Bivarus Secures $2 Million in Funding to Enhance Patient Data Analytics Platform

Bivarus, a company headquartered in North Carolina, USA, has raised $2 million in its latest funding round. The company’s project is a program based on the analysis of patient medical record data. This investment was led by investors from Hatteras Venture Partners and Excelerate Health Ventures, with participation from NueCura Partners and Boston Millennia Partners. To date, the company has raised nearly $4 million in total funding.

Curated Medical Questionnaires to Facilitate Patient Visits

Bivarus was spun out of the University of North Carolina in 2012, founded by Seth Glickman and Kevin Schulman. Seth currently serves as the Director of the Office of Population Health and Value-Based Care at the University of North Carolina, while Kevin is a researcher at Duke University Medical Center. According to David Levin, CEO of Bivarus, the founders’ goal was to build a novel software platform that provides users with more targeted testing options than ever before. The company aims to collect users’ health data through more precise questioning.

“Consumers are often overwhelmed by the sheer volume of feedback reports,” said Levin. “Due to the excessive amount of information in these reports, patients’ willingness to participate in questionnaire-based consultations has declined. This is one of the challenges we currently face. If we can further optimize the survey questions for online consultations, more users will be willing to provide data, thereby effectively addressing the issue of low engagement.”

Bivarus collaborates with healthcare institutions to send email or SMS surveys to users within 24 hours after they undergo routine examinations, group health checkups, or clinical surgical procedures. These surveys contain no more than 10 questions.

“Through our platform, patients can access more targeted online medical diagnostic services, with each patient having their own personalized clinical questionnaire,” said Levin. “For example, if we know that a patient prefers the color blue, healthcare institutions no longer need to spend time gathering this information. Since our company’s data already provides the answer, institutions can focus solely on the more critical questions that follow.”

Extensive network of partner institutions; products have been authorized and licensed by hospitals and large private rehabilitation centers.

Since its founding in 2014, the company’s first major client was the University of North Carolina Health Care. Subsequently, Bivarus gradually expanded its customer base to include Covenant Surgical Partners, IVF New England, and Texas Oncology.

Bivarus is currently dedicated to collaborating with community hospitals, outpatient centers, and rehabilitation facilities. Meanwhile, the company also provides products in the fields of dermatology, oncology, cardiovascular care, and in vitro fertilization (IVF) to specialized institutions.

Levin stated that they have obtained accreditation from hospitals and large private rehabilitation facilities, authorizing them to collect patient medical record data and issue analytical reports. Meanwhile, the company has also participated in government-authorized healthcare programs, such as those under the Centers for Medicare & Medicaid Services (CMS).

Meanwhile, these partners also hope to attract more patients to their institutions for questionnaire-based diagnostic and therapeutic services, aiming to alleviate patients’ anxiety associated with diagnosis and treatment. Hospitals and rehabilitation facilities are striving to build positive interactive relationships with patients, seeking to understand whether prior unpleasant experiences with medical questionnaires have led to negative psychological attitudes, such as a desire to abandon this mode of care.


How to Utilize the Financing Amount?

The $2 million raised in this financing round will be used by the company not only to expand its team but also to upgrade its product, the medical information analysis system. The new version will provide healthcare institutions with visualized data.

Levin stated, “Our team has drawn on Amazon’s experience and will reflect on the following questions: 1. How can we make our products indispensable? 2. How can we help users adapt to product updates as quickly as possible? 3. Why have some patients left certain healthcare institutions, and what recommendations can we offer these institutions? These are all issues worth considering.”

Compiled by Deng Xueyuan