100Plus Announces $25M Funding by Prominent Investors to Transform the Remote Patient Monitoring Market with its Rapidly Expanding Solution
- Seed investment led by Henry Kravis, George Roberts and other super angel investors
- Recent partnership with leading electronic health record and medical billing companies AdvancedMD, DrChrono and athenahealth will drive wider adoption
11 Mar, 2021, 07:00 ET
SAN FRANCISCO, March 11, 2021 /PRNewswire/ -- 100Plus, the fastest-growing Remote Patient Monitoring (RPM) platform for doctors and their patients, announced series seed investments totaling $25M, led by Henry Kravis, George Roberts, and other super angel investors. 100Plus is a remote patient monitoring solution that helps physicians remotely monitor patients and provides data that informs clinical decisions throughout their course of care, which can lead to better outcomes and cost avoidance. 100Plus is the only remote patient monitoring product to utilize artificial intelligence (AI) and offer an end-to-end solution, including patient outreach, device setup, patient engagement and automated billing. The company has ramped revenue to $5M in annual recurring revenue since its launch in January of 2020 and is poised to continue to build upon this growth.
Today, 80 percent of U.S. seniors over the age of 65 have at least one chronic disease which accounts for 95 percent of Medicare spending. To help improve outcomes and lower costs, in 2019, the Centers for Medicare and Medicaid Services (CMS) issued a final rule reimbursing remote patient monitoring devices and services under Medicare Part B, as well as paying healthcare providers to review data streamed from these devices. CMS further clarified and cemented expanded reimbursement in 2020 amidst the COVID-19 pandemic, enabling even wider adoption of remote patient monitoring. 100Plus is at the forefront of this $30 billion market unlocking the value of remote patient monitoring for payers, healthcare providers and patients.
"Remote patient monitoring has more potential than any other initiative to dramatically decrease the healthcare costs associated with chronic conditions as well as help patients avoid episodic care," said Ryan Howard, CEO of 100Plus. "With Medicare committed to reimbursing remote patient monitoring long-term, physicians now have both the incentives and with 100Plus a seamless end-to-end tool to improve care and potentially save the lives of millions of patients."
100Plus will also utilize this round of funding to innovate on its AI solution developed to increase patient engagement. Utilizing short message service (SMS), the platform sends personalized messages to drive patient involvement in the management of their health, including monitoring reminders, follow up on care instructions and feedback on their remote monitoring numbers. Patients can interact and ask questions and receive tailored responses based on their treatment plan. When needed, the platform will triage messages that require immediate physician interaction. Increasing patient engagement has been proven to improve outcomes, reduce healthcare costs, decrease patient attrition and save valuable staff time. The 100Plus solution enables an always-on engagement tool to help fill the gap from the clinic to the home.
The company has also executed a distribution partnership with AdvancedMD, DrChrono and athenahealth, leading medical billing and electronic health record providers. These partnerships provide 100Plus with the ability to seamlessly offer the platform to their more than 250,000 medical practitioners with no upfront cost or setup time required.
"Partnering with 100Plus has provided our practitioners with the ability to choose a remote patient monitoring solution that monitors and manages their sickest senior patients remotely and in perpetuity," said Paul Chalmers, Vice President of AdvancedMD. "This has been particularly critical during the pandemic, when most senior patients are unable or afraid to visit their doctor's office for risk of infection."
100Plus is the fastest-growing Remote Patient Monitoring platform empowering doctors to manage their chronic patients remotely, proactively engage them to avoid expensive, episodic care, and drive a higher quality of life. When a Medicare patient receives a 100Plus medical device, it's at no cost to them, fully configured, and ready to use out of the box — no smartphone, app, Bluetooth, WiFi, or cellular plan required. Reduce episodic care and improve patient care by continuously monitoring high-risk senior patients.
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