Edumedics, a Louisville, Kentucky-based startup offering care management for people with or at risk for diabetes and other chronic conditions, has raised $4.2 million in Series A venture capital. Lunsford Capital, also of Louisville, led the round, joined by OCA Ventures and several unspecified angel investors and seed funds, Edumedics said.
The new funding will help Edumedics expand outside its current service areas of Kentucky and Maine. The company said it also expects the money to help accelerate rollout to Medicare managed care plans seeking to raise their Healthcare Effectiveness Data and Information Set (HEDIS) scores and Medicare star ratings.
Edumedics works on behalf of Medicare Advantage groups and self-insured employers, providing nurse practitioners to oversee patients with chronic diseases, or those who are trending toward having a condition like diabetes or hypertension. The NPs make use of the company’s proprietary Healthward software to manage cases.
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The company said it has saved clients as much as 15 percent on care for these populations, and improved health outcomes by as much as 52 percent for one high-risk diabetes pool.
“Edumedics has proven that there’s a better way to provide services, one that has measureable engagement, quality and cost improvement. We are not only helping individuals live healthier, happier lives, we are doing it in a way that improves the allocation of resources, both in terms of money and clinical improvement,” Edumedics CEO Alice Shade said in a statement.
“I am very impressed with the early results the Edumedics team has delivered for its clients—they are innovating with their proactive approach to care for those who have chronic conditions and are also providing a solid ROI for their clients,” added Bruce Lundford, principal of Lundford Capital. Lundford is one of two new Edumedics board members brought on as a result of the investment.
The cash infusion also has allowed Edumedics to hire three new salespeople, taking the sales burden off of Shade, Insider Louisville reported.
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