Venture Capital News: PatientPing Raises $31.6M in Series B
BOSTON, MA, Health technology company that connects providers to seamlessly coordinate patient care, announced today that it has received $31.6 million in Series B funding.
PatientPing, a health technology company that connects providers to seamlessly coordinate patient care, announced today that it has received $31.6 million in Series B funding led by Silicon Valley firm Andreessen Horowitz and Boston-based Leerink Transformation Partners (LTP). The funding will help fuel the company's rapid expansion into new geographies and accelerate the development of product enhancements. PatientPing also plans to at least double the size of its team by actively hiring inspired change-makers for its growth, operations, engineering, and product development teams. This announcement comes just over a year after announcing $9.6 million in seed and series A funding, bringing the total funding amount to $41.2 million, to date.
PatientPing's flagship product offers real-time notifications ('Pings') to providers whenever their patients experience an admit, transfer or discharge to or from a facility. The Company has become the country's leading provider of clinical event notifications, creating the nation's largest community of providers working together to coordinate patient care. PatientPing's product is unique in that it spans across the entire continuum of care-acute, ambulatory, and post-acute facilities-regardless of EMR, provider network, or other institutional barriers that have historically created silos between providers. At the facility where patients are getting care, providers also receive care instructions that include contact information for others on the patient's care team as well as patient visit histories.
The average Medicare patient receives care from seven different providers across four unaffiliated practices per year. The lack of coordination between providers can adversely affect patient care and creates billions of dollars in avoidable waste each year. With PatientPing's notifications, care managers and providers share real-time insights into patient movement throughout the care continuum-transforming how care is delivered and reducing the overall cost of treatment.
'We are just getting started,' said Jay Desai, founder & CEO, PatientPing. 'It's an important moment in history to modernize our country's healthcare IT infrastructure and we're thrilled to partner with the world's most innovative investors from both coasts to support us on our journey. For example, if a patient lands in a hospital in Florida when their primary care team is at home in Massachusetts, we're making it seamless for those providers to work together so the patient gets the best possible care. We're going to accelerate expansion to new regions and dramatically increase our investment in our product to continue delivering on our aim of seamlessly connecting providers to coordinate patient care.'
'We have an incredibly fragmented health system where up until now healthcare providers had no idea where their patients come from or where they go after care,' said Todd Cozzens, managing partner, Leerink Transformation Partners (LTP). 'For the first time, PatientPing solves this problem by creating a dense network that knows where every patient is in the healthcare ecosystem, and provides this extremely valuable information back to individual providers to understand their markets and patient populations better and be in a position to increase efficiency, focus resources and keep more care within their own system.'
'I am a huge fan of businesses that have a network attached to it, and see huge potential for PatientPing to become an important business in the healthcare space,' said Jeff Jordan, partner at Andreessen Horowitz. Vijay Pande, partner at Andreessen Horowitz adds, 'PatientPing is addressing a real problem in healthcare, where so many of the issues aren't just biological, but systemic.'
PatientPing has expanded its nationwide community to include more than 15,000 providers and has a presence in Massachusetts, Connecticut, Michigan, Pennsylvania, Vermont and New Hampshire, with plans to expand into several new markets next year.
PatientPing is a Boston-based health technology company that is building a national community of engaged providers who are sharing information, coordinating care, and working together to get patients healthier faster. By joining the PatientPing community, providers are notified in real-time when their patients receive care elsewhere and are able to share care instructions with other providers. PatientPing's national care coordination community includes physicians, nurses, case managers, and care coordinators across hospitals, emergency departments, accountable care organizations (ACOs), physician practices, skilled nursing facilities, home health agencies, inpatient rehabilitation centers, payers and other providers. By connecting care teams through real-time information sharing, PatientPing enables providers to deliver higher quality and more cost-effective care, improving patient outcomes and experience. For more information, please visit www.patientping.com.
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