Care coordination company PatientPing raises $60M in Series C
Care collaboration and e-notifications platform PatientPing announced it has raised $60 million in Series C funding bringing its total funding to over $100 million. The investment round was co-led by Andreessen Horowitz, F-Prime Capital, GV (formerly Google Ventures), and Transformation Capital, with additional participation from existing investors.
Founded in 2013, PatientPing connects healthcare providers and health plans across the continuum of care. The funding announcement comes as the deadline nears for complying with the Centers for Medicare and Medicaid Services (CMS) interoperability rule, which adds a Condition of Participation (CoP) requiring hospitals to share Admission, Discharge, Transfer (ADT) electronic event notifications (e-notifications) with other providers whenever patients have inpatient or emergency department care events. This is an approach PatientPing pioneered nearly seven years ago with its Pings solution.
“Patients often receive care from many providers and when they work together, care is safer and better. PatientPing is committed to delivering the innovative products needed to support every patient and their full care team with real-time awareness into patients’ treatment. With CMS recognizing this need through their CoP, we’re excited to accelerate the growth of our national network that makes it easy for any two or more providers to collaborate anytime a patient is receiving care.” – Jay Desai, PatientPing’s CEO.
“It’s been exciting to watch PatientPing steadily expand its geographical reach and technology capabilities to positively impact millions of patients nationwide. Their platform plays such a critical role in the transition of patients between sites of care, and eliminates one of the major blind spots in our fragmented healthcare system by longitudinally tracking a patient’s care journey across all encounters. With the favorable regulatory tailwinds and the need for more resilient care delivery infrastructure coming out of the COVID crisis, PatientPing is well poised to continue leading the market in its quest to achieve better coordination of care.” – Julie Yoo, General Partner at Andreessen Horowitz.
In addition to expanding its Pings network for e-notifications, PatientPing recently added two new solutions to its enterprise care collaboration product suite, Callouts and Spotlights. Providers and health plans can use Callouts to improve patient engagement and enroll patients in available programs and supplemental benefits. Spotlights, a real-time network performance management tool, enables providers to view dashboards to monitor network-wide utilization patterns, performance trends and intervene, enabling faster quality improvement cycles instead of waiting for months for claims-derived analytics. The company also introduced a COVID-19 Flag feature, which enables providers to identify and monitor presumptive COVID-19 patients’ ADT data in real-time by alerting providers via text, email, and within the PatientPing web app whenever patients experiencing COVID-19-like symptoms have care events. Through this new flag feature, providers can better prepare for incoming COVID-19 patients, adhere to quarantine protocols, assess overall population health, and, most importantly, help improve outcomes for patients while keeping them and staff members safe.
