Elation Well being, an EHR supplier for impartial main care practices, raised $40 million in a Sequence C financing spherical. It plans to make use of the brand new funds to increase its core know-how platform and add new capabilities to assist enterprise operations.
Elation Well being’s platform contains well being data and built-in instruments for digital care, affected person engagement and follow operations, Dr. Kyna Fong, co-founder and CEO of the corporate, mentioned in an electronic mail. Earlier this yr, the corporate added telehealth and self-scheduling to its core providing.
With the brand new funds, the corporate plans so as to add operations-focused options, together with billing and fee assortment and high quality reporting capabilities. Technology Funding Administration led the brand new funding spherical with participation from current buyers, together with Threshold Ventures and Kapor Capital.
The healthcare business has had a difficult yr, to say the least, working to curb a quickly rising pandemic whereas seeing revenues shrink. Main care practices have been hit particularly arduous, with one Well being Affairs research estimating that over the course of 2020, main care practices will lose $67,774 in gross income per full-time-equivalent doctor.
However regardless of sobering predictions, Fong believes the longer term is vibrant for main care.
“We see quite a lot of constructive progress and innovation in main care, even on this difficult yr,” she mentioned. “From the basic ‘mom-and-pop’ native practices, to refreshing new direct main care fashions and bigger main care innovators like Crossover Well being and Cityblock. The pandemic has solely heightened consciousness that we have to put money into sustainability of main care because the spine of our healthcare system.”
Elation Well being was born after Fong and her brother helped their father transition his solo main care follow from paper charts to a digital system. At present, about 14,000 clinicians use Elation Well being’s platform, and in 2020, the platform delivered greater than 20 million in-office and digital visits. The corporate has raised $63 million in whole because it was based a decade in the past.
Although there are a number of firms offering EHRs and different know-how to main care and solo practices — athenahealth, AllegianceMD and AdvancedMD to call a couple of — Fong believes that Elation Well being goes a bit farther.
“There’s some nice well being know-how firms in the marketplace at this time on this area, however they’re all actually designed for billing at the start. That fee-for-service, administrative focus runs very deep of their DNA,” she mentioned. “Elation is exclusive in that we invested closely on the scientific expertise from the start. This has uniquely positioned us to assist main care practices in offering high-quality care and managing the complicated transition to value-based fee fashions.”
Picture credit score: TAW4, Getty Photographs