SAN FRANCISCO, CA, Augmedix today announced that it has closed a $23 million strategic round of funding from new investors McKesson Ventures and OrbiMed.
The company seeks to rehumanize the physician patient relationship by eliminating the time physicians spend on mandated EHR documentation. The Augmedix core offering is a Google Glass-powered remote scribe service that frees doctors from 3 hours of mandated charting and documentation each day so they can spend more time with each patient and see up to 25% more patients each week.
McKesson Ventures and OrbiMed are joined in this round by the company's existing institutional investors, Redmile Group, Emergence Capital and DCM Ventures. Augmedix has received more than $60 million in venture funding since the company was founded in 2012. Among its investors are a broad coalition of the company's national health system customers, including Catholic Health Initiatives (CHI), Dignity Health, Sutter Health, and TriHealth.
'Augmedix has brought together an impressive coalition of the nation's leading health systems as its customers, and their physicians and health system executives have a strong passion for Augmedix,' said Steven Yecies, Venture Partner at OrbiMed. 'Across the country, Augmedix has delivered consistent and considerable improvements to physician productivity and satisfaction for the health systems they serve. We look forward to supporting their continued growth with our deep healthcare relationships, international presence and extensive experience scaling operationally complex companies to IPO and beyond.'
The company will use this strategic round to further scale its service nationwide, build out its platform with tools and services that continue to drive improvements in physician productivity and patient care.
A Focus on Patient Care and not the EHR
Using Augmedix and Google Glass, physicians retrieve patient medical history and document the patient visit without having to interact with a computer. The chart note is created in real time by remote scribes based in highly secure HIPAA-compliant facilities. The physician is then able to review the note and a summary of the visit can be provided to the patient with care instructions.
'Augmedix is uniquely able to improve doctors' quality of life by allowing them to concentrate on their patients rather than on data entry,' said Tom Rodgers, SVP and Managing Director of McKesson Ventures. 'This makes their technology invaluable for settings like our U.S. Oncology clinics. We are excited to bring McKesson's experience and ubiquitous market presence to help them scale to doctors across the country in the coming few years.'
Rapid Growth at Health Systems
Augmedix has pioneered the first and largest remote scribe service in the world and built-out a robust and HIPAA-secure enterprise platform that is used by physicians in some of the largest, most innovative health systems in the U.S. The company's remote scribe service is complemented by additional enterprise support services, assisting health systems with staffing, quality assurance, network and technical support, analytics and business process improvement.
Today, hundreds of primary care doctors, specialists and surgeons use its service across most of the 50 states to serve thousands of patients each day. Adoption will continue to accelerate over the coming years as the company's health system customers begin to mainstream its use across a growing number of regions
As adoption has ramped, so has the company, which now includes nearly 1000 team members around the globe. In 2016 it was named the Number One Most Innovative Healthcare Company by Fast Company. Augmedix growth plans for the next year call for significant expansion in the number of professional scribes it employs and the opening of additional offices overseas.
Augmedix is the nation's first and largest smartglass-based physician productivity platform. The company's core offering is a real time remote scribe service that frees physicians from mandated charting, allowing them to focus instead on patient needs and quality care. The company also offers additional productivity and care quality tools to help its physicians further utilize the Augmedix smartglass platform. Rapidly expanding at a number of the nation's largest health systems, the Augmedix service is HIPAA-compliant, works with all EHRs and increases doctor productivity by more than 30 percent. For more information, connect with us on Twitter, Facebook, or visit Augmedix.com.
OrbiMed is a leading investment firm dedicated exclusively to the healthcare sector, with over $14 billion in assets under management. OrbiMed invests globally across the spectrum of healthcare companies, from venture capital start-ups to large multinational companies. OrbiMed's team of more than 90 employees manages a series of private equity funds, public equity funds, royalty/debt funds and other investment vehicles. OrbiMed maintains its headquarters in New York City, with additional offices in San Francisco, Mumbai, Shanghai, and Herzliya.
About McKesson Ventures
McKesson Ventures is the venture capital arm of McKesson Corporation specializing in early and growth stage companies. McKesson Ventures targets companies that both catalyze and benefit from the key changes taking place in the U.S. healthcare landscape. McKesson Corporation, currently ranked 5th on the FORTUNE 500, is a health care services and information technology company dedicated to making the business of healthcare run better. We work with payers, hospitals, physician offices, pharmacies, pharmaceutical companies, and others across the spectrum of care to build healthier organizations that help deliver better care to patients in every setting. Visit http://ventures.mckesson.com/ to learn more.
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