VirtualHealth founder and CEO Adam Sabloff said the company is not disclosing the dollar amount of the round at this time but noted that the financing round brings the total amount raised by VirtualHealth to more than $25 million.
VirtualHealth, a New York City-based startup focused on care management, has closed a Series B financing round led by Edison Partners and existing investors, according to a news release.
In responses to emailed questions, VirtualHealth founder and CEO Adam Sabloff said the company is not disclosing the dollar amount of the round at this time. However, he noted that the financing round brings the total amount raised by VirtualHealth to more than $25 million.
The company will use the new funding to fuel its growth and product innovations.
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The New York City startup’s flagship product is HELIOS, a cloud-native platform for care management and population health. The tool provides a 360-degree view of a patient’s health coupled with intelligent workflows, and all information is integrated into one comprehensive data set. The ultimate goal is to enable the entire care team to collaborate to determine appropriate interventions and reduce avoidable readmissions.
“It is an intuitive, configurable platform that integrates social determinants of health with clinical and behavioral data streams to create a whole-person view of each patient,” said Sabloff. “That information is then combined with healthcare’s most intelligent, automated and responsive workflows to help care teams efficiently detect and bridge gaps in care.”
VirtualHealth’s platform is used by government health plans, commercial health plans, health systems and behavioral health organizations.
Sabloff listed a few specific clients: WellCare Health Plans; Inter Valley Health Plan; New York City’s Services for the UnderServed (a nonprofit helping those with disabilities, in poverty and facing homelessness); Community Care of North Carolina (a medical home system); and Chimes (a nonprofit that assists people with intellectual and behavioral challenges).
VirtualHealth’s business model is SaaS-based and “scalable in terms of both resources and pricing based on each client’s enterprise maturity and population size,” said Sabloff.
Looking ahead, the company will focus on improving the use of social determinants of health to help high-risk patients.
“We will also continue working to support the expansion of value-based care beyond government programs,” Sabloff said. “We expect that commercial payers will continue to adopt this quality-based model, as it benefits both the payer and their patients.”
Date: June 21, 2019