What You Should Know:
XRHealth raises $7M in funding to expand its telehatlh virtual reality (VR)/augmented reality (AR) platform for clinicians and patients.
XRHealth is the first certified Extended Reality medical company in the world; their Medical Applications are FDA & CE Registered.
XRHealth created the first virtual reality telehealth clinic in the world that is currently certified in 17 states.
XRHealth, formerly known as VRHealth a provider of extended reality and therapeutic AR and VR applications for the medical industry announced it has raised $7M in funding to expand their telehealth platform to support more clinicians and patients for virtual/augmented reality therapy. The round was led by Bridges Israel, Flint Capital, 20/20 HealthCare Partners and comes at a time that millions of people are isolated due to COVID-19 and are in need of various telehealth solutions that provide high-quality care and enable patients to adhere to self-distancing precautions.
At-Home Drug-Free Alternative to Traditional Healthcare
Founded in 2016, XRHealth is the first company to create virtual reality clinics that provide remote care to patients throughout the United States and is covered by most major health insurance companies as well as medicare. One of the unique features that VR therapy provides is virtual support groups, where patients with similar conditions can connect anonymously and remotely with leading physicians moderating the group.
How It Works
The XRHealth VR telehealth clinicians will provide an initial patient assessment, ship a VR headset to patients who do not currently have access to one, train them on how to use the technology, provide ongoing telehealth care and remote monitoring, using video call and VR technology, and manage the insurance billing for patients. As the patient is using the XRHealth VR technology for therapeutic treatment, the clinical staff can control the unit remotely and see exactly what the patient is viewing and adjust the settings and treatment in real-time, remotely.
After the initial training session, the patient can then use the headset independently while data from the therapy is stored and analyzed in real-time so that clinicians can monitor patient status regularly while in compliance with the HIPAA privacy rules. Once a week, a report will be generated to the payer/provider that referred to the patient.
XRHealth support groups are tailored for patients with the following conditions: Multiple Sclerosis, Parkinson’s, breast cancer, menopause, an injury that affects motor function, anxiety, chronic pain, fibromyalgia, substance abuse, post-stroke rehabilitation, brain injury, and others. Patients have found that particularly during self-distancing, they could receive care while in the comfort of their home.
Growing Impact of Telehealth Platforms
The VR and AR telehealth platforms are revolutionizing the way doctors and patients interact, providing healthcare physicians with accurate data in real-time to determine how to best treat patients. The digital health market is expected to reach $536.6B by 2025, with hospitals around the world adopting innovative technologies to improve patient healthcare. XRHealth is currently utilized at hospitals across the globe, including Sheba Medical Center, Stanford Sports Medicine, Spaulding Rehabilitation Network, Hoag Hospital Network, and Mass General Hospital’s Sports Medicine Center.
Telehealth VR/AR Platform Overview
The FDA-registered XRHealth telehealth platform allows patients to grant access to their healthcare data to key participants – doctors, caregivers, or family members – so that anyone crucial to their recovery process can monitor key medical insights. The platform features immersive, therapeutic applications which address a wide variety of neurocognitive, emotional, and physical symptoms:
– Cognitive: stress, anxiety, memory decline, traumatic brain injury, and stroke rehabilitation
– Pain: chronic, acute, pain distraction, pain syndromes (e.g. fibromyalgia), hot flashes and night sweats
– Motor: neck pain, shoulder pain, spinal cord injuries, and neurological disorders
In the comfort of their own home, patients can be fully immersed in a simulated digital environment using a VR headset. The loop of communication between doctors and patients can help medical experts pinpoint more precise healthcare plans based on real-time data.
“Telehealth has emerged on the medical scene as a crucial medium of care for patients throughout the world,” says Eran Orr, CEO of XRHealth. “Virtual and augmented reality technologies offer a unique platform for patients to be treated since they are immersed in a world that is designed completely to help them heal. We have taken this a step further, by adding support groups and virtual clinics so that anyone can receive the care they need, no matter where they are.”