This latest investment brings the company's total funding to more than $417 million and raises its valuation to $1.7 billion. DispatchHealth will use the funding to expand its platform for in-home medical care to a total of 100 markets and ensure its Advanced Care line of service is widely available in the United States.
Since launching in 2013, DispatchHealth has pioneered the delivery of in-home care and at its current growth rate, will generate more than $2 billion in medical cost savings by 2023. The company has developed a platform that integrates an array of in-home care services, including:
On-demand, high-acuity care that substitutes an avoidable emergency room visit
30-day episodes that substitute for a hospital stay
A marketplace to coordinate ancillary services
DispatchHealth has been able to extend the excellent care provided by a hospital system, thereby adjusting to changing consumer preferences and achieving value-based goals.
"We've created the most complete platform that solves all aspects of delivering health care to the home including clinical logistics, care coordination and the delivery of caring medical professionals, all while improving health outcomes and lowering costs," said Dr. Mark Prather, CEO and co-founder of DispatchHealth. "We anticipate the care continuum to continue to move into the home and we expect our platform to enable the movement of that $140 billion marketplace."
The company's model of in-home care, which aligns the payer, provider and patient, has proven to be vital during the COVID-19 pandemic. Over the past year, patients and health systems increasingly looked for ways to avoid unnecessary exposure to the virus and receive medical care at home. Beyond the pandemic, DispatchHealth will continue to be valuable to a variety of partners including health systems, payers, delegated risk organizations, emergency medical services and employer groups by offering convenient, safe and lower-cost medical care.
"DispatchHealth has established itself as the most comprehensive provider of internet-enabled in-home healthcare in the United States and is well-positioned to continue improving access to quality, convenient care," said Scott Shleifer, partner, Tiger Global. "DispatchHealth's model is accelerating the shift to at-home care and we're excited to back the leader in a large, underpenetrated market."
Patients, care providers, payers and health systems can coordinate DispatchHealth medical care via phone, mobile app or website. For patients requiring acute care, a medical team quickly arrives equipped with the necessary tools and treatments. DispatchHealth's Advanced Care offers qualified patients a substitution for a hospital stay by providing an advanced level of care in the home. The service provides patients access to an on-call dedicated DispatchHealth medical team, which includes an internal medicine trained physician with emergency room experience and a physician assistant or nurse practitioner. Advanced Care patients also receive 24/7 physician coverage with remote monitoring, an emergency call button and daily visits from DispatchHealth's medical team, including bedside nursing.
The funding comes on the heels of a recent agreement with Humana to provide DispatchHealth's Advanced Care to Humana Medicare Advantage members in select cities across the country. The agreement expands access to an advanced level of care in the home, substituting a hospital stay, allowing Humana members living with multiple chronic conditions an opportunity to be treated safely at home and avoid unnecessary hospital visits.
DispatchHealth's platform also enables the coordination of additional services, such as pharmacy and meal deliveries, physical and respiratory therapy, Durable Medical Equipment (DME) access and imaging services. DispatchHealth offers acute, extended and advanced care services to treat simple to complex injuries and illnesses across the U.S. and is rapidly expanding to new cities across the country. DispatchHealth is open seven days a week, 365 days a year, including holidays. For more information, visit DispatchHealth.com.
About DispatchHealth DispatchHealth is building the world's largest in-home care system in order to deliver trusted and compassionate care to all. DispatchHealth offers on-demand acute care and an advanced-level of medical care for people of all ages in the comfort of their own homes. DispatchHealth's emergency medicine and internal medicine trained medical teams are equipped with all the tools necessary to treat common to complex injuries and illnesses. DispatchHealth works closely with payers, providers, health systems, EMS, employer groups and others to deliver care in the home to reduce unnecessary emergency room visits, hospital stays and readmissions. Acute care medical teams are available seven days a week, evenings and holidays and can be requested via app, online or a quick phone call. DispatchHealth is partnered with most major insurance companies. For more information, visit DispatchHealth.com.
About Tiger Global Management, LLC. Tiger Global Management, LLC is an investment firm that focuses on private and public companies in the global Internet, software, consumer and payments industries. The Firm's private equity strategy was launched in 2003 and has invested in hundreds of companies across more than 30 countries, in all stages of funding – from Series A to pre-IPO. The venture business, currently investing its twelfth fund, aims to partner with dynamic entrepreneurs operating market-leading growth