Megadata Partnered with TIMIA Capital to Scale Its Healthcare Tech
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TIMIA Capital provided a US $1 million investment facility to Megadata, a Lakewood, New Jersey-based company that builds business intelligence solutions for healthcare facilities. Since then, Megadata has streamlined its customer onboarding processes to drive faster growth. We caught up with Shalom Reinman, founder and CEO of Megadata to learn about his company’s growth journey and plans for the future.
Shalom Reinman worked in the skilled nursing industry for about 15 years before founding Megadata. He began his career in accounting, finance, and analytics and always had a keen interest in technology and business intelligence (BI) that can drive better decision-making.
In 2017, Shalom recognized a market opportunity for a skilled nursing-specific data analytics and BI platform. The industry has unique requirements that were not being served by other BI solutions. It was also deploying more and more systems that provide data that could be synthesized to improve the speed and efficacy of leadership decisions.
“If we could figure out a detailed and easy-to-use solution, the opportunity would be huge both in skilled nursing and beyond, given systems overlap and similar use cases in other healthcare settings,” said Shalom. This was easier said than done. BI is often built internally and heavily customized to fit unique technology stacks and use cases. Shalom and his team began to create a solution that would initially work across all nursing homes with minimum customization.
Building a Scalable Model
Shalom and his team partnered with a strategic investor to help launch the project. The team built a viable product and secured one customer as a pilot client to test its performance, work out the kinks, and slowly expand its functionality.
In 2018, Megadata officially went to market. It started slowly and grew deliberately. The model became more scalable as the team tested and optimized with each new customer.
Megadata’s business intelligence dashboards for healthcare organizations
From Crisis to Opportunity
In 2020, Shalom and his team watched as COVID spread worldwide. Their primary target audience—nursing homes—had redirected all efforts to ensure patients survived. While this was the right course of action, it meant that all back-office projects—like BI—were paused.
“At first, we thought this would be a problem for our business. Operations projects went out the window as nursing homes battened down their hatches to deal with the crisis,” said Shalom.
The team wondered if there would be a future for Megadata. Then they realized that nursing homes had a powerful, underutilized tool that could actually help with patient care: clinical data.
Megadata created a COVID-specific clinical product for nursing homes to help them detect potential outbreaks earlier, take action, and ultimately save lives.
“We found that oxygen numbers could be an early indicator of COVID-19, even earlier than temperatures and other symptoms. Even the slightest change in a patient’s baseline oxygen level proved to be a potential sign of the virus.”
This intelligence made a huge difference to nursing homes across the country, helping them identify serious outbreaks a week or two before they would have otherwise picked up on them.
Megadata offered free 30, 60, and 90-day trials of its new product to help nursing homes take action against COVID.
“We really wanted to help. We have an incredible tool that can make a difference to our clients, and we wanted them to have it free of charge to deal with the crisis,” said Shalom. Validation of the efficiency of Megadata’s products came when all of the nursing homes availed of the free trial converted to paying customers. The company also received a lot of positive news coverage about the value of its solution in the battle against COVID-19.
Today, the solution helps 700+ healthcare facilities analyze clinical, billing, labor, purchasing, and accounting data to make better decisions, create efficiencies safely, and provide better patient care.
The Megadataship team at their head office in Lakewood, New Jersey
Partnering with TIMIA
TIMIA’s $1 million in non-dilutive capital has provided Megadata with the cash flow it needed to scale its business further and serve more customers quickly.
TIMIA’s investment is a stepping stone to drive growth faster and in a sustainable way. Megadata is using the capital to deepen its onboarding, sales, and marketing teams and build processes that help it accelerate faster and grow its valuation.
“Our business was started by ex-nursing home people and is backed by people with industry experience, which has been extremely helpful for us. This is the first time we’ve worked with a third-party, technology-focused partner. The perspective TIMIA brought has been super healthy for the business,” said Shalom.
“Megadata is a healthy company. It has been managed as a hybrid between a high-growth tech startup and a small business. TIMIA was a really good fit because it favors businesses that grow efficiently over those with massive burn and unsustainable growth rates.”
The potential for a longer-term partnership with TIMIA also creates a sense of flexibility and optionality in Megadata’s planning.
“TIMIA’s investment brings credibility to what we’re doing. It created momentum in all parts of our business and, most importantly, our results. Our future is even brighter with TIMIA as a partner.”
What’s Next for Megadata?
Today, Megadata has 20 employees and serves facilities in over 35 states in the USA. Shalom and his team are focused on their purpose-led mission to help improve patient care and operational effectiveness.
Above all, Megadata is focused on healthy unit economics and sustainable growth—the perfect ingredients for a bright future. We look forward to following their growth journey closely.
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