CareinSync, which offers Carebook, a real-time collaborative software platform for physicians, patients, and caregivers, has raised $1.6 million in funding from HealthTech Capital, a group of angel investors, venture capital, and nonprofit foundations. HealthTech members that invested in CareinSync included the California HealthCare Foundation through its Health Innovation Fund and First Databank through Hearst Business Media's Healthcare IT Venture Fund.
CareinSync will use the funds to bankroll its launch of Carebook, its real-time mobile care collaboration software for the emerging care transition market. Carebook aims to help inpatient and aftercare providers work together to ensure safe transitions for patients from admission to discharge and during whichever care setting is next: "It keeps the entire care team along with the patients and their caregivers in sync as the patients transition from one care setting to another," according to the company.
Carebook features include: virtual discharge rounds with real-time notifications, a care transitions dashboard, built-in readmissions risk stratification and mitigation strategies, patient-specific discharge checklists, patient-specific multimedia education, aftercare provider communications, and post-discharge follow-up and reminders for compliance.
Carebook is available on mobile devices, including iPhones and iPads, and it is available as a web-based application that works on any smartphone or browser. The company says Carebook is HIPAA compliant and supports HL7, Webservices and other standards.
CareinSync was founded by its CEO Siva Subramanian, PhD, who previously was at Avaya Healthcare Solutions as director of product management. CareinSync also has Dr. Nazima Allaudeen onboard as VP of Quality Improvement. Dr. Allaudeen has published several articles on the topic of reducing admissions, and she is a hospitalist and faculty member at the Palo Alto VA-Stanford Healthcare System. The other key member of the team is Sathi Tadi, who is VP of Engineering. Tadi has 14 years of enterprise-grade communications software engineering leadership experience.
More on the round of funding in the press release below:
PRESS RELEASE: Los Altos Hills, Calif., June 6, 2012 – HealthTech Capital announced today it is leading a Series A funding, with an initial close of $1.6 million, in CareInSync, Corp. through a combination of equity and loan investments.
HealthTech Capital is an ecosystem of angel investors, venture capital, nonprofit foundation and industry members, to mentor and fund innovative, early-stage HealthTech companies. Investing HealthTech members included leading angel investors, the California HealthCare Foundation through its Health Innovation Fund and First Databank through Hearst Business Media's Healthcare IT Venture Fund.
This funding supports the market launch of CareInSync’s real-time mobile care collaboration software in the emerging care transition market. These real time multidisciplinary tools help inpatient and aftercare providers collaborate on safe transition plans, while engaging patients and caregivers. From admission to discharge and beyond, it helps providers deliver better patient-centered care to reduce readmissions, coordinate earlier discharges and improve patient flow.
“CareInSync addresses a pain point that is hurting every hospital. Improving patient discharge and comprehensive care coordination are strategic priorities for hospitals and ACOs,” said Anne DeGheest, founder and managing director, HealthTech Capital. “CareInSync's solution will have a direct impact on hospital bottom lines and is well positioned. We are delighted to support such innovation with both investment dollars and hands-on mentoring.”
“We are pleased to have HealthTech Capital lead our Series A round,” said Siva Subramanian, PhD, Chief Executive Officer, CareInSync. “I appreciate the exceptional professionalism and enthusiasm they demonstrated in working with us. Their domain expertise in healthcare IT and clinical workflows added substantial value beyond their investment dollars.”
“CareInSync is building a communications platform to manage the transition of care for patients—this is a significant need,” said Dr. Charles Tuchinda, Chief Innovation Officer, Healthcare, Hearst Business Media. "The combination of structured communication between the healthcare team and patient specific clinical decision support guidance should improve the quality, effectiveness, and efficiency of healthcare delivery.”
About HealthTech Capital
HealthTech Capital is a leading Silicon Valley-based angel group investing in innovations that improve healthcare delivery, empower patients, and lower costs. HealthTech Capital membership includes successful entrepreneurs, executives, physicians, foundations, industry and venture capitalists. HealthTech LaunchPad, a collaborative alliance of HealthTech industry leaders, supports mentoring of entrepreneurs. (www.HealthTechCapital.com)
CareInSync is a real-time mobile care collaboration company helping providers coordinate safe and timely care transitions. (www.careinsync.com)
The California HealthCare Foundation (CHCF) works as a catalyst to fulfill the promise of better health care for all Californians. Through its Health Innovation Fund, CHCF invests in companies that have the potential to significantly lower the total cost of health care or substantially improve access to care. (www.chcf.org)
About Hearst Business Media
Hearst Business Media, an operating group of Hearst Corporation, currently serves 3,000 healthcare providers in the U.S, and encompasses FDB, Zynx Health and Map of Medicine. It is responsible for managing a healthcare venture capital fund and business incubator, both designed to encourage more innovation, enhance the quality of care and increase efficiency in the healthcare arena. Hearst’s healthcare information services can be found in more than half the nation’s hospitals—and its products reach more than 70 percent of discharged hospital patients. Hearst Business Media operates more than 20 business-to-business information services, electronic databases and publications. The Group has significant holdings in the automotive, electronic, medical/pharmaceutical and finance industries. Among its core competencies is the aggregation of time-sensitive price, product and technical information that is integrated into business and professional processes.