Frist Cressey Ventures is among the nation’s leading venture capital firms in healthcare, joining a large group of healthcare investors and organizations supporting Axuall.
CLEVELAND, August 2, 2023 (GLOBE NEWSWIRE) -- Axuall has announced the addition of Frist Cressey Ventures to its investor family with a Series B-1 investment following the company’s Series B funding in May 2023. Axuall has raised over $41 million from a combination of more than two dozen leading healthcare organizations to address the growing need to leverage big data to solve the pressing problems of process inefficiencies, workforce shortages, and onboarding delays. Axuall’s offerings optimize clinician experience while improving patient care access and financial strength.
The collaboration between Axuall and Frist Cressey Ventures represents a significant step forward in driving healthcare innovation. Frist Cressey Ventures, a leading healthcare venture capital firm providing strategic support in the key areas that help businesses thrive, innovate, and deliver on their promise to affect systemic change, brings extensive provider and payor perspective and a deep commitment to advancing transformative solutions. Their partnership with Axuall reinforces the power of data and automation to reshape healthcare delivery and workforce management.
"We are thrilled to partner with Axuall, an organization that is revolutionizing workforce optimization in healthcare through data-driven solutions,” shares Senator Bill Frist, M.D., co-founder and partner of Frist Cressey Ventures. "Axuall's commitment to driving efficiency and cost-effectiveness aligns perfectly with our mission of transforming healthcare to improve lives. We believe this investment will contribute to Axuall's continued growth and create a lasting impact in the industry by unlocking the power of data to enhance the clinical workforce."
Axuall’s Workforce Intelligence Network enables healthcare organizations to plug into a vast array of clinician data from nearly 7,000 data sources and directly from physicians, advanced practice providers, and nurses via an integrated digital credential wallet with integrated smart applications. Connecting to the systems, vendors, and processes that these organizations already use today, the technology has resulted in significant cost savings and efficiency gains at leading healthcare organizations across the country while providing insights into their clinician populations for planning, recruiting, and placement.
MedStar Health’s Institute for Innovation, along with system clinical and operational partners, began work with Axuall in 2021 as a customer and development partner, recently expanding its equity investment this year. As part of its innovation transformation initiatives across its 10 hospitals and more than 300 care locations, MedStar Health has integrated Axuall’s technology into its next-generation clinician credentialing, onboarding, and engagement process. Their work together has already yielded an initial 21-day reduction or roughly a third of processing time while reporting a clinician satisfaction score of 9 out of 10. Integrated with MedStar Health’s provider management application, which is HealthStream’s CredentialStream application, the Axuall Network and Digital Credential Wallet streamline the inflow of data to shorten clinician deployment times to help meet patient needs in the communities they serve.
“Axuall has been an integral innovation partner during our credentialing transformation journey,” said Bill Sheahan, Chief Innovation Officer at MedStar Health and Executive Director of the MedStar Institute for Innovation. “Recognizing that positive change is sparked by combining exceptional technology, people, and processes, fostering a culture of innovation has been a core component of our commitment to our patients and clinicians who care for them. We are excited by the results we’ve seen and look forward to further leveraging data and automation to drive future efficiencies.”
“Data innovation is the catalyst for much-needed workforce optimization in healthcare, and we are proud of what we've built with MedStar Health and the many innovative healthcare organizations we've worked with since our inception,” stated Charlie Lougheed, co-founder, and CEO of Axuall. “Moreover, we are delighted to partner with Frist Cressey Ventures, a firm so dedicated to advancements in healthcare. Their insights, influence, and connections in the provider and payor space will be instrumental as we expand into new sectors and product lines.”
Built with leading healthcare systems, Axuall is a workforce intelligence company powered by a national real-time practitioner data network. The technology enables healthcare systems, staffing firms, telehealth, and health plans to dramatically reduce onboarding and enrollment time while providing robust data insights for network planning, analytics, and reporting. To learn more, visit axuall.com or follow Axuall on LinkedIn.
About Frist Cressey Ventures:
The Frist Cressey Ventures' mission is simple: to transform healthcare to improve lives. We invest in technology and service businesses with viable solutions that improve quality of care, system integration, patient outcomes, and population health and well-being.
We focus our time and attention on three key areas: recruiting top talent, connecting partnerships with our deep industry network, and executing our partnerships’ plans to improve healthcare.
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