Venture Capital News: Xealth Pulls In $3M Series A Funding Round
SEATTLE, WA, Xealth today announced that it has secured an additional $3 million in its Series A financing.
Xealth, the leading platform for connecting digital health, today announced that it has secured an additional $3 million in its Series A financing, bringing the amount raised in this round to $14 million total. New investors Atrium Health, Cleveland Clinic and MemorialCare Innovation Fund join McKesson Ventures, Novartis, Philips, ResMed, Threshold Ventures (formerly DFJ Venture), Providence Ventures, UPMC and Froedtert and the Medical College of Wisconsin health network. Investments from this round will be used to advance the development and deployment of the Xealth platform for digital health programs.
With a proliferation of digital health tools, health care organizations require a way to simply and securely manage and drive utilization of these initiatives. Xealth's platform is embedded in the EHR, so clinicians can prescribe and monitor digital health content, apps, devices and services from within their charting workflow. Xealth can deliver these assets to the health system's existing patient portal to drive engagement and increase adoption. 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.
"Atrium Health is committed to using innovative solutions to provide the best care for our patients, both inside and outside the clinical environment," said Dr. Rasu Shrestha, executive vice president and chief strategy officer for Atrium Health. "By enabling our care teams to prescribe and monitor digital health solutions directly from within their clinical workflow, Xealth is the de facto standard for bridging the digital divide between our clinicians' workflows and our patients' everyday lives, enabling strategies that will improve health and dramatically better the consumer experience."
"Patients who are well-informed are generally more engaged in their care, creating deeper partnerships with their providers," said Peter Rasmussen, M.D., Medical Director of Distance Health at Cleveland Clinic. "Technology can enable us to incorporate digital health tools into clinical workflows, improving overall patient experience. Delivering the right materials to the patient and having the analytics to know the information was viewed fits nicely with our goal to deliver access anytime, anywhere."
"The move to value-based care necessitates deeper coordination between providers and patients," said Brant Heise, managing director of MemorialCare Innovation Fund. "In addition to encouraging collaboration, Xealth tracks results and engagement from digital health programs, making it easier for health care organizations to report on outcomes. We believe Xealth's value lies in how it works with health systems to empower them in efficiently delivering better care."
"Fast becoming the preferred digital health formulary, Xealth works with stakeholders across all areas of health care, including providers, payors, pharma, devices and supply chain," said Mike McSherry, chief executive officer of Xealth. "This gives Xealth insight and perspective that advances digital health strategies in a way that optimizes outcomes and assists physician workflows. By investing in Xealth and working with the company to advance their own digital health strategies, Atrium Health, Cleveland Clinic and MemorialCare are demonstrating their commitment to the patient experience."
Xealth powers more than 30 digital health solutions, connecting patients with educational content, transportation, meal delivery, e-commerce product recommendations and other services needed to improve health outcomes. Monitoring and analytics capabilities assist health care organizations in determining which digital health strategies are working and how to optimize results. 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, Duke Health and other leading health systems.
Xealth is a platform for digital health that enables health systems to easily organize, integrate, deploy and activate digital health tools for measurable clinical and financial results. Through the secure Xealth platform, clinicians can find and order the right digital health tools and programs for patients direct from the EHR workflow, send these digital health orders to the patient's smartphone or desktop, and then monitor patient engagement and analyze the effects of more engaged patients. Xealth spun out of Providence St. Joseph Health (PSJH) in 2017, and investors include McKesson Ventures, Novartis, Philips, and ResMed as well as Providence Ventures, UPMC and the Froedtert and Medical College of Wisconsin Health Network.
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