Current Health, a company focused on remote care management, has raised $43 million in a Series B financing round.
Led by Northpond Ventures, the round also included financing from LRVHealth, OSF HealthCare, Section 32, Elements Health Ventures as well as existing investors.
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With the new funds, the Boston-based company plans to scale its remote care management platform, which integrates data from various sources, including its own continuous wearable sensor, peripheral devices, like blood pressure cuffs or scales, and patient-reported symptoms, said Chris McCann, co-founder and CEO of Current Health.
“Organizations can view all patients within a single dashboard, stratified by risk, to help prioritize patient care,” he said.
Further, the platform alerts clinicians to early signs of clinical deterioration so they can either intervene virtually or coordinate in-home visits.
To scale its platform, Current Health plans to invest in expanding its teams and doubling its workforce by adding nearly 100 new positions in 2021, McCann said. The company also expects to more than double its staff again in 2022, bringing the total number to 400, and expand internationally.
Demand for remote patient monitoring spiked during the Covid-19 pandemic, and interest in this type of care delivery is likely to continue. About 65% of 100 benefits executives from self-insured companies said in a recent survey that they expect to see remote monitoring use increase, while 18.5% said they expect it to remain the same as during the pandemic.
The government also lifted regulatory hurdles during the pandemic to make it easier for hospitals to provide acute care at home.
As a result, Current Health saw demand for its platform and services increase. Last year, the company experienced year-over-year revenue growth of 3,000%, McCann said. The platform is being used by more than 40 health systems and pharmaceutical organizations, including New York City-based Mount Sinai Health System, which is using the technology to improve cancer care.
“Current Health provides a flexible platform that can help organizations build brand new care models centered around the home,” McCann said. “[The company] offers the ability for organizations to manage all patients at home behind a single pane of glass rather than having data and workflows siloed between departments or therapeutic areas.”
Prior to the most recent funding round, Current Health had raised $23 million, which brings the total amount of funds raised by the company to $66 million.
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