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Ludi, a provider of physician-hospital alignment solutions, just landed a $1 million round to quadruple the number of hospitals using its products this year.
The Ludi team, which clocks in at less than 10 employees, already has multiple regional systems and individual hospitals on board using Ludi solutions to manage complicated physician agreements. When hospitals and physician align themselves using Ludi's products, such as the company's physician payment platform, DocTime Log, overall compliance is increased and cost is decreased, President and CEO Gail Peace said.
Peace was a former biz dev exec at Vanguard Health Chicago when she realized the pain points of proper documentation and compliance between physicians and healthcare systems. She started Ludi back in 2012 and spent the year “building the pipeline” before going live with the first client in November 2012. Then in November 2013, Ludi joined Chicago’s Healthbox program, a healthcare incubator.
Peace already had deep networks in the healthcare world, but she said she knew Healthbox would be a good distribution channel for Ludi’s products and would add credibility to her company’s name. By the time Ludi graduated from Healthbox in February, they had landed deals with two of Healthbox’s six sponsors.
“The ecosystem is evolving and it’s an exciting time in healthcare tech,” Peace said. “On the hospital side, there is more of a willingness to try these new systems.”
Now nearly six months after graduating, Ludi has closed its second funding round. This round came solely from Nashville-based healthcare and tech firm The Martin Companies as a result of Peace’s longtime working relationship with The Martin Companies’ chairman and founder Charles Martin: “Charlie knows we are going to deliver because he knows us. There’s a lot of money out there today, but for us it was just finding the right fit,” Peace said.
