This morning Boston-based startup PatientPing scored $60 million in Series C funding to propel the expansion of its care-coordination app. Andreessen Horowitz, F-Prime Capital, GV, and Transformation Capital led the round with participation from existing investors.
This news comes nearly four years after PatientPing closed its $31.6 million Series B round in 2016, which was also led by Andreesen Horowitz. As of today, the company has more than $100 million in venture funds.
WHAT THEY DO
The company is able to coordinate patient care by giving a notification to providers when a patient receives care at another institution. Providers also able to get context about the attributed provider, visit histories and care-program afflictions.
The startup also developed a new tool called “spotlight” which is able to use real-time data to identify performance trends. It also recently rolled out a feature dubbed Callouts, which are designed to engage patients in enrolling in available programs and supplemental benefits.
Its clients include hospitals, ACOs and POs, post-acute care providers, health plans and behavioral health providers.
WHAT IT’S FOR
The new cash is expected to help the company expand its geographical footprint and reach to move providers. It said that the funding news coincides with the CMS interoperability ruling requiring hospitals to share electronic event notifications with other providers when a patient is admitted to the hospital or visits the emergency room.
“Patients often receive care from many providers and when they work together, care is safer and better,” Jay Desai, PatientPing’s CEO, said in a statement. “PatientPing is committed to delivering the innovative products needed to support every patient and their full care team with real-time awareness into patients’ treatment. With CMS recognizing this need through their CoP, we’re excited to accelerate the growth of our national network that makes it easy for any two or more providers to collaborate anytime a patient is receiving care.”
MARKET SNAPSHOT
Attaining an interoperable healthcare system has been a challenge for over a decade. However, increasingly, digital health companies have been interested in the space. Giving the patient the tool to share records has increasingly become popular.
In 2018 Apple developed Apple Health records, which aggregates existing patient-generated data in a user’s health app with data from their EHR – if the user is a patient at a participating hospital.
ON THE RECORD
“It’s been exciting to watch PatientPing steadily expand its geographical reach and technology capabilities to positively impact millions of patients nationwide,” Julie Yoo, general partner at Andreessen Horowitz, said in a statement. “Their platform plays such a critical role in the transition of patients between sites of care, and eliminates one of the major blind spots in our fragmented healthcare system by longitudinally tracking a patient's care journey across all encounters. With the favorable regulatory tailwinds and the need for more resilient care delivery infrastructure coming out of the COVID crisis, PatientPing is well poised to continue leading the market in its quest to achieve better coordination of care.”
