The company's EHR-integrated services has yielded 75% year-over-year growth within the last year.

Health Recovery Solutions closes $10M for enterprise remote monitoring platform

By Dave Muoio
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Health Recovery Solutions (HRS), a provider of remote patient monitoring platform for health systems, has closed $10 million in new funding. The raise was led by Edison Partners.

WHAT THEY DO

Founded in 2012, HRS offers a broad range of telehealth services that provide systems with real-time monitoring, virtual visits, messaging, patient engagement and education, image transfer and other remote care features. The company’s tools include a tablet-only patient monitoring interface, online portals with EHR integrations and BYOD options for the patient-facing components of its platform.

"Health Systems are looking for ways to improve patient outcomes as healthcare shifts to value-based economics,” Gregg Michaelson, partner at Edison Partners, who will be joining HRS board, said in a statement. “HRS offers a proven technology that reduces readmissions by helping patients be proactive in their own disease self-management.”

According to its funding announcement, HRS counts more than 140 health systems as clients and has established reimbursement programs with more than 20 payers. It has also logged 75% year-over-year growth in the past year, the company said.

WHAT IT’S FOR

HRS did not outline any specific focuses for its business in the announcement, although Michaelson noted in his statement that the company is “well-prepared to scale their platform to meet the self-managed patient care needs of the wider healthcare system.”

MARKET SNAPSHOT

Remote monitoring technologies are becoming more popular among providers and patients alike, due in part to their potential to improve compliance, comfort and patient outcomes. These remote monitoring technologies are also powering the “hospital at home” movement, an opportunity to limit expensive hospital stays while keeping patients happily with their loved ones.

Alongside HRS and other high-profile telehealth providers with enterprise businesses, a slew of new connected monitoring devices are also helping clinicians keep an eye on their patients at home. These include Current Health’s AI-enabled vital sign monitor, Bardy Diagnostics’ vitals monitoring patch, and the recently cleared Biobeat cuffless blood pressure monitoring device.