July 27, 2012 — MedidaMetrics Inc. announced a multifaceted agreement with Mayo Clinic, making Mayo’s radiology CareMaps available to other medical providers and conducting an ExactCost pilot in the radiology department. The agreement includes equity in MedidaMetrics for Mayo Clinic.
A CareMap represents multiple disciplines within healthcare and describes the steps or activities and decision points in the management of a specific condition or diagnosis. CareMaps can be customized to represent how and when services are delivered. They provide vital clinical practice support and serve as a continual work in progress to achieve best practice. Mayo’s CareMaps will enable heath care institutions to compare their practices against a best of breed example.
MedidaMetrics offers comprehensive hospital, outpatient clinic and standalone center based ExactCost solutions ranging from departmental to whole enterprise. These solutions enable an institution to identify costs at both a line item and process level. Alternatives can be analyzed to determine the impact of new approaches. Actionable intelligence breathes new life into stale decision-making improving the efficiency and effectiveness of hospital administration and operation. It takes the “what” is happening to an understanding of “why” it is occurring.
The relationship with MedidaMetrics helps establish an improved foundation for critical decision making among healthcare institutions faced with the tough challenge of reducing its costs while maintaining or improving quality.
As part of the collaboration agreement, Mayo Clinic will receive equity in MedidaMetrics Inc. In addition, Mayo participated in MedidaMetrics Series B-1 financing.
For more information: www.MedidaMetrics.com