Scouting Report-Healthie: Empowering Next-Generation Virtual Care
The Driver:
Healthie a company building the infrastructure for next-gen digital health companies for virtual care recently raised $16 million in series A funding. The funding round was led by Velvet Sea Ventures with participation from Greymatter Capital, Watershed, Builders VC, and a customer syndicate. Healthie offers a digital infrastructure for next-generation digital health companies that offer virtual first care. The co-founders of Healthie are focusing on providing customers with a template that allows them to customize their care needs and allows companies to provide virtual engagements. Healthie’s CEO Cavan Klinisky stated that the funds raised in this funding round will be used to develop their software platform further.
Key Takeaways:
Healthie’s clients which include Crossover Health, Plume, and Wellinks have raised around $700 million in VC funds per Business Insider.
According to a report from the University of Southern California Sol Price School of Public Policy, 35 million people in the country lack basic healthcare access due to cost and lack of accessibility.
According to the Office of the Assistant Secretary for Planning and Evaluation, since the beginning of the pandemic, close to 22% of Americans use telehealth services.
Currently, more than 2,000 organizations use Healthie’s services, and the company stores upward of 1.3 million patient records.
The Story:
Healthie was founded in 2016 by co-founders Cavan Klinsky and Erica Jain. The idea behind Healthie started with cofounder Erica Jain after she witnessed her parents struggle with weight loss but lack access to a comprehensive care team. Her solution to this issue was to create an all-in-one health platform that other companies can utilize for their healthcare business. The platform includes a client portal, electronic records, scheduling, wellness programs, billing options, telehealth and webinars, and cloud-based EHR. As noted by the company, historically these solutions were delivered as separate tools that companies were forced to integrate or build in-house, which is timely and expensive.
There are 5 different subscription plans that Healthie offers providers for their healthcare startup. The Starter plan is free and allows for 10 active clients along with the features mentioned above. The other subscription plans are paid annually, but subscription rates are listed per member per month. Subscription prices range from $45/month to $135+/month.
The Differentiators:
The Covid-19 pandemic has changed the way that people expect to receive healthcare services and Healthie is taking the initiative by supporting the evolving landscape of healthcare. This platform differs from its competitors in that Healthie is not just an electronic medical record but a broad offering where its users can manage patient data, arrange schedules, pay bills, and allow for virtual telehealth visits. Healthie aims to make it possible for anyone to start their own healthcare company by managing administrative and operational functions at cheaper rates than their competitors. Although there are companies such as Athenahealth and Epic that are used for their EMR, Healthie is aimed more broadly than offering just a medical or billing-driven application. The Healthie platform prides itself on its ease of use and affordability for whoever wants to use it.
The Big Picture:
The co-founders of Healthie recognize the need for advancement and engagement within the healthcare industry. Their proposed solution is aimed to make the startup process for healthcare providers as smooth as possible by taking care of the tedious aspects of running a business. For providers, this means updated electronic databases, telehealth services, billing software, and analytic tools to track how their business is performing. The patients benefit from this as well because they can access virtual appointments and webinars, participate in wellness programs, and access it all easily from a mobile device. While the solution is not the first of its kind, it definitely is an improvement in terms of accessibility, efficiency, and cost-effectiveness for newer startups. While, as noted by the founders, healthcare systems are capable of creating their own electronic health record system, the adoption of the platform has been successful, because their goal sits at the center of provider and customer interaction, housing the business, operational, financial, and health information for customers as the “underlying infrastructure for next-generation virtual care.”
Healthie lands $16.5M to build the Stripe for virtual patient care, This startup helps healthcare providers offer better virtual care. Check out the 18-slide pitch deck Healthie used to raise $16 million (subscription required).
