Symmetric Health Solutions has secured a strategic growth investment from Spectrum Equity, marking the healthcare supply chain intelligence company’s first institutional capital since it was founded in 2018. The size of the investment was not disclosed.
Symmetric was founded by Rich Kucera, TJ Dardet, Jon Boerner and Ryan Kissell and has been profitable since its inception.
The company focuses on improving the product data underlying hospital supply chains.
Hospital item masters can contain as many as 500,000 rows, and Symmetric said inconsistent and outdated information can contribute to missed reimbursements, incorrect contracted pricing, missed supplier rebates and problems identifying recalled products.
Symmetric maintains a continuously updated database containing nearly 20 million healthcare items, with each item potentially carrying as many as 1,800 metadata attributes.
The database also includes approximately five million verified substitutes.
Symmetric pulls information from hundreds of sources including regulatory registries, manufacturer catalogs and group purchasing organization contracts and reconciles potentially conflicting data into records that can be pushed directly into hospital ERP systems.
Employees at more than 45 health systems help verify the information.
The company reports an average match rate of 96% and said 98% of customers have remained with Symmetric since its founding.
Spectrum Equity’s investment will support expansion of Symmetric’s go-to-market and customer success operations and continued product development.
That includes Contract Management, a recently launched product already used by more than one-fifth of Symmetric customers, as well as planned supply chain control tower, revenue integrity, value analysis and supplier portal capabilities.
KEY QUOTES:
“Hospitals have been told for years that bad item data is just the cost of doing business. It isn’t. Most of our customers came to us after years of paying for data they still had to fix by hand. Spectrum’s backing lets us move faster on what comes next: tools that help hospitals see supply disruptions coming, protect revenue, and make better value analysis decisions, all built on data they can finally trust.”
Rich Kucera, Co-Founder and CEO of Symmetric Health Solutions
“The opportunity for AI to improve healthcare operations is enormous, but you can’t leverage AI on top of data you don’t trust. For decades, health system supply chain and procurement teams have relied on hand-reconciled data coming from thousands of sources with no shared standard. Symmetric has spent the last eight years working to solve that data problem, becoming the system of record for supply chain data at some of the largest health systems in the country. With this investment, we’re excited to partner with Rich and the team to build on that position.”
Michael Radonich, Managing Director at Spectrum Equity
