U.S. Venture Partners leads financing round as company looks to expand its remote patient monitoring and engagement platform. The mHealth market is forecast to reach $230 Billion by 2027
Press Release – updated: Sep 10, 2020 04:00 PDT
SEATTLE, September 10, 2020 (Newswire.com) – The ability to monitor patients remotely has never been greater, with COVID-19 having highlighted a significant need for providers to deliver care to and connect with patients outside of the office. It is within this new environment that optimize.health (formerly Pillsy) today announced the close of a $15.6 million Series A financing round. The oversubscribed round, which was led by U.S. Venture Partners, saw participation from new backers Foundry Group, Daher Capital and Openview Venture Partners, as well as existing investors Bonfire Ventures and SOSV.
optimize.health enables improved access to care, more favorable health outcomes, and contained healthcare costs through the combination of high-quality monitoring devices and a user-friendly, HIPAA-compliant digital platform that supports two-way video calls and text conversations between patients and their clinicians.
This funding comes on the back of a noteworthy year for optimize.health, in which the firm saw year-over-year revenue growth by over 800%, expanded its network of provider partners, and raised a $3.5 million seed round. The most recent injection of capital will enable the firm to expand its product and engineering teams, with the aim of adding new features and upgrading the user experience for both physicians and patients based on user feedback. In addition, it will support the growth of optimize.health’s sales and marketing operations.
“Challenging times can serve as a catalyst for innovation, and the COVID-19 pandemic has underscored the vital role that digital health platforms can play to help patients stay healthy,” said Jeff LeBrun, co-founder and CEO of optimize.health. “In addition to patients, clinics and systems have seen their businesses upended over the past few months, requiring an additional layer of resiliency. This is an unprecedented opportunity to implement lasting change in the way healthcare is delivered, and we’re delighted to have strong backing from investors that share our vision for a more accessible, more convenient and more cost-effective healthcare system.”
A $230 Billion Market by 2027
Demand for remote patient monitoring has been steadily increasing in recent years, fueled by a confluence of factors that include an aging population, a growing number of patients with chronic diseases (147 million), and burgeoning healthcare costs ($3.7T annual cost to the US economy from chronic conditions). More recently, healthcare systems have been tasked with identifying ways to provide safe and effective care to patients with COVID-19 while also working to combat the spread of the virus.
Reimbursement + new distribution channels
Over the past 2-3 years, we’ve seen the introduction of a new distribution channel for a new category of technology-enabled remote care as most payers, including Centers for Medicare & Medicaid Services (CMS), began reimbursing healthcare providers for providing remote patient monitoring services – even before COVID-19 hit.
“Remote patient monitoring has never been more important to patients and providers alike,” said Dafina Toncheva, general partner at U.S. Venture Partners. “The team’s expertise in this area is unparalleled, which has uniquely positioned them to build a one-of-a-kind solution to meet the remote monitoring needs of health providers, patients and payors. optimize.health simplifies and automates what is otherwise a complex process providing a seamless experience for all audiences. The company’s extraordinary growth is a testament to the exceptional value their solution delivers.”
optimize.health empowers patients + enables providers
With optimize.health’s platform, patients are empowered to engage with their health data from the comfort of their own homes, using intuitive devices to monitor vital signs such as blood pressure, blood glucose, weight, pulse oximetry and medication adherence. The information gleaned is then securely transmitted to their healthcare provider, who can identify symptom progression and enact early interventions where applicable.
Clinicians can use the platform to optimize revenue cycle management, ensure regulatory compliance, and seamlessly sync data to their electronic health records (EHR) system. optimize.health’s software also automates up to 95 percent of note-taking and administrative requirements, freeing providers up to spend more time with patients.
Established in 2015 by experienced digital health entrepreneurs Jeff LeBrun and Chuks Onwuneme, optimize.health makes it easy for healthcare providers to offer patient-centric, reimbursable remote monitoring. optimize.health’s solution offers a wide selection of affordable devices, which integrate seamlessly with its easy-to-use technology platform, empowering patients and providers alike to improve health outcomes and contain costs.
To learn more about the company’s turnkey remote patient monitoring solutions for healthcare providers, visit here.
For media inquiries, contact:
Kristin Faulder, on behalf of optimize.health