Elation Well being, an EHR supplier for unbiased main care practices, raised $40 million in a Collection C financing spherical. It plans to make use of the brand new funds to increase its core expertise platform and add new capabilities to assist enterprise operations.
Elation Well being’s platform contains well being information and built-in instruments for digital care, affected person engagement and observe operations, Dr. Kyna Fong, co-founder and CEO of the corporate, mentioned in an e-mail. Earlier this 12 months, the corporate added telehealth and self-scheduling to its core providing.
With the brand new funds, the corporate plans so as to add operations-focused options, together with billing and fee assortment and high quality reporting capabilities. Technology Funding Administration led the brand new funding spherical with participation from present buyers, together with Threshold Ventures and Kapor Capital.
The healthcare trade has had a difficult 12 months, to say the least, working to curb a quickly rising pandemic whereas seeing revenues shrink. Major care practices have been hit particularly onerous, with one Health Affairs study estimating that over the course of 2020, main care practices will lose $67,774 in gross income per full-time-equivalent doctor.
However regardless of sobering predictions, Fong believes the longer term is shiny for main care.
“We see quite a lot of constructive progress and innovation in main care, even on this difficult 12 months,” she mentioned. “From the traditional ‘mom-and-pop’ native practices, to refreshing new direct main care fashions and bigger main care innovators like Crossover Well being and Cityblock. The pandemic has solely heightened consciousness that we have to put money into sustainability of main care because the spine of our healthcare system.”
Elation Well being was born after Fong and her brother helped their father transition his solo main care observe from paper charts to a digital system. At the moment, about 14,000 clinicians use Elation Well being’s platform, and in 2020, the platform delivered greater than 20 million in-office and digital visits. The corporate has raised $63 million in complete because it was based a decade in the past.
Although there are a number of firms offering EHRs and different expertise to main care and solo practices — athenahealth, AllegianceMD and AdvancedMD to call a number of — Fong believes that Elation Well being goes a bit farther.
“There’s some nice well being expertise firms available on the market as we speak on this house, however they’re all actually designed for billing in the beginning. That fee-for-service, administrative focus runs very deep of their DNA,” she mentioned. “Elation is exclusive in that we invested closely on the scientific expertise from the start. This has uniquely positioned us to assist main care practices in offering high-quality care and managing the complicated transition to value-based fee fashions.”
Photograph credit score: TAW4, Getty Photographs