What You Should Know:
– AristaMD, a digital health company that provides a
platform to connect primary care providers with timely and documented
specialist insights through eConsults, has secured additional $8M in
investments to top off the company’s Series B funding round at $24 million.
– With non-emergency, proactive care and elective
procedures being canceled during the COVID-19 pandemic, there is a backlog of
appointments. eConsults will continue to be an effective triage tool now and
moving forward to improve access to specialist insights, reduce healthcare
strain and decrease costs.
– Annually there are around 20 million routine
clinical referrals to specialists that could be addressed by eConsults
and AristaMD is focused on providing more timely access to specialty
care through its innovative eConsult platform.
AristaMD, a
San Diego, CA-based digital health
company that provides proprietary eConsult solutions
that connect primary care providers (PCPs) with timely, documented
specialist insights, today announced additional $6M in investments from Ascension Ventures,
a strategic healthcare venture firm representing 13 of the nation’s leading
non-for-profit health systems, and .406 Ventures, a venture capital firm investing in
early-stage disruptive enterprise technology and digital health companies. These
investments top off the company’s Series B funding round, which was co-led by
Cigna Ventures and MemorialCare Innovation Fund, at $24 million. The new
capital will be used to accelerate commercial growth as well as continue the
expansion of its proprietary eConsult platform supporting payors and health
systems across the country.
How eConsults Work
Today, millions of patients struggle to get timely access to specialists – resulting in poor outcomes and higher cost of care, impacting everyone across the healthcare spectrum. By utilizing eConsults, primary care providers retain more low-acuity common condition cases that are frequently referred to specialists, clogging waitlists and limiting specialists’ ability to address higher acuity cases in a timely fashion. Empowering PCPs to operate at the top of their license allows patients to have their needs addressed faster, reducing avoidable ED visits and hospitalizations that can occur when patients have to wait too long to be seen by a specialist. This ultimately improves outcomes and overall patient satisfaction.
Transforming Primary Care & Improving Patient Outcomes
Founded in 2014, AristaMD is focused on accelerating
access to specialty care and reducing unnecessary healthcare expense. Designed
by practicing physicians, its eConsult solution empowers primary care providers
(PCPs) to expand their scope of practice and collaborate on patient care with a
highly respected panel of on-demand, board-certified specialists. AristaMD has
over five years of data demonstrating that its eConsult solution reduces the
need for routine clinical specialist referrals by over 70% and has a
significant positive impact on patient care.
Funding Underscores Market Demand for eConsults
The need for eConsults has never been more critical.
According to recently published data, since the COVID-19 pandemic started, outpatient
hospital visits declined
by 31%. Additionally, preventative screenings for cervix, colon and
breast cancer have dropped
between 86% and 94%, compared to the last three years. With non-emergency,
proactive care and elective procedures being canceled throughout the pandemic,
there is a backlog of appointments. eConsults will be an effective triage tool
now and moving forward to improve access and reduce healthcare strain.
“Delivering more timely care to patients has become even more crucial during the COVID-19 pandemic and will remain important in the future, as we must reserve precious in-person specialty appointments for those who critically need them,” said Brooke LeVasseur, CEO of AristaMD. “This additional funding will help us accelerate our vision and contribute to shaping a world where all patients have timely, cost-effective access to health care.”
