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Healthie raises $16.5 million to build the Stripe for virtual patient care – londonbusinessblog.com

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The idea of ​​getting started Healthya software company dedicated to helping healthcare companies and startups handle back office operations came to co-founder Erica Jain after witnessing her parents struggle with weight loss but lacked access to a comprehensive health care team .

“What Healthie is building resembles the way Stripe changed the way ecommerce businesses could accept payments online with a single line of code,” Jain said in an interview with londonbusinessblog.com. “And that’s actually a really interesting idea because we’re still at the top of the first inning when it comes to what healthcare innovation is going to look like in the coming years.”

The company provides its clients with templates that they can customize according to their needs, while companies can provide users with virtual assignments.

According to an report from the University of Southern California’s Sol Price School of Public Policy, 35 million people in the country do not have access to basic health care because of the cost and lack of accessibility.

In addition, nearly 22% of Americans have been using telehealth services since the start of the pandemic, according to the Office of the Deputy Secretary for Planning and Evaluation.

Healthie also said they have been profitable in recent years. For fiscal years 2020 and 2021, they worked with FCF, EBITDA, aEBITDA and GAAP net income. The company was officially launched in 2016 and has been profitable with FCF net profits since 2018.

Healthie announced a $16 million Series A led by Velvet Sea Ventures with participation from Greymatter Capital, Watershed, Builders VC and a client syndicate. The company said that despite the new cash infusion, they “had more money in the bank than capital raised so far, supporting a large and growing team.”

“The reason we decided to take on additional capital and found great partners is that we saw that there was [ … ] a moment of innovation in healthcare that … is happening now,” said Jain. “COVID has forever changed the way consumers expect healthcare and ushered in this new era of how healthcare can and will be delivered.”

In total, the company has raised $17.9 million and will use the money from this round to further develop their software.

More than 2,000 organizations currently use Healthie’s services and the company stores more than 1.3 million patient records.

Digital health companies Talkspace and BetterHelp have been watched as the Senate assesses possible violations of privacy rights related to data mining. The companies have been asked to clarify their data collection and sharing policies after reports suggested the companies could share data with Meta and Google.

Healthie claims they are HIPAA compliant and says they try to ensure data privacy. The company said they are providing the data and HIPAA compliance templates (which can be customized) to their customers to inform patients as soon as they use their interface. However, how a patient is notified of his policy may vary from partner to partner.

“Data is the data of our customers. It’s not Healthie’s data, and that’s true, day one, and it’s true today,” Jain said.

While the company has great industry adoption, healthcare companies can still set up their own electronic patient record systems. Companies like Athenahealth, Center and Epic already exist in the space, but according to Jain they are very “medically driven and very billing driven”.

The same sentiment was shared by Kass Lazerow, a Velvet Sea Ventures investor, who invested in Healthie.

“If you look at other competitors, they’re just legacy EMR. Highly restricted platforms, no product user interface, very difficult to use. And they’re built around the wrong principles,” Lazerow said.

For Jain, she said she hopes Healthie will be the “underlying infrastructure for next-generation virtual care.”

“We’re here to change the way healthcare is delivered because the way it’s been delivered for so long is broken,” Jain said. “And that has come at the expense of patient care and outcomes.”

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