DispatchHealth Lands $30.8M Financing
DENVER, CO, Healthcare company offering on-demand, on-site healthcare services delivered in the home, senior care facility or office, today announced it has raised $30.8 million.
DispatchHealth, a Denver-based healthcare company offering on-demand, on-site healthcare services delivered in the home, senior care facility or office, today announced it has raised $30.8 million in growth financing. The investment is co-led by Alta Partners and Questa Capital with the participation of strategic partner US Acute Care Solutions and existing investors. The funding will be used to scale its rapidly growing technology-enabled healthcare delivery platform. Focused on integrated, convenient and high-touch care-delivery, DispatchHealth is leading the movement of care into the home while partnering with the patient's existing care team, health system and payer in the process.
"DispatchHealth is leading a transformation around healthcare delivery focused on consumer experience, value and most importantly an alignment of incentives across payers, providers and patients. The care model they have developed and scaled is complex, high quality, technology-enabled and leading the evolution of how we will all think differently about receiving, delivering and paying for care," said Pete Hudson, MD, managing director at Alta Partners.
DispatchHealth was founded in 2013 by two former mobile health executives, Dr. Mark Prather and Kevin Riddleberger MBA, MS, PA-C, and features a veteran leadership team who bring together the best startup, clinical and engineering skill sets to execute on a unique business model. The service allows a patient to explain their symptoms and request care through a mobile app, the DispatchHealth website or a phone call. A patient is then connected to a skilled emergency-trained provider supported by DispatchHealth's technology infrastructure who is prepared to handle everything from minor illness and injury to more complex clinical cases.
Unlike the traditional urgent care or emergency room visit, DispatchHealth's team of board-certified caregivers brings the treatment to a patient's home, senior community or office without the expense, inconvenience and time requirements associated with traditional acute care delivery. The right care is provided in the right place and at the right price, with an average price that provides 80 percent savings versus the cost of an emergency department visit.
"DispatchHealth was designed to promote access to care, improve patient experience and outcomes, and decrease the overall cost of care," said Mark Prather MD, MBA, CEO and co-founder of DispatchHealth. "There is a growing body of literature that suggests in-home care delivery produces superior outcomes, and this is consistent with our experience. To date, we have produced over $20 million in medical cost savings and our results are amplified by our ability to create optimized care plans while viewing, first-hand, the patient's surroundings and social determinants of health. This model is needed in every market across America. We are very excited to have Alta and Questa as our partners. They understand healthcare and are committed to the belief that the future of care delivery is in the home."
"We are excited to partner with Mark Prather and the DispatchHealth team to help solve the 'last-mile' access problem in healthcare delivery. Dispatch is delivering on a vision with a compelling value proposition-mobile care that provides improved access to high-quality care, outstanding patient convenience and significant savings for insurers," said Ryan Drant, founder and managing director at Questa Capital.
Learn more about DispatchHealth's care experience: https://www.dispatchhealth.com. Patients can sign up for the service for free and download the app from the Apple store or Google Play Store. The service is currently available in Denver, Boulder, Colorado Springs and Phoenix, with additional service areas to be announced in the fourth quarter of 2017.
A rapidly scaling Denver, Colorado-based company, DispatchHealth provides right-sized healthcare through the power of technology, convenience and service. DispatchHealth delivers on-demand healthcare services to a patient's home, office or location or need. With a call, click or tap of an app, patients get a skilled medical team at their door quickly and in the comfort of their own home. DispatchHealth is redefining healthcare delivery via their unique mobile acute care delivery platform that is facilitated by technology, convenient for patients and integrated with care delivery partners. For more information, visit www.DispatchHealth.com.
Founded in 2016, Questa Capital is a venture capital firm focusing on investments in growth-stage healthcare companies. Questa seeks out disruptive, technology-enabled business models that help improve patient lives and provide better quality and more efficient care. The firm partners with superior management teams to help build innovative market leaders. Questa is led by industry veterans in healthcare investment and operations, Ryan Drant, Brad Sloan and Shawn Conway, who have invested in and advised more than 40 growth-stage companies over the past twenty years. More information is available at www.questacapital.com.
About Alta Partners
Alta Partners is a San Francisco-based venture capital firm focused on healthcare investing. Founded in 1996, the firm has raised over $2 billion in capital through nine venture funds. Alta invests in healthcare companies across the development continuum, from company formation to later-stage opportunities, and has funded more than 150 companies in the sector to date. For more information, please visit www.altapartners.com
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