The Truth is Powerful
‘Not a traditional startup’: How Providence’s Advata is getting a head start on tackling healthcare inefficiencies
Healthcare has a surplus of data and a scarcity of actionable insights derived from that data, according to Advata CEO Julie Rezek. Her company is seeking to close that gap and reduce operational inefficiencies in healthcare by selling insights-based software to payers and providers.
Launched two weeks ago , Advata is a data analytics spin-off from Providence, a health system in Renton, Washington. The startup was formed from the integration of six software companies housed within by Tegria, which is Providence’s portfolio of health technology firms as well as its consulting services solution. Advata, which has 150 employees, sells a suite of insights-focused data software products designed to improve population health and revenue cycle management. The fact that Advata’s origin can be traced back to Tegria is one reason it’s CEO claims that it is not your average startup.
In 2020, Providence launched Tegria to invest in, acquire and scale health technology startups. When selecting startups, Tegria looks for companies that use data analytics and insights to tackle issues in clinical operations or the revenue cycle process, said Wasif Rasheed, Tegria’s chair and Providence’s chief revenue and growth officer.
By fall of last year, Tegria owned a dozen health technology companies. […]