Scouting Report-DexCare Software for Same Day Care Coordination & Management Raises $20M
Event: On March 23rd, DexCare, an AI-powered platform that manages and schedules patient care, raised $20M in oversubscribed funding led by Define Ventures joined by Kaiser Permanente Providence among others. DexCare is a spin-out from Providence St. Joseph’s Digital Innovation Group which attempts to incubate innovative healthcare solutions for health systems by spinning out digital start ups. Puget Sound Business Journal reported that DexCare partnered with 6 major health systems, providing them multiple point solutions through a unified system. including “Providence, Community Health Network, Houston Methodist, and Froedtert and the Medical College of Wisconsin health network”.
Description: Founded in Seattle 2016, DexCare, a platform-as-a-service (PaaS), promises to support the increased patients’ consumption for healthcare to match the novel demand for ambulatory and telehealth services simultaneously. According to DexCare, “the innovative technology allows [patients] to access healthcare, make appointments and receive follow-up care based on [their] health needs, preferences, location and schedule. In terms of ambulatory care the service connects patients to clinics or providers that are the most appropriate site of care and where care can be provided within the same day. While DexCare was initially used as the platform to access same-day care at Providence, when COVID hit, Providence scaled up the DexCare platform to increase its use in other areas. As the innovative technology evolved it helped Providence coordinate resources and shift from in-person care to telehealth visits to ensure providers could meet the unprecedented demand. During COVID health systems saw unprecedented increases in telehealth volume causing a need to coordinate numerous variables in healthcare delivery. DexCare aims to intelligently provide on-demand healthcare services by leveraging the health systems’ available resources and capacity. For patients, the DexCare platform provides a self-directed, easy-to-use digital experience that removes barriers to care and improves access by allowing them to use whatever modality is most convenient for them (online, in-clinic, chat-based or in-home). In addition, DexCare allows patients to understand and select the best care option given your symptoms and appointment availability, determine insurance eligibility and matches them with a provider that has the highest net promoter score (NPS) a form of customer satisfaction score. On the hospital side, the benefits of sustaining ambulatory care are cost-effectiveness, prompt care delivery, and increased patient retention and satisfaction. According to DexCare it “has enabled service lines to attract 30% more new patients, capture 5x downstream revenue, generate $22 per patient encounter in cost savings, and deliver a net promoter satisfaction score greater than 80”.
Implications: While the use of telehealth increased dramatically during COVID the delivery of care, the customer’s journey through the healthcare maze and the quality of the patient experience really did not change dramatically, Getting patients into the system, handling all the administrative tasks and directing them to the most appropriate sites of care to deliver a consumer focused experience is still not delivered in an integrated manner. For telemedicine and healthtech to finally achieve it’s promise not only must care be delivered more efficiently it must be delivered where consumers want it (home, online, facility), when they want it, and easily like all of their other digital experiences. DexCare and other services like it, are helping to make the patient journey more consumer-centric and retail-like, which will be necessary to both meet demand and lower cost as well.
Latest Providence Spinout Raises $20M to Fuel Expansion Plans & Providence’s Newest Digital Health Spinout Snags $20M