Locus Health completes funding round
Locus Health, which makes remote patient care management programs, has completed a $4 million funding round. Its software is connected with services that allow clinicians to interact with patients at home.
The University of Virginia Health System was an initial investor in Locus Health and held an ownership stake before this funding round. At UVA, Locus Health has enrolled more than 80% of Medicare patients eligible for the program, with a 90% compliance rate and a 96% patient satisfaction rate.
UVA also reported a 40% reduction in readmissions over a two-year period.
"We have more than two years of data proving that our post-acute care programs improve patient outcomes and save providers money," said Kirby Farrell, CEO of Locus Health. "While we're proud of the results we're seeing from our full spectrum of programs created from our proprietary software and services — we have just begun to scratch the surface of what can be achieved to help providers navigate the initiatives being implemented as a result of the ACA."
Locus Health now supports all Medicare readmission penalty conditions at UVA, including acute myocardial infarction, heart failure, total joint replacement, chronic obstructive pulmonary disease, pneumonia, coronary artery bypass graft and stroke.
The results led to looking at “new avenues of collaboration” with Locus Health and resulted in a significant investment during the company's series B round.
Philadelphia's Rothman Institute is working with Locus Health to develop an integrated patient navigation program, spanning the entire episode of care for a joint replacement population of approximately 12,000 patients annually, the company said.