CINCINNATI, OH, Doc Halo, a pioneer in real-time clinical communication, today announced that it has raised $11 million in Series A funding.
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The round was led by Bain Capital Ventures with additional investment from Refinery Ventures. This marks the first time Doc Halo has partnered with outside investors in its seven-year history. The funds will allow the company to accelerate growth and expand functionality of its award-wining healthcare communication technology.
Doc Halo's clinical communication platform is changing the way large health systems communicate and coordinate care by providing secure, HIPAA-compliant technology for physicians, nurses and staff. In addition to secure texting and VoIP calling, the platform also includes a full suite of tools to improve clinical workflow, such as schedule management, pager replacement, and critical lab integration. The technology addresses a vital challenge in healthcare: Nearly 80 percent of serious medical errors involve miscommunication during patient transfers, according to the Joint Commission Center for Transforming Healthcare.
"Advances in real-time clinical communication are already demonstrating a tremendous impact on healthcare by reducing medical errors, increasing care efficiency and improving patient outcomes," says Jose Barreau, MD, CEO and co-founder of Doc Halo. "A strong partnership with Bain Capital Ventures, a leading healthcare and technology investor, will enable us to continue to drive the industry forward."
Doc Halo recently earned a coveted KLAS Category Leader designation in the 2017 Best in KLAS: Software & Services report, ranking No. 1 among competitors in its category. With large health system clients that include University of Maryland Medical System, Trinity Health, Covenant Health, Hospital Sisters Health System and Asante, Doc Halo leads the industry in enterprise-wide implementations that connect the acute and ambulatory care environments.
"Health systems have complex communication and care coordination requirements. Jose and team have created a tailor-made platform built by clinicians - making it easy to adopt within the clinical environment," says Mike Krupka, managing director of Bain Capital Ventures. "We're very impressed with the business and customer traction Doc Halo has established over the last seven years with limited capital. The early adoption by large clients speaks to the tremendous market opportunity as Doc Halo replaces antiquated systems with smart communication and care coordination technology. We expect this will grow into a multibillion-dollar market opportunity over the next 10 years."
Bain Capital Ventures has a long history of success in healthcare technology and services. Active portfolio companies include ABILITY Network (healthcare applications and data analytics), Apixio (healthcare data science), Quanterix (high-definition diagnostics), Remedy Partners (bundled payment SaaS and services), and Sansoro Health (data integration). Prior exits include Accelecare (Healogics); Boston Heart Diagnostics (Eurofins); Enclarity (LexisNexis); Humedica (UnitedHealth); Liazon (Towers Watson); Liberty Dialysis (Fresenius); MedeAnalytics (Thoma Bravo); MedHOK (Hearst); MinuteClinic (CVS); and National Cardiovascular Partners (Fresenius).
About Bain Capital Ventures
Bain Capital Ventures partners with disruptive B2B founders to accelerate their ideas to market. The firm invests from seed to growth in enterprise software, infrastructure software and industries being transformed by data. BCV has helped launch and commercialize 200-plus companies since 1984, including investments in DocuSign, Kiva Systems, LinkedIn, Rapid7, SurveyMonkey, Taleo and TellApart. BCV has approximately $3.7 billion of assets under management with offices in San Francisco, New York and Boston. Follow BCV via LinkedIn or Twitter.
About Doc Halo
Doc Halo's clinical communication platform is transforming patient care by streamlining real-time communication among physicians, nurses and staff. The mobile app and online console provide secure, HIPAA-compliant texting. Robust care coordination tools integrate with hospital systems to allow instant access to EHRs, critical and clinical teams, on-call schedules, call centers, labs and directories. Exclusively designed for healthcare, the Doc Halo clinical communication platform is used by several of the most prestigious organizations in the country. For more information, visit https://www.dochalo.com/.