Denver-based startup DispatchHealth — which delivers on-demand health care to patients in the home setting — has secured $33 million in growth capital financing, led by private equity firm Echo Health Ventures. The news is the latest in a series of in-home health care funding announcements.
Founded in 2013, DispatchHealth works alongside in-home nursing care providers, offering mobile high-acuity services and urgent care in 10 markets across the U.S.
The startup currently serves more than 50,000 patients, though DispatchHealth expects that number to nearly triple by the end of 2019 with the help of home health agencies and other community partners.
“When a patient requires more advanced care than what a home health nurse would typically treat, DispatchHealth will deploy a provider to the home with advanced diagnostic capabilities and prescriptive authority,” DispatchHealth CEO Dr. Mark Prather told HHCN in an email. “Whether a patient has pneumonia, a COPD exacerbation or other high medical needs, DispatchHealth is able to help our home health partners keep their patients safely at home.”
To date, DispatchHealth has partnered with In-House Home Health, Las Vegas Home Health and DFW Home Health.
DispatchHealth’s newly raised capital will go toward its efforts to expand its footprint across the U.S., as well as the company’s investment in its mobile application and treatment capabilities.
In many ways, the funding momentum is reflective of the broader shift of health care into the home, Prather said.
“As the way we pay for health care shifts away from a traditional fee-for-service model to one based on providers being compensated based on outcomes, it only makes sense that health care is moving into a more convenient and efficacious setting,” he said. “Treating people in their homes is one of the most effective ways to reduce the total cost of care and improve patient outcomes and satisfaction.”
To date, DispatchHealth has raised $67.4 million in total funding, according to Crunchbase.
DispatchHealth is not the only in-home health care startup to land millions of dollars worth of new funding in recent weeks.
In April, EverlyWell — a company that provides home health tests — announced it had raised $50 million.
Last week, LetsGetChecked — a separate direct-to-consumer at-home health testing platform — announced it had raised $30 million. As part of its operating model, LetsGetChecked works with partnered connected devices, including Apple Health, Fitbit and Garmin.