Real World Health Raises £1.37m To Help NHS Maximise Value of Data to Improve Patient Care
- Real World Health is a healthcare data analytics company building tools for NHS organisations to optimise productivity of operating theatres, plan bed capacity, predict mental health crises in children and more
- Its AI and machine learning solutions have generated annual savings of up to £5.5 million for some projects, while supporting millions of patients daily
- The company’s elective theatre optimisation tool, Opfeed has been shown to:
- Reduce theatre running costs by more than £130,000 per theatre
- Increase the number of patients per session by 18%
- Drive down late finish time by 87%
LONDON, 12th June 2024 – Real World Health has closed a £1.37 million funding round to help the NHS make better use of its data and address critical challenges like surgery backlogs and mental health.
The funding round was led by Maven Capital Partners with support from Dowgate Capital, with the money targeted at supporting the commercialisation and expansion of Real World Health’s solutions that enable NHS organisations to capitalise on its data to improve patient care.
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The NHS holds a vast amount of patient data but extracting actionable insights remains a complex task, often due to a lack of capability or tools. Real World Health bridges this gap by offering a combination of data science expertise and a deep understanding of NHS pathways. Unlike other off-the-shelf software, it has built solutions from the ground up that target the specific needs of individual NHS trusts and helps to deliver measurable and demonstrable improvements in areas like operational efficiency and patient care.
Optimising data use to improve efficiency
More specifically, it helps providers maximise the value of their data by using AI, machine learning, and analytical modelling to analyse and extract useful information. This makes Real World Health ideally placed to support the NHS in its operational plan to use digital, technology and AI solutions to deliver productivity gains of 2% year-on-year over the next five years. Armed with this information, providers can make more insightful and informed decisions around planning, demand and capacity, finance and resource use that drive improvements in productivity and patient outcomes.
Helping to tackle surgery backlogs
The investment comes at a critical juncture for the NHS. With a backlog of over 7.5 million elective procedures, the need to improve efficiency and productivity is paramount. Real World Health’s elective theatre optimisation tool, Opfeed, helps tackle this issue by streamlining the productivity of operating theatres. It uses AI to convert surgeon notes into classified procedures, machine learning to predict the length of time required for each procedure and an algorithm to optimally schedule theatre bookings. One NHS trust specialty reported it was able to reduce theatre running costs by more than £130,000, increase the number of patients per session by 18% and drive down late finish time by 87%.
Support for mental health services
Beyond physical health, the company also provides mental health data analytics solutions to secondary care providers in the NHS. Meeting the growing population need for mental health services is challenging, and the NHS has recently come under fire after a record number of mental health patients had been kept in hospital for longer than necessary. Real World Health works with some of the biggest providers in the country, including Central North West London and South London and Maudsley, to address these challenges. Its solutions empower them to make data-driven decisions on topics like bed capacity planning, admission avoidance and to improve productivity and efficacy of services.
In recognition of this growing mental health crisis, particularly among children, it is also spearheading multiple innovative projects including a collaboration with a local council to develop an AI/ML-powered model that predicts mental health crises in children by combining vast datasets across social care, education and healthcare.
To date, its solutions have been used by over 70 organisations across the UK, Middle East and Australia. Its solutions have demonstrably improved efficiency and patient outcomes, generating annual savings of up to £5.5 million for some projects, while supporting millions of patients daily.
Scott Fletcher, technology entrepreneur and CEO of Real World Health, who joined the organisation in February 2023 to supercharge its growth, says:
“The funding secured represents a significant milestone in Real World Health’s mission to equip NHS organisations with the tools they desperately need to unlock the hidden potential within their data. The tangible results we’ve achieved with existing clients, including reducing surgery backlog and improving mental health resource allocation, demonstrate the transformative potential of our solutions. This investment fuels our ability to deliver this impact on a wider scale, ultimately contributing to a more efficient, sustainable, and patient-centred NHS.”
With this new funding, Real World Health is poised to play a leading role in the ongoing transformation of the NHS. The company’s commitment to data-driven healthcare solutions positions it to make a significant impact on patient care, operational efficiency, and the long-term sustainability of the organisation.
Alex Sleigh, Investment Director at Maven Capital Partners said,
“Real World Health has deep industry insight and has been able to demonstrate a consistent track record in delivering return on investment for its clients. We are pleased to continue our support of the business and we’re keen to see the positive impact this will bring to patient care and outcomes.”
ENDS
About Real World Health
Real World Health is a healthcare & life sciences data solution provider that helps its clients achieve more with their data.
We have been a trusted partner to the NHS for more than 10 years, delivering millions in savings through our analytics and transformation solutions, with our proprietary Data Science Platform at the centre of everything we do.
Delivering outstanding patient outcomes is core to our company values and we passionately believe that the use of predictive and prescriptive data analytics is central to this.
About Maven Capital Partners
Maven is a leading private equity and property manager, with over 100 executives based across our UK office network. We partner with ambitious, entrepreneurial management teams to accelerate growth, and serve thousands of investors with the goal of delivering exceptional returns.
Source: https://www.uktechnews.info/2024/06/12/real-world-health-t-a-rwhealth-secures-1-37-million-series-a-follow-on-investment-led-by-maven-capital-partners/