Salt Lake City, Utah-based patient management platform maker Collective Medical Technologies announced today that it has raised $47.5 million in a series A funding round led by investment firm Kleiner Perkins. Other participants in the round include Bessemer Venture Partners, Maverick Ventures, Kaiser Permanente Ventures, Providence Ventures, Peterson Ventures, and Epic Ventures.
According to Collective Medical, the funds will be used to expand the company and further its care team collaboration network. It also cited plans to bring on new leadership and more than 100 additional employees within the next 12 to 18 months, primarily to scale its engineering, clinical support, and sales and marketing operations.
“We’re putting collaboration at the heart of the solution to a fragmented healthcare system,” Chris Klomp, CEO of Collective Medical, said in a statement. “Our job is to connect care teams. By arming providers and payers with real-time insights and a platform to seamlessly collaborate across organizations and care settings, we ensure patients don’t slip through the cracks. … We are beyond excited and grateful to be joined by such an extraordinary group of investors who share our vision for further enriching and expanding our network to help care teams provide the most effective care possible.”
Since its founding eight years ago, Collective Medical (not to be confused with employee benefits company Collective Health) has produced a software platform comprised of two main products. EDIE, designed for emergency departments, connects emergency teams across multiple facilities to identify high-risk, complex needs patients and immediately access care history upon admittance. The PreManage product is intended for a wider population of patients, and is marketed to health plans and providers. It also identifies and tracks high-risk patients upon admittance and discharge from inpatient or emergency care, while allowing teams to easily communicate and coordinate throughout a patient’s care.
“Event notification systems and care coordination applications have historically struggled to provide actionable information to providers at the point-of-care,” Noah Knauf, partner at Kleiner Perkins, said in a statement. “Collective Medical is the first technology we’ve seen that allows the providers and payers in a local healthcare system to efficiently collaborate, delivering significantly better outcomes through risk analytics, real-time notifications, and shared care planning tools. Supporting this team is a rare opportunity to be a part of something that is meaningfully changing the way care is delivered in this country.”
Collective Medical currently has relationships with each US national health plan and hundreds of hospitals and health systems, according to a statement. There are 13 states currently on Collective's network, with plans to add another 10 states scheduled for 2018. In August, the company was featured for the first time on Inc. Magazine’s Inc 5,000 list of fastest growing companies in America, with $5.8 million in 2016 revenue and 561 percent growth over the last three years.