Care collaboration company nets $47.5 million in funding
Collective Medical has secured $47.5 million in Series A funding, the care collaboration company announced.
Bessemer Venture Partners, Maverick Ventures, Kaiser Permanente Ventures, Providence Ventures, Peterson Ventures and Epic Ventures were other funding participants.
Collective Medical, based in Utah, focuses on reducing emergency department visits and hospital readmissions, as well as easing care transitions.
“By arming providers and payers with real-time insights and a platform to seamlessly collaborate across organizations and care settings, we ensure patients don't slip through the cracks,” says Chris Klomp, CEO of Collective Medical.
The company said it is engaged with every national health plan and tens of thousands of providers, including those in skilled nursing facilities.
One study from Oregon Health Leadership Council found that when Kaiser Permanente Northwest using Collective Medical's EDIE application it could identify and collaborate on care plans for more than 350 patients with complex clinical and social challenges who visited the ED more than six times in six months. By the end of the third year, Kaiser has seen a 42% in ED visits and a 47% reduction in inpatient admissions for those individuals enrolled in this program.
The funding will be used for expansion, and the company said it anticipates hiring more than 100 people in the next 18 months, the majority based in Salt Lake City.