient providers, which was acquired by 3M in 2012. Mr. Toren was also former President and COO of QED; Former Founder and President of e-Medx, and a founder and executive management leader of many other health care service, device and software companies. He holds a BS from Penn State University.
The other 2013 Honorees include Geoff Allen, ZipList, Inc.; Theresa Daytner, Daytner Construction Group; Alka Dhillon, Technalink, Inc.; and Christopher Hertz, New Signature.
About the Network for Teaching Entrepreneurship
Too many young people today drop out of school and struggle to break the cycle of poverty. Since 1987, the Network for Teaching Entrepreneurship (NFTE) has been inspiring young people to pursue educational opportunities, start their own businesses, and succeed in life. By providing entrepreneurship education programs relevant to the real world, NFTE empowers students to own their educations in and out of the classroom and to find their own path to success. NFTE is the only global nonprofit organization solely focused on bringing entrepreneurship education to low-income youth. To date, NFTE programs have reached more than 500,000 young people. Currently, programs are active in 12 countries and 21 U.S. states and NFTE impacts the lives of nearly 50,000 young people annually. Specifically, NFTE DC Region is on the cutting edge of entrepreneurship education, having set a goal to train 5,500 students between 2011-2015 while bringing more relevancy to classrooms in the districts served. For more information, visit www.nfte.com.
In case you didn’t see the news, today we announced our first round of funding. While this is certainly a typical step for an innovative startup, I believe we’ve got a unique story for a few reasons:
the quality and track record of our investors is first rate, with the perfect blend of tech and health care excellence
we raised more financing than expected, immediately expanding our capabilities for commercial growth
while we accepted an additional investor beyond our original plans, we had to turn away others
All of this adds up to great excitement for what we’re doing here at QPID. We believe the interest and support from such quality investors – Matrix Partners, Partners Innovation Fund, Massachusetts General Physicians Organization (MGPO) and Cardinal Partners – is a significant nod to the power of what QPID is providing to the health care industry. In step with Electronic Health Record (EHR) providers, we’re poised to make digital health management a pleasant reality.
EHR vendors have made great strides in digitizing health data. But the reality is that the switch for clinicians hasn’t been as smooth as it could be – the industry is still struggling with the marriage of data workflow and human workflow. Data is great when it’s useful – but so far, EHRs have been little more than digital repositories – actually impeding clinical workflow and in some cases, patient safety, while clinicians struggle to access and use the data within.
As a result, workflow, efficiencies, job and patient satisfaction have suffered. QPID integrates with EHRs to accelerate the data – making it easily accessible, understandable and useable within different departments – from ED to oncology to radiology, gastroenterology to cardiology, and even billing. We help assimilate both old and new knowledge, and enable clinicians to apply that knowledge to their patients, recall each patient’s individual health status and history, and communicate quickly and accurately.
Clinical studies suggest that for ideal results, one should take the objectivity of data and marry it with the reasoning capabilities of a human. QPID does just that for the health care industry – making data easily retrievable, readable and understood by both clinician and patient. Perhaps that’s why investors have already invested $4 million – nearly twice what we projected. With it, we’re disrupting health care and making the dream of digital health a reality. Stay tuned, or if you’re an institution or clinician interested in more, download ourproduct overview, and let’s get a demo scheduled.
QPID Inc. raised $4 million to search and analyze data in electronic health records, which are likely to be widely adopted given the federal government’s push to digitize medical records by 2015, the company’s chief executive told VentureWire.
New Electronic Health Record intelligence software company adds healthcare industry veteran to Board to support commercial rollout
Boston – March 20, 2013 – QPID™ Inc., an innovative provider of health record acceleration and intelligence solutions, today announced that it has closed $4 million in early funding from investors including Matrix Partners, Partners Innovation Fund, Massachusetts General Physicians Organization (MGPO) and Cardinal Partners. The funding will support QPID’s growth strategy in three main areas: hiring critical talent to accelerate product innovation, marketing and sales, and strategic expansion into the commercial market after four years of R&D at hospitals within the Partners Network, including Massachusetts General Hospital and Brigham & Women’s Hospital. As part of the investment, Brandon Hull, Managing General Partner at Cardinal Partners, will join QPID’s Board of Directors.
“While our initial intention was to raise $3 million, and we turned away prospective investors, we decided to extend the round to include Cardinal Partners because the firm is an excellent fit with our earliest committed investors – Matrix Partners, Partners Innovation Fund, and MGPO,” said Mike Doyle, President and CEO of QPID. “To be oversubscribed with such a quality syndicate is a testament to the value of what we’re offering at QPID – taking electronic data and creating intelligence around it. Essentially we are moving health care to a place where Electronic Health Records (EHR) are something that clinicians love, not loathe.”
