New partnerships between the largest North American medical systems and payers have led to significant growth in demand and growth for FHIR’s interoperability solutions.
Smile CDR can utilize this cash injection to develop new clinical and healthcare data management technologies that go over interoperability.
Smile CDR Inc. (Smile CDR) is a prominent healthcare data storage and integration company that has announced today the conclusion of 20 million dollars in its Series A capital for growth that was managed by 30 North Group, a family office in Seattle, and UPMC Enterprises. Smile CDR offers various services that enable health systems hospitals, payers, and payers to comply with US health information interoperability standards quickly and safely.
Smile CDR’s data and integration platform comes with the complete medical data storage facility ) designed around the Health Level Seven (HL7(r)) Fast Healthcare Interoperability Resources (FHIR(r)) standard to store health records and is compatible with the entire FHIR Resources.
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Smile CDR Raise $20 Million in Series A Fund
“Smile CDR has experienced a significant increase in our clinical data repository service, the FHIR standard over the last year, and now we partner with several of the biggest health systems and insurance companies across North America,” said Duncan Weatherston, Chief Executive Director. “We have an ambitious plan towards the next generation of healthcare, and this round of financing will allow us to look at new ways of doing things that will continue to enhance care, add value, and reduce costs.”
Smile CDR is committed to the concept of a uniform as well as secure “Internet of Health,” which lets the sharing of health information to be shared between providers and providers, and also from provider to patient, similar to the internet connection protocols that allow servers and computers to collaborate and communicate securely and seamlessly. The company uses this round of funds to help drive a shift in how healthcare information is stored, created, and shared, going beyond its FHIR-based core offering.
“Up to this point, we’ve been able to achieve this by using our knowledge to develop innovative products that aid healthcare providers and payers to exchange healthcare information,” said Weatherston. “The vast and efficient shift towards interoperability has opened up new possibilities to innovate that would not exist in the system if the information wasn’t securely linked or transferable. Today, we can leverage the progress to develop innovative products beyond interoperability and add greater value to the marketplace.”
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In 2020, U.S. Centers for Medicare and Medicaid Services (CMS) released an official Final Rule that states health plans must be equipped with access to patient information API on or before July 1, 2021, to allow patients to access their medical records whenever they require access to it. In the summer of 2018, Smile CDR became the first to obtain the Drummond Group Payer and Access FHIR API Certification. Access FHIR Certification confirms that Smile CDR’s platform is completely compliant with HL7’s US Drug Formulary FHIR Implementation Guide referenced in the patient Access API specifications from the CMS Final Rule.
“The interoperability and digitization of healthcare are vital to ensure the highest quality of treatment to members and patients as well as Smile CDR has demonstrated validity and viability within the digital quality sector by partnering with the portfolio of companies, Astrata, Inc.,” said Brent Burns Executive Vice President of UPMC Enterprises. “Smile CDR’s vision for the future aligns perfectly with our fundamental principle of developing healthcare solutions that significantly impact our patients’ lives.”
Since the beginning of 2019, Smile CDR has seen rapid growth, with an increase of 400 percent over a year in employee growth driven organically by the revenues generated from the company’s core FHIR service. The company collaborates with more than 23 payors in the US, including three of the ten biggest health insurance companies, insurers, and customers from fifteen countries in the Americas, EMEA, and APAC.
Smile CDR’s legal advisors in the context of the financing Davies Ward Phillips & Vineberg LLP.