April 14, 2015 -
CrossChx has recently raised $15 million in Series B funding, bringing the healthcare identity solution company’s total funding to more than $20 million.
Using unique algorithms to resolve identities of nearly 15 million patients in its network, CrossChx combines patient information from healthcare providers to create unique global identities for every patient with its proprietary flagship technology, SafeChx software, verifying patient identity through fingerprint scanning and alerting hospitals to potential medical record errors.
“Nearly 60-percent of medical error deaths are the result of patient identification errors with over $40 billion lost annually due to medical identity theft,” said Keith Rabois, partner at Khosla Ventures. “CrossChx is at the forefront of patient identity, ensuring that patients are accurately identified thereby reducing the risk of medical errors and mistreatment.
CrossChx has found that more than 10-percent of medical records contain serious errors.
“One of the most pressing issues in healthcare today is verifying and protecting patient identity,” says Sean Lane, CEO and Co-Founder of CrossChx. “Our goal is not only to provide more accurate and potentially life-saving information to medical personnel, but also to safeguard patients against fraud and abuse, and empower them with control over their medical records.”.
The additional funding will help CrossChx to continue growing its customer base, triple its staff, and develop a mobile platform.
This round of funding was led by new investor Khosla Ventures and current investor Drive Capital. Keith Rabois, partner at Khosla Ventures, will join CrossChx’s board of directors as an observer.