QPID allows clinicians to easily extract data entered into any EHR, and presents information in an actionable format not previously available. With more than 5,000 health care professionals already using QPID for over 7,000 daily patient encounters, QPID is improving the daily workflow for clinicians in 15 different clinical departments at multiple hospitals in the Partners System. Its expansion into other health care institutions is imminent, making health care workers – physicians, nurses, administrative staff, physician’s assistants, and more – able to find and use the most accurate, updated information on a patient, resulting in better workflow and increased productivity.
“In doing our diligence on QPID, we were able to ascertain that QPID saves clinicians time, allowing them to make clinical decisions with the full knowledge of what is in the EHR – ultimately, improving patient safety. It is one of the few emerging health care platforms with a demonstrable ROI,” said Brandon Hull, Managing General Partner of Cardinal Partners. “When we saw the solution in action, we were convinced of its crucial presence in any health care entity using an EHR – it unlocks data that clinicians need in order to provide the best health care possible. Its ease of use and value – combined with our knowledge and experience in working with some of QPID’s senior management at other health care entities – convinced us that we wanted to be a part of this venture.”
“There’s no doubt that the health care experience and technical background of the QPID management team and its investors will enable the company to grow rapidly and become a strategic asset that leading health care institutions across the country need,“ added Stan Reiss, General Partner of Matrix Partners.
About QPID Inc.
QPID is an intelligence system for EHRs — permitting creation of clinician-directed queries, analytics and reporting abilities in real time. The consequence is improved filtration and exception handling in health care workflow, and its effect is akin to business intelligence, namely, activating stored data to reduce cost, improve revenue and quality of care delivery. QPID was developed within Massachusetts General Hospital and Partners HealthCare in Boston. QPID is venture backed by Matrix Partners, Partners Innovation Fund, Massachusetts General Physicians Organization (MGPO) and Cardinal Partners.
About Matrix Partners Matrix Partners is a premier venture capital firm that has generated outstanding returns for more than three decades. By focusing on early-stage investments and emphasizing long-term relationships with entrepreneurs, the firm has delivered several of the industry’s top performing funds of all time. Matrix Partners has offices in Cambridge and Waltham, MA; Palo Alto, CA; Mumbai, India; and Beijing and Shanghai, China. Matrix Partners has invested in several game-changing, industry-leading businesses such as Apple Computer, Aruba, HubSpot, JBoss, Netezza, Phone.com, Polyvore, Starent Networks, Tivoli Systems, Veritas, Zendesk, and Zong.
About Cardinal Partners
Since 1996, Cardinal Partners has been one of the leading venture capital partnerships focused exclusively on healthcare investing. Cardinal specializes in early stage financing rounds, usually as the lead investor in the initial financing round of a growth company. Cardinal’s investors include university endowments, foundations, pension funds, banks, and insurance companies. Cardinal currently manages funds totaling $400 Million.
About Partners Innovation Fund
The Partners Innovation Fund, established in 2007, was launched with a total commitment of $35 million from Brigham and Women’s Hospital and Massachusetts General Hospital. It addresses Partners HealthCare’s unmet need for funding of early-stage technology to drive improved medical care for patients.
With all the buzz around Marissa Mayer’s decision to kill telecommuting, it’s an interesting time to think about the effect office space has on culture. Throughout the years of my career in building world class teams at startups (or reinvigorating them at more established companies), I have always been a big believer in the importance of a connected culture – one where team members are not only physically able to come together (perhaps not every day but certainly a few days per week), but one where their votes count in almost every aspect of the business. I don’t hire people, we hire people. And I believe having an office space conducive to working together and collaborating is key to making sure our QPIDians perform at their maximum potential.
That’s why I’m excited to announce that we’ve just moved to a new space that will allow us to collaborate better than ever as we grow QPID this year. You can now find us at One Financial Center in Boston – the hub of activity and collaboration for our talented team, as well as many other companies such as Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo, Gemvara and a host of other law firms, CPA firms, tech and financial services companies. In addition to being the seventh-tallest building in Boston, it is home to amenities (Starbucks, anyone?) that welcome our employees to work, and is touted as “the most accessible building in Boston.” After all, we’re right next to South Station and Boston’s newest great neighborhood, The Seaport Area. Making the office an enjoyable place to be – and to get to – is the first start in keeping team members engaged and happy. I am excited for what’s ahead for our team, and invite you to stop by and visit us – or stay tuned for details on our upcoming Open House. You can also view some of our candid photos from the move – and keep up with our other “moves” – on Facebook, Twitter or Linkedin.
Our new headquarters: One Financial Center, 8th Floor
Boston, MA 02111
Tel: 617.292-7743 (617.292-QPID)