Canaan Partners, Axial’s lead venture capital investor, and Mayo Clinic both invested in Axial Exchange to complete the deal.
Axial Exchange today announced that Axial Exchange has acquired mRemedy, a company formed in 2009 by DoApp, Inc. and Mayo Clinic to offer a mobile healthcare platform to healthcare providers. The acquisition provides Axial Exchange with the software, pipeline and customers of the myTality® patient-facing mobile healthcare application, which helps patients navigate a future hospital visit and helps hospitals better market their services. Axial will use the myTality suite as the patient-facing complement to Axial’s award-winning care transition products, Axial Patient™ and Axial Provider™, which support transition of care from the hospital to home. Canaan Partners, Axial’s lead venture capital investor, and Mayo Clinic both invested in Axial Exchange to complete the deal.
This agreement also provides Axial Exchange with access to consumer content from MayoClinic.com that offers patients reliable health information from one of the world’s most respected healthcare providers. This content will be incorporated into Axial’s current patient-facing products, as well as in future Axial offerings. The health information licensed to Axial includes detailed information on nearly 1,000 conditions and diseases.
In addition, four Mayo Clinic physicians will join Axial’s Advisory Board and lend their clinical expertise to the ongoing development of Axial’s solutions. These include Dr. Paul Y. Takahashi, MD; Nathan Jacobson, DO: and two others to be named.
“Patients and their families want and expect the most up-to-date information about life, health, disease and treatment,” said Dr. Paul Takahashi, associate professor of medicine at Mayo Clinic, an expert in the field of geriatric and internal medicine. “Mayo Clinic’s health information content will now reach even more people, providing accurate answers to common and uncommon health issues.”
“This is a case where one plus one definitely equals three,” said Stephen Bloch, MD, general partner at Canaan Partners. “Axial is quickly growing into a best-in-class solution for improving the discharge process in hospitals. Integrating a patient’s personalized care plans into a hospital’s mobile portal was the logical next step to allow hospital to offer end-to-end patient care. Having Mayo Clinic on the Axial Advisory Board will augment our philosophy of offering the gold standard in patient engagement.”
Axial’s solutions won first prize in the US Department of Health and Human Services’ Partnership for Patients Initiative innovation competition, run by Office of the National Coordinator’s (ONC), on “Ensuring Safe Transitions From Hospital to Home.” The myTality acquisition accelerates Axial’s move into mobile healthcare and enables Axial to more quickly leverage a mobile platform capable of scaling to large numbers of mobile patient-customers – while interconnecting patient’s care plans and discharge information, and providing added patient engagement in the goal of reducing readmissions.
Axial’s solutions make it painless to keep all care providers on the same page, in real time. Axial Provider provides an at-a-glance clinical dashboard to connect hospitals, physicians, and health plans - automatically updating and sharing details about ER and inpatient encounters, and specialist test results. Axial Patient then delivers relevant information to patients and caregivers on their tablets, laptop and mobile phones. This better facilitates a safe patient transfer and helps the entire healthcare system to better manage treatment.
“Axial Exchange is honored to have Mayo Clinic participation on our advisory board, one of the world’s leading healthcare institutions,” said Joanne Rohde, CEO of Axial Exchange. “We are committed to engaging patients in their own care, and making sure that their circle of support has access to timely and personalized information to help get better faster. With 20% of patients discharged from our hospitals being readmitted within 30 days, our nation has lots of room for improvement. We owe it to patients and the professional healthcare community to start harnessing technology that can help them.”
Mayo Clinic and Drs. Takahashi and Jacobson have a financial interest in the company. Revenue Mayo receives is used to further its activities in medical education and research. This illustrates Mayo’s activities in serving patients, the public and the medical community through new technology.
About Axial Exchange, Inc.
Axial Exchange, Inc. supports our national journey from fee-based to performance-based healthcare. The company’s products, Axial Provider and Axial Patient, enable continuity of care across disparate settings. When a patient transitions between hospital and other care settings, information gaps can drive up avoidable readmission rates and patient safety issues. Axial enables information to flow to a patient’s next care setting so that providers have what they need, when they need it. In parallel, Axial engages patients with the information and tools needed to improve their ownership of after-care responsibilities. Axial’s SaaS technology platform is built on open infrastructure and is capable of managing virtually any type of health data and presenting it in a consumer-like experience that accommodates any device with a web browser. In December 2011 Axial’s care transition suite was named first-prize winner in the US Department of Health and Human Services’ Partnership for Patients Initiative innovation competition for “Ensuring Safe Transitions from Hospital to Home.” A video of Axial's solution appears here. Axial Exchange is backed by a syndicate of top venture capital firms, led by Canaan Partners (www.canaan.com). Visit www.axialexchange.com.
Founded in 2009, mRemedy offers integrated mobile and internet services that give health care providers and their patients tools to interact and share information. mRemedy is focused on creating solutions that make both patients' and healthcare professionals' lives simpler. The myTality product platform helps patients plan their hospital stay, obtain medical information, and manage their care using mobile devices, such as an iPhone or Android device. myTality includes a growing family of healthcare trackers, such as myWeight, mPressure, and myGlucose. For more information, visit www.mremedy.com.
About Canaan Partners
Canaan Partners invests in entrepreneurs and works alongside them to turn visionary ideas into valuable companies. Since 1987, the firm has catalyzed the growth of disruptive technology startups and healthcare companies revolutionizing the practice of medicine. With $3.5 billion under management and more than 85 acquisitions and 53 IPOs to date, Canaan has funded healthcare companies such as Advanced BioHealing (acquired by Shire); Advance PCS (acquired by Caremark), BiPar Sciences (acquired by Sanofi); Calixa Therapeutics (acquired by Cubist); Cerexa Pharmaceuticals (acquired by Forest Labs) and Peninsula Pharmaceuticals (acquired by Johnson & Johnson). Current healthcare investments include emerging leaders such as Liquidia Technologies, Theraclone Sciences, Durata, Civitas Therapeutics, Elevation Pharmaceuticals and DICOM Grid. Canaan maintains a presence in the global innovation hubs of New York, SiliconValley, India and Israel. For more information visit www.canaan.com or www.facebook.com/canaanpartners.
Joanne Rohde, CEO and Founder
Mary Kae Marinac, PR Representative for Axial Exchange