The company plans to use the new money for scaling its technology and expanding across the US.
This morning Olio, a platform that links hospital teams with post-acute providers for care collaboration, landed $2.5 million in seed funding. While the company is not disclosing the individual investors, it did specify that Innovatemap Ventures was on the list of funders.
What they do
The care coordination platform lets the care team at a hospital including doctors and administrators get information about their patients once they have moved into the post-acute setting. The platform helps clinicians to set speciality-specific care goals and funnels data back and forth.
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Therapists in the post-acute care setting are able to document each session and compare it to the goal. If a care plan goes off course, the hospital will get a notification—easing up the pressure on the therapists, according to the company.
First founded as a healthcare consulting firm in 2017, it specialized communication between the post-acute and acute care setting. Eventually the company decided to scale its technology.
What it’s for
The company said that the new money will be put towards scaling the technology and expanding across the US. The seed funding will also be used to growing its engineering, marketing and customer success teams. The startup said that it plans to add 80 jobs in its home region of Central Indian by 2010.
“We believe innovative technology is a powerful force to address the challenges faced by the US healthcare system,” Ben Forrest, founder and CEO of Olio, wrote in an email to MobiHealthNews. “This investment in Olio enables us to further our technology that is strengthening collaboration between acute and post-acute providers. When providers collaborate more deeply, especially across different care environments, patient outcomes are improved.”
Care coordination platforms have been in the mix for a while now. In May, CipherHealth, a patient engagement and care coordination platform, raised $37.6 million. CipherHealth offers call and text support for pre-op and post-discharge patients while identifying trends. Like Olio, it also works with the acute and post-acute care space.
On the record
“With Olio, health systems are able to improve clinical outcomes for their patients, and improve financial performance in value-based healthcare,” Forrest said in a statement. “With this funding, we’ll further advance our technology that is enabling health systems and physicians to provide the highest quality of care as patients transition to care facilities outside of the hospital’s walls.”
Date: March 15, 2019