Boston-based healthcare IT company PatientPing has raised $31.6 million from Andreessen Horowitz (Menlo Park) and Leerink Transformation Partners (Boston) to accelerate growth of its national care coordination network nationally. Additionally, PatientPing plans to at least double the size of its team by actively hiring inspired change-makers for its growth, operations, engineering and product development teams.
The average Medicare patient receives care from seven different providers across four unaffiliated practices per year. The lack of coordination between providers can adversely affect patient care and create billions of dollars in avoidable waste each year.
Founded in 2013, PatientPing’s flagship product offers real-time notifications (“Pings”) to providers whenever their patients experience an admit, transfer or discharge to or from a facility. PatientPing’s national care coordination community spans across the entire continuum of care—acute, ambulatory and post-acute facilities—regardless of EMR, provider network or other institutional barriers that have historically created silos between providers. With PatientPing’s notifications, care managers and providers share real-time insights into patient movement throughout the care continuum—transforming how care is delivered and reducing the overall cost of treatment.
To date, PatientPing’s nationwide community includes more than 15,000 providers and has a presence in Massachusetts, Connecticut, Michigan, Pennsylvania, Vermont and New Hampshire, with plans to expand into several new markets next year. The latest round brings the total funding amount to $41.2 million to date.
“We are just getting started,” said Jay Desai, founder & CEO of PatientPing, in a statement. “It’s an important moment in history to modernize our country’s healthcare IT infrastructure and we’re thrilled to partner with the world’s most innovative investors from both coasts to support us on our journey. For example, if a patient lands in a hospital in Florida when their primary care team is at home in Massachusetts, we’re making it seamless for those providers to work together so the patient gets the best possible care. We’re going to accelerate expansion to new regions and dramatically increase our investment in our product to continue delivering on our aim of seamlessly connecting providers to coordinate patient care.”