ClosedLoop

ClosedLoop is an AI-powered healthcare data science platform provider that develops predictive models to allow healthcare providers to identify at-risk patients and recommend the best course of action while reducing healthcare costs. The company leverages data from electronic health records, insurance claims, and medical device metrics to build a wide range of off-the-shelf predictive models and workflow automation solutions for common healthcare use cases. ClosedLoop’s customers have the flexibility to use the company’s platform to build their own predictive models or request the company to develop custom models based on their requirements. The company says it can build models in 24 hours with more than 2,000 features and takes two weeks to deploy to the customer. The predictive models offered by the company include preventable hospitalizations, readmissions, chronic disease onset, medication adherence, member churn, and out-of-network utilization.

In September 2023, ClosedLoop launched two solutions: ACO-Predict and Evaluate. ACO-Predict provides AI-powered risk stratification for Complex Care Management (CCM) programs, enabling more accurate identification of high-risk patients, and Evaluate solution is a SaaS offering that allows continuous monitoring and evaluation of the impact and return on investment of population health programs.

Key customers and partnerships

The company’s clients include healthcare providers, payers, health insurance companies, and digital health companies. ClosedLoop’s client base includes national healthcare organizations such as Palm Beach ACO, Booz Allen Hamilton, Healthfirst, and Medical Home Network. In the long term, the firm plans to triple the number of lives covered via partnerships with healthcare organizations.

In November 2021, the company partnered with Olive, an Ohio-based healthcare automation platform, to help healthcare organizations to use predictive analytics.

Funding and financials

The company concluded a Series B funding round in August 2021 after winning the USD 1.6 million CMS AI for Health Outcomes Challenge in April 2021, beating 300 participants in the competition. The company plans to improve accessibility to its platform and explore more AI applications in healthcare, such as the risk of fall-related injuries, opioid abuse, and developing rare diseases.

In 2021, ClosedLoop increased revenue by 4x YoY.