Yesterday morning telemedicine company Cloudbreak Health announced that it scored $10 million in investments from Columbia Partners Private Capital.
WHAT THEY DO
Cloudbreak Health combines telehealth and integrated language services aimed at helping patients with limited English proficiency or who are hard of hearing. The platform looks to provide patients with speciality care such as psychiatry, stroke and acute care.
The platform is device agnostic and can be used on a smartphone, tablet or computer. The company said its software is interoperable and without restrictions. It will also be able to generate specialized analytics reports.
WHAT IS IT FOR?
The company said it plans to use the new funds to grow it sales team and build out its technology.
“Partnering with Columbia allows us to invest in the further expansion of our telemedicine solutions while expanding our IT, sales and customer service teams,” Cloudbreak CEO Jamey Edwards said in a statement. “In line with our mission to resolve healthcare disparities, we will add resources to our interpreter network and expand our technical team to support innovation in the next phase of scalability, product development and interoperability.”
When it comes to digital health, telemedicine is one of the staple technologies.
Teladoc is the only straight telemedicine company that is publicly traded at the moment. It continues to make moves in the market — just last month announcing that it acquired InTouch Health, a fellow telehealth provider focused on enterprise offerings, for $600 million.
Another major name in the telehealth world is American Well. It has also been active in the M&A space as of late. In November it acquired Aligned Telehealth with the aim of beefing up its telepsychiatry services. American Well has also been looking to the provider space. In October it teamed up with Cleveland Clinic to launch a joint venture dubbed The Clinic, a telehealth service that specializes in comprehensive and high-acuity care.
In the early days reimbursement was often a struggle for telehealth companies; however, several pieces of legislation, both on the state and federal level, have addressed piece of this issue.