Venture Capital News: Xealth Grabs $11M Series A
SEATTLE, WA, Xealth announced that it has raised $11 million in a Series A financing round.
Xealth, the leading digital prescribing platform, today announced that it has raised $11 million in a Series A financing round, with new investment from health care industry leaders and investors McKesson Ventures, Novartis, Philips and ResMed. Also joining this round are existing investors Threshold Ventures (formerly DFJ Venture), Providence Ventures, UPMC and Froedtert and the Medical College of Wisconsin Health Network. This investment will fuel the expansion of Xealth's platform, better connecting patients and doctors.
Xealth enables clinicians to prescribe and monitor digital health care content, apps, devices, and services from within their electronic health record (EHR) charting interface, and to integrate the interaction into a health system's existing patient portal. These capabilities, along with the ability to onboard new digital care vendors in a fraction of the time, enable the delivery and measurement of digital care solutions to improve patient care.
"With these new partners joining our existing investors and customers, Xealth will be serving virtually every sector of the health care industry-providers, payors, pharma, devices and supply chain," said Mike McSherry, chief executive officer of Xealth. "The Xealth platform is quickly becoming the preferred 'digital formulary.'"
Originally incubated and launched at Providence St. Joseph Health in 2017, Xealth works with UPMC, the Froedtert and the Medical College of Wisconsin health network, Baylor Scott and White, Duke and other leading health systems. More than 30 digital health solutions and over a million patient interactions are being prescribed and monitored by these partners to connect patients with educational content, transportation, meal delivery, e-commerce product recommendations and other services needed to improve health outcomes.
"Xealth delivers a win for both patients and clinicians, while driving digital engagement with patients," said Aaron Martin, chief digital officer, Providence St. Joseph Health. "Clinicians can recommend apps, content, products or services directly from the EMR - dramatically expanding their tool set for improving patient care and engaging patients digitally."
Xealth's newest investors will be supporting the application of innovative digital tools to transform multiple segments of the health care industry.
ResMed, a world leader in connected health, has integrated sleep apnea therapy data into more than 1,000 third-party systems, including hospitals' EHRs, enabling clinicians to access data faster, provide more immediate care and improve patient outcomes. For these reasons, ResMed was an early partner of Xealth at Providence to help care for the 40,000 Providence patients who are using CPAP machines. Physicians use CPAP data to help patients better prepare for upcoming procedures, as well as monitor how well the device is working to maintain health. Xealth enables physicians to see relevant data at the point of care, without requiring a complicated EHR integration.
Philips, a global health technology leader, recognizes Xealth's tremendous potential to help manage patients with chronic conditions at home, as well as those who need extra support and monitoring outside the hospital. Xealth has already demonstrated the ability to deploy digital, remote monitoring programs and integrate the resulting data into the patient workflow.
McKesson Ventures sees Xealth as a player in the emerging "digital supply chain" that makes it possible to prescribe and monitor digital therapies, and makes the associated data streams actionable. Xealth helps to bridge the existing drug and health care products supply chain with the digital, which opens up a new set of digitally-based treatment options that either stand alone or are in combination with traditional therapies. Most importantly, the data feedback loop Xealth creates can empower care teams to make better care decisions and help stakeholder partners improve product offerings.
Xealth is a digital health prescribing platform that enables clinicians to easily integrate, prescribe and monitor digital health tools for patients from their EHR workflows. These can include patient education, online third-party apps and programs, device monitoring, and non-clinical services such as ride shares, food delivery and e-commerce product recommendations. Using the Xealth platform, care teams and physicians can monitor patient engagement and analyze the effects of more engaged patients. Xealth spun out of Providence St. Joseph Health in 2017, raising $8.5 million from a variety of investors including Threshold Ventures (formerly DFJ Venture), Providence Ventures and other health systems such as UPMC and Froedtert Medical College of Wisconsin Health Network.
>> Click here for in-depth research on 9,000+ startups and 5,000+ VC investors
(c) by Massinvestor, Inc. For contact info, please check out our about