What You Should Know:
OpenLoop, a health tech startup delivering full-stack clinical support to companies launching and scaling virtual care services across the nation raises a Series A funding round of $8M led by SpringTide Ventures.
– OpenLoop, known for the quality, flexibility and breadth of services they offer to clients who are often early in their telehealth delivery journeys, will use this fresh capital to continue to expand their technology-enabled infrastructure. They will be doubling headcount and expanding their practice management and revenue cycle management arms, making OpenLoop a true “one-stop-shop” for digital health clients.
Connecting leading clinicians to innovative digital health companies
OpenLoop, which was built on the mission to expand access to care for rural patients across the country by bringing healing into the home, provides five core service offerings that are streamlining go-to-market care delivery for the companies they support.
– Regulatory / Legal Setup: All of the infrastructure and regulatory measures required to legally offer virtual care to patients in all 50 states. OpenLoop takes on the financial frameworks, credentialing, legal review, and compliance standards to save clients the uncertainty, unnecessary risk, and lengthy time-to-launch.
– Provider Staffing: Clinician staffing focused on optimizing the way companies hire for and scale telehealth through a vast network of tough-to-fill provider types, thorough vetting and ongoing support, and rapid ramp-up that can quickly evolve with demand.
– Technology Platform: Whitelabeled telehealth infrastructure customized to each client, their unique patients, and their ideal visits. A true “plug and play” approach with easy integrations, HIPAA-compliant functionality embedded, and the ability to blend async and sync care.
– Practice Management: Comprehensive administrative services run entirely by OpenLoop to save on hiring, training, and managing FTEs. Clients can confidently offload scheduling, insurance verification, code capture, pre-authorization and renewals, patient record management, workflow design, and performance reporting for next-level practice growth.
– Revenue Cycle Management: Everything a telehealth practice needs from the first visit to the final payment. OpenLoop RCM provides EHR access, dedicated audit and billing teams, revenue cycle APIs, pre-and post-payment audits, financial reporting, guaranteed accuracy rates, and a deep focus on telehealth and cash pay.
“A major reason clients choose to partner with OpenLoop is the level of care and compassion we dedicate to supporting them. We are as passionate about providing superior and meaningful virtual healthcare as they are and it shows. We hear from clients weekly sharing stories of the positive impact our clinicians have made on their patients and their practice. A big part of that successful relationship is the flexibility we offer to meet clients wherever they need assistance the most,” said Jon Lensing, Co-founder and CEO of OpenLoop.
