Mudita Venture Partners is excited to announce an investment in NQS (National Quality Systems), an AI-powered platform that modernizes hospital trauma registries by reducing manual abstraction, cleaning up documentation, and turning registry data into real-time operational insights. It also flags missed trauma activation charges and CC (Complication or Comorbidity) and MCC (Major Complication or Comorbidity) gaps, helping hospitals capture revenue lost in registry-to-coding workflows.
Mudita invested $1M in a priced round led by Long Run Capital at a $26M pre-money valuation, alongside Courage Capital Management, 11 Tribes, and Early Light Ventures.
A special mention to Mudita Advisor, Bob Mikulak for introducing NQS to us.
Why this matters
Hospitals are required to maintain highly detailed clinical registries for accreditation, quality benchmarking, and regulatory compliance. The software supporting these workflows is outdated, fragmented, and deeply frustrating for frontline teams. As a result:
- The most trusted clinical data lives outside the EHR (Electronic Hospital Record).
- Finance teams bill off less-complete information.
- Hospitals miss revenue and carry audit risk.
This is a breakdown in mandatory infrastructure that affects hospital outcomes and profitability.
The Problem
Trauma registrars and quality teams manually curate “clinical truth” to meet required registry standards. Meanwhile, billing and revenue systems rely primarily on EHR and claims data that often lack the clinical detail needed for accurate reimbursement. The disconnect leads to:
- Missed charges and under-coding.
- Lost reimbursement opportunities.
- Increased audit and compliance risk.
The Solution
NQS provides a modern workflow-embedded clinical registry platform that becomes the system of record for trauma programs and adjacent service lines. By sitting exactly where clinical truth is created, NQS:
- Ensures hospitals meet mandatory reporting requirements.
- Produces clean, validated registry data trusted by clinical teams.
- Connects that data directly to performance improvement and revenue optimization.
What was once a compliance cost center becomes an operational and financial asset.
The Team
NQS is led by Mark Feinberg, a repeat healthcare founder with decades of experience building and scaling businesses inside compliance-driven hospital environments. Mark has:
- Built the largest emergency department consulting practice in the U.S. (acquired by Philips).
- Founded and exited Stay Smart Care and Patient Pattern (acquired by PointClickCare).
- Deep first-hand experience navigating hospital procurement, accreditation, and enterprise sales cycles.
He brings rare fluency across healthcare operations, regulatory workflows, and enterprise SaaS, exactly what this category requires.
Traction
NQS has achieved strong, focused traction in a compliance-driven market:
- 116 hospitals live on the platform.
- ~$2.6M ARR today, sales target of $9M for 2026.
- 37 additional hospitals verbally committed, many in late-stage contracting.
- Minimal churn (one early, non-ICP customer to date).
- Adoption across both standalone hospitals and large health systems.
Why We’re Excited
- Non-optional buyer: NQS sells into mandatory clinical registry workflows, creating urgency and budget ownership.
- Clear displacement motion: Hospitals are frustrated with legacy incumbents and increasingly forced into rip-and-replace decisions.
- Workflow-embedded data advantage: Registry data is manually validated and trusted upstream of billing and difficult to replicate from claims alone.
- Revenue cycle upside: NQS turns clinical truth into recovered dollars, materially improving unit economics over time.
- Founder–market fit: Mark has lived these workflows for decades and knows how to sell, deploy, and scale inside hospitals.
Where You Can Help/Asks
We’re looking for warmcustomer introductions to Trauma Program Leadership from:
- Common Spirit.
- Trinity Health.
- Providence.
- Intermountain.
- Memorial Hearman.
NQS sits at a rare intersection of mandatory workflow, trusted clinical data and financial impact. With strong early traction, minimal churn, and a clear path from compliance software to revenue intelligence, the company is well positioned to become core infrastructure inside trauma centers and beyond.
To make introductions or ask questions, please contact Josh Tolman, Managing Partner, at josh.tolman@muditavp.com.
