Bright.md Raises $8 million
Healthcare automation company Bright.md has closed an $8 million Series C round of funding co-led by B Capital and Seven Peaks Ventures, which brings its total capital raised to $20.5 million.
Bright.md’s care-delivery platform, SmartExam, works like a virtual physician’s assistant. The AI-powered platform automates 90% of a primary or urgent care visit, boosting provider efficiency 15x and increasing capacity to treat hundreds of patients in a single provider shift. Healthcare systems use SmartExam to deliver treatment for hundreds of conditions, such as flu, pediatrics, dermatology, muscular-skeletal and behavioral health issues. By “intelligently and automatically” combining patient-intake data, interview information, electronic health records and clinical-workflow integration, the platform enables providers to rapidly diagnose and treat patients with low-acuity conditions, escalating those with more serious conditions to a higher level of care.
The Oregon-based company recently added COVID-19 evaluation to SmartExam’s existing modules within a week of the first reported US case in January 2020. Since then, the company has supported care for more than 37,000 patients with COVID-19-like symptoms, identifying more than 1,200 in need of additional evaluation and testing. Bright.md’s software helped one healthcare system evaluate, diagnose and treat more than 4,500 patients with COVID-19-like symptoms in only three days, using fewer than 10 FTEs of clinician capacity. For comparison, they would have only been able to care for 600 in person or via video visits. In the last month alone, Bright.md’s COVID-19 related care automation has freed more than 750,000 minutes of valuable provider time.
“In this market, great companies will continue to get funded. Three of the top five not-for-profit health systems in the U.S. use SmartExam for patients seeking convenient urgent and primary care online, and there’s plenty of room for growth. We expect these numbers will continue to skyrocket. COVID-19 has turned the spotlight on how effective technology can be in helping providers efficiently deliver high-quality care. This is the future of healthcare delivery, and Bright.md has proven its approach is the most efficient and scalable.” – Dino Vendetti, managing partner at Seven Peaks Ventures.