The company will use the $10 million from Blue Cross Blue Shield Venture Partners and Arboretum Ventures to add new team members who can help grow the business.
SonarMD, a Chicago-based startup focused on care management for patients with complex chronic conditions, has brought in $10 million from Blue Cross Blue Shield Venture Partners and Arboretum Ventures.
The company will use the financing to add new team members who can help grow the business.
In a statement, Arboretum Ventures managing partner Tom Shehab commented:
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SonarMD is in a unique position to improve the quality and cost of care for patients with chronic disease. Current care delivery systems are too often fragmented, and that hurts patient experience and outcomes. It’s encouraging that SonarMD’s model relies on strengthening the patient-provider relationship and maintaining continuity of care to improve the overall outcome.
The company’s approach involves improving care for patients with high variability in cost and clinical outcomes and who are typically treated with expensive drugs. SonarMD provides financial incentives for specialists to provide quality care at a low cost. To help specialists transition to value-based care, the startup offers care management and patient engagement tools.
The aim is to keep patients healthier, give operational support and financial incentive to providers and help payers manage patients with chronic conditions in a cost-effective manner.
Larry Kosinski, a gastroenterologist, founded SonarMD and serves as its CMO. In an interview earlier this year, he said the company was on the hunt for a CEO. It eventually found one in Devin Gross, who signed on as chief executive officer in August. Previously, Gross led Emmi Solutions, a patient engagement company that was acquired by Wolters Kluwer.
Date: December 28, 2018