Telemedicine platform provider SnapMD raised $3.25 million in Series A financing, bringing the company’s total funding to date at $9.15 million. The funding will be used to advance SnapMD’s core offering, the Virtual Care Management platform, by expanding sales and marketing efforts as well as securing new partnerships.
SnapMD’s platform is a white-label software platform that offers a toolset for comprehensive workflows and any form of virtual care via a single interface, using their healthcare providers’ own brand and clinicians of their choosing. The company recently partnered with Japanese image technology company Konica Minolta and athenahealth through the More Disruption, Please accelerator program.
“We’re in a place now where we are really accelerating growth,” SnapMD CEO Dave Skibinski told MobiHealthNews in an interview. “There’s a demonstrated appetite for our platform in a market that has been able to recognize that we are at a tipping point in telemedicine, which is really beginning to mature.”
SnapMD is making itself available to everyone from large healthcare systems to niche, condition-specific practice or patient-directed services, such as those for rare chronic conditions or following a specific type of surgery. Rather than offering a standalone telemedicine service complete with a network of doctors, SnapMD allows providers to extend their reach of care with one-on-one live video, audio and text messages between ambulatory patients and their primary care and specialty care physicians. The company is also working with a number of device vendors to test home monitors and connected devices, and plans to differentiate the market on how devices are integrated into SnapMD’s platform.
“What we do is empower entities to take on a new level of innovation to their practice, or power their existing services with our platform,” Skibinski said. “While large telemedicine companies are offering tens of thousands of visits, the majority of those are phone calls, which are great, but if you are a patient, you know the level of intimacy that comes through with a video visit.”
The company currently has over 45 clinical use cases on the platform, and as the telemedicine market matures, SnapMD wants to be the backbone of acute or specialized services. This would include things like facilitating video visits between a cancer patient and their nurse following a chemotherapy infusion, or working with pediatric patients who have a rare, chronic condition.
“We’ve seen how telemedicine can really improve regular care and help providers and hospitals on low end services, but now we’re thinking about how you get that into very specific, personalized care,” said Skibinksi. “Where we are with SnapMD is the right place and the right time, as requirements are becoming more specific whether it is an individual, a big system or multiple providers, we are excited to help them take control back into their practice. And just seeing 'a' doctor at any point in time is not good enough. We want to facilitate that trusted relationship between the right doctor and their patient."