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Moxe Health raises $25M in debt for clinical data exchange

Feb 29, 2024
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Illustration: Gabriella Turrisi/Axios

Moxe Health, a clinical data exchange tech platform, raised $25 million in debt financing from Trinity Capital, CEO Dan Wilson tells Axios exclusively.

Why it matters: The development of a value-based health care system hinges on timely access to patient data.

How it works: Moxe aims to help providers and payors exchange clinical information rapidly, facilitating release-of-information requests and record retrievals between parties.

  • Madison, Wisconsin-based Moxe serves major health plans and about 100 health systems, integrating with major electronic health records (EHR) vendors Epic, Cerner, Meditech, Allscripts and Athenahealth.

What's next: Moxe will help its health system clients process data to other stakeholders like third-party analytics providers or payments vendors, Wilson says.

  • "We're also expanding to help providers work with health plan data directly within their EMR," he says.

Zoom in: Trinity's investment is designed to last "a couple of years," per Wilson.

  • Moxe isn't yet profitable, the CEO says, declining to disclose revenue.
  • The company has raised $50 million to-date from investors like Piper Sandler Merchant Banking, Vensana Capital and 3M Ventures.

The big picture: Legislation like the 21st Century Cures Act has tried to address continued gaps in interoperability.

  • CMS last year proposed additional rules to hold health organizations accountable for blocking health information.
  • "We've invested in EHRs. We've digitized clinical data," Wilson says. "And we still don't have access to that clinical data to drive efficiency throughout the health care ecosystem."

State of play: Wilson named private equity-held players like Parthenon-backed MRO, NewSpring Healthcare-backed Verisma and New Mountain Capital-backed Datavant as Moxe's primary competitors.

  • Wilson called a private equity investment a "tried and true path that we would go down," should Moxe want to pursue it.

Moxe sells into hospitals, and Wilson admits he's "more cynical than not" on General Catalyst's bid to acquire Ohio-based health system Summa Health.

  • "I think it'd be very cool to see it work. Certainly, we know that innovation takes a long time to diffuse throughout health care," he says, calling the endeavor an "R&D test center."
  • Trinity Capital managing director Rob Lake says he's curious about what regulatory challenges GC faces, particularly when installing novel technology.

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