Capable Health Raises $6M to Underpin The Next Revolution in U.S. Healthcare
NEW YORK, May 2, 2022 /PRNewswire/ -- Healthcare infrastructure company Capable Health announced today it has raised $6 million in seed funding led by M13, with participation from AlleyCorp and Able Partners. The rapidly growing startup's industry-first software platform enables providers to launch and scale their own fully HIPAA-compliant digital clinics with 80 percent less cost and time than it currently takes.
Healthcare providers have struggled to keep up with consumer demand for convenient and seamless digital health experiences. On average, it takes at least $425,0001 and 15 months2 to launch a HIPAA-compliant mobile app from scratch, pricing many out of the opportunity. Those who do get their apps to market often find themselves spending substantial resources on building a myriad of integrations and complying with complex healthcare regulations — money which could have been used to improve the patient experience.
Founder Peter MacRobert created Capable to solve this problem, which he experienced firsthand as the Chief Technology Officer at two leading healthcare startups, Candid and Galileo. Capable's vision is to lower the barrier to entry for digital health care entrepreneurs and incumbents, enabling them to serve the 46 million Americans3 currently unable to access the high-quality care they need.
Healthcare providers can now launch their own branded digital clinic using Capable's platform to guide their patients seamlessly through onboarding and sign up, deliver personalized care plans to keep patients on track with their health goals, and connect patients and providers directly through messaging and video chat.
Where integrations are one of the most time-consuming and difficult requirements of building a digital clinic, Capable has curated a suite of best-in-class partners so providers can easily plug and play into their backend — without writing a single line of code. Capable already has partnerships with popular, HIPAA-compliant vendors for messaging, scheduling, and lab orders, in addition to a staffing network for prescription fulfillment.
"If you're building an app for mental health or pre-natal care, you shouldn't be forced to choose between spending tons of resources building your own backend, storing your data in siloed legacy IT systems, or taping together solutions that don't talk to each other," MacRobert said. "Our one-stop platform enables any doctor to open a digital clinic in days, not years."
The seed funding will be used to expand Capable's team and fuel growth, focusing on the rapidly growing number of early stage, venture-backed U.S. healthcare providers, which currently number at an estimated 5,700.
"We are still in the very early innings of the digital health revolution, and M13's focus is to invest in the enabling technologies that are powering this tailwind," said M13 partner Latif Peracha. "Capable Health fits within our thesis by enabling great patient-facing experiences including seamless onboarding, personal goal planning and multi-modal compliant communication."
Kevin Ryan, founder and CEO of New York-based AlleyCorp, invested in Capable's pre-seed round and co-led this round. "Capable is the future of digital health development. They're giving clinicians, software developers and business leaders the same tools that have existed in e-commerce and fintech for decades."
Capable's existing customers include venture-backed healthcare companies in diverse areas from allergy care to functional medicine to women's health. Where the U.S. digital health market is currently valued at $66.5 billion4, Capable is betting on the expected growth of these consumer-oriented healthcare providers and on opportunities to win over traditional players like pharmas, payers, and hospital systems who are just beginning to bring their patients online.
About Capable Health:
Capable Health is a New York-based, healthcare infrastructure company that empowers healthcare companies to launch and build best-in-class digital health apps. The company has built an industry-first, API-driven software platform dedicated to powering patient onboarding and engagement – lowering the cost of running a healthcare service by 10 times. Capable is founded by the former CTO of Candid, and backed by healthcare leaders at M13, AlleyCorp and Able Partners.
Media Contact:
Betty Chang
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1 https://www.mobihealthnews.com/content/mobile-health-app-development-costs-425000-average-likely-continuing-rise
2 https://www.mobihealthnews.com/content/mobile-health-app-development-costs-425000-average-likely-continuing-rise
3 https://news.gallup.com/poll/342095/estimated-million-cannot-afford-needed-care.aspx
4 https://www.grandviewresearch.com/industry-analysis/us-digital-health-market-report
SOURCE Capable Health
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