DispatchHealth, an in-home care provider, closed its $135.8 million Series C funding round yesterday.
Optum Ventures led the financing with participation from Alta Partners, Questa Capital, Echo Health Ventures, Oak HC/FT and Humana.
WHAT THEY DO
DispatchHealth is like a mobile urgent care. Patients and their providers can request services by calling in by phone – or via the mobile app or website.
A team of medical professionals is then sent to the patient’s house within two hours of the request to provide the necessary care.
The medical team is equipped to treat a range of conditions, from fevers, to sprains, to lacerations. The services also run labs and tests – and administer IVs.
DispatchHealth currently serves 19 cities and partners with insurers across the U.S., including Anthem, Cigna and Humana, as well as Medicare and Medicaid.
WHAT IT’S FOR
With these funds, DispatchHealth plans to grow its services in cities they already occupy and into new locations. It also will begin offering additional services available on its platform.
The funding will allow DispatchHealth to reach a larger group of vulnerable patients by expanding and adding services.
In the age of coronavirus, patients and companies are looking for alternatives to the traditional ways healthcare is administered. Increasingly, that means receiving care at home.
Heal, another company that offers at-home health services, recently extended into the telepsychology field and said it planned to expand beyond California.
Others have focused on creating digital health tools aimed at COVID-19.
ON THE RECORD
"Approximately a third of the cost of the U.S. health care system is devoted to facility-based care delivery, such as emergency rooms, hospitals, and post-acute facilities," Dr. Mark Prather, CEO and cofounder of DispatchHealth, said in a statement. "For seven years, our care model and technology platform have demonstrated lower costs and improved outcomes by delivering care safely in the home. Adoption has consistently grown, and our Net Promoter Score of 95 across our first 160,000 patient visits indicates high satisfaction. We appreciate the support of investors, and look forward to working with them to continue executing on our transformational vision."