With well over 300,000 professionals relying on ClearDATA’s expertise in the area of healthcare IT, it’s safe to say that the company has their work cut out for them. Thankfully, given ClearDATA’s expertise in cloud computing, compliance and infrastructure, the team is able to tackle the challenge head on. In their most recent effort to support growing IT operations within the healthcare sector, ClearDATA recently secured $25 million in Series C funding.
Touted as highly successful, their latest funding campaign saw a number of major financial contributions from the likes of HLM Venture Partners, Merck Global Health Innovation Fund, Flare Capital Partners, Norwest Venture Partners and more. With support from such highly reputable names, ClearDATA is expected to achieve 100% year-over-year growth for the fourth consecutive year.
Darin Brannan, chief executive officer of ClearData, spoke about some of the unique obstacles faced by the healthcare IT industry in general. He was quoted as saying: “Security breaches, HIPAA and compliance regulations, and data itself are amassing at levels that quickly outgrow the average existing health IT infrastructure. Healthcare organizations recognize the need for a purpose-built healthcare exclusive provider to properly address these issues—and so do investors. We are excited to continue our momentum in the healthcare cloud market, which this new funding further accelerates.”
With antiquated infrastructure in place and a current base of IT professionals that, in many cases, are managing more than they can handle, the need for a company like ClearDATA is paramount. With the ability to install up-to-date, modernized infrastructure as well as an in-depth understanding of data management, security and compliance in the 21st century, ClearDATA isn’t afraid to take the helm.
As recently expressed by Aaron Barfoot, chief financial officer with ClearDATA the company is dedicated to cultivating relationships with other key organizations, including their investors. He was recently quoted as saying: “We set out to align ourselves with value investors that have decades of relationships and strategic LPs in healthcare to contribute alongside their capital. We believe we have unbeatable financial sponsors who have a long-term view of continuing to help us build a market-leading company in our category.”
Apart from installing new infrastructure and allocating increased resources to healthcare IT functions, ClearDATA also specializes in HIPAA (Health Insurance Portability and Accountability Act) compliance, which governs the archival, usage and security of patient-specific healthcare records. Given the fact that HIPAA is an ever-evolving set of standards that can become quite confusing, it’s important to have a team that understands the various nuances, requirements and specifications outlined via HIPAA.
While a number of their investors were listed earlier in this article, ClearDATA also maintains relationships with a number of top healthcare brands and organizations. This includes Cardinal Health, Health Care Service Corporation (HCSC), Community Health Systems, Memorial Hermann, Intermountain Healthcare, Trinity Health and many more. While some of these can be considered indirect relationships, ClearData’s position in the industry simply cannot be denied.
How ClearDATA is Tackling Healthcare IT and Cloud Computing
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