MedNetworks, Inc., a Boston, MA-based new venture that provides pharmaceutical firms, health plans, corporations and hospitals with an innovative method for analyzing real-life social networks of physicians and patients and identifying patterns of influence, has raised $5m in Series A financing from Excel Venture Management.
The technology, based on the social network analytics research of professor Nicholas Christakis of Harvard University, maps social networks, evaluates strength and dynamic development of connections of members of these networks, ranks individual influence and performs predictive modeling.
Among physicians, for example, MedNetworks can map detailed networks in communities, evaluate the number and strength of connections between physicians, identify clusters of practitioners and discern influence patterns. By applying this analysis to large data sets, MedNetworks creates detailed, actionable information, allowing more efficient and effective use of promotional efforts.
The company, which can apply this analysis to virtually any type of network where data allow connections between individuals, has an exclusive license from Harvard University to use the Christakis technology in the healthcare sector.
In conjunction with the financing, Dr. Steve Gullans of Excel Venture Management, and Juan Enriquez will join MedNetworks’ Board of Directors.