Center City’s Phrase Health raises $3 million, led by LionBird

Three-year old Phrase Health, a maker of SaaS-based electronic health record data tools, raised $3 million round lead by VC firm LionBird, with participation from Vizient and BioAdvance.

The 2001 Market St.-based company was founded by clinical informatics physicians and spun out of technology developed at Children’s Hospital of Philadelphia in 2018. Its software provides web-based analytics dashboards and collaboration tools to better understand clinical processes and electronic interventions such as alerts and order sets.

“We found several compelling reasons to invest, but principally were impressed with their clients’ strong descriptions of ROI from Phrase’s solution and the team’s deep knowledge about the issues their clients are facing,” Robert Lord, partner at LionBird, said in a statement. “The company’s efforts linking health systems’ EHR interventions to quality measures is a compelling shift at a time in which the industry is moving towards value-based care.”