Will explore the formation of a secure and privacy-compliant data exchange that benefits healthcare patients, physicians, researchers and other applicable industry participants

MENLO PARK, Calif. – Aug. 31, 2020 — Today Health2047 Inc. announced the formation of HXSquare Inc., a company created to evaluate the development of a privacy-compliant health data exchange between eligible healthcare industry stakeholders. Participating in the initial Series A funding of the new entity are Health2047 Inc., Health2047 Capital Partners and Nasdaq Ventures. The three groups aim to explore the formation of a secure data exchange that benefits healthcare patients, physicians, researchers, and other applicable industry participants, with associated potential cost and workflow efficiencies. HXSquare is a spinout of Health2047 Inc., the Silicon Valley-based innovation arm of the American Medical Association (AMA).

“Creating transformational shifts in healthcare that helps patients and their physicians requires assembling leaders and experts across industries,” said Dr. James L. Madara, CEO of the AMA and Board Chair of Health2047. “This innovative health tech company launches from Health2047 with the potential to provide immense value for multiple stakeholders in the healthcare sector.”

“Our goal is to adopt and adapt proven practices and technologies to meet the custom needs of exchanging health data and deliver the proven economic and societal benefits provided by markets comprised of informed participants,” said Tom Frederick, Co-Founder, Co-Chairman and CEO, HXS.  

“Building a new exchange and two-sided market for health data will create transparency, democratize access, establish fair pricing metrics and provide valuable insights to all participants. We expect the HXS exchange will give rise to a significant supportive ecosystem of vendors and service providers that will benefit the entire healthcare industry,” said Joseph A. Boystak, Co-Founder, Co-Chairman and President, HXS.

“We are excited to invest in HXSquare as one of the founding partners in such an innovative and timely initiative,” said Gary Offner, Head of Nasdaq Ventures. “We see immense opportunities to collaborate with the HXSquare team to accomplish in healthcare what we constantly address in the global capital markets, namely breaking down data silos and enabling the robust, scalable, secure and privacy-compliant exchange of data to give stakeholders the ability to unlock value and achieve efficient and positive outcomes.”

Douglass B. Given, managing partner of Health2047 Capital Partners, added, “Establishing a frictionless, private and secure data exchange is key to decreasing costs, accelerating innovation, and realizing value in healthcare. We co-led this investment to fund a novel exchange that integrates a state-of-the-art fintech platform with deep healthcare industry knowledge and relationships.”

About HXSquare

HXSquare Inc.is a unique joint venture co-founded by Nasdaq, Health2047 Inc., a wholly owned subsidiary of the American Medical Association, and its executive team integrating health information technology and fintech to create an optimized market exchange for addressing the massive opportunities around health data, market intelligence and services. The Company will provide market participants with a secure and scalable trading platform for both existing and new forms of healthcare data exchange, new instruments, market analytics and services across healthcare. For more information, please visit www.hxsquareinc.com.  

About Nasdaq

Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com 

About Health2047 

Health2047 Inc. is a Silicon Valley business formation and commercialization enterprise committed to enabling fundamental transformation in U.S. healthcare. In partnership with the AMA, Health2047 is transforming healthcare at the system level, seeking powerful ideas, industry partners and entrepreneurs to address systemic transformation in the areas of data utility, chronic disease prevention, radical productivity enhancement, and value-based payment. Health2047’s deep relationships with both the AMA and its network of strategic partners create a unique force multiplier that helps drive informed, large-scale change in healthcare. For more information, please visit www.health2047.com.

About the AMA

The American Medical Association is the physicians’ powerful ally in patient care. As the only medical association that convenes 190+ state and specialty medical societies and other critical stakeholders, the AMA represents physicians with a unified voice to all key players in health care.  The AMA leverages its strength by removing the obstacles that interfere with patient care, leading the charge to prevent chronic disease and confront public health crises, and driving the future of medicine to tackle the biggest challenges in health care. For more information, please visit https://www.ama-assn.org

About Health2047 Capital Partners

Health2047 Capital Partners, based in Menlo Park, California, is an investment fund comprised of actively engaged limited partners from the healthcare and technology sectors that possess deep domain knowledge, market insights and strong distribution channel strength. The firm targets investments to transform the healthcare industry and deliver long-term benefits to all stakeholders. For more information, please visit www.health2047capital.com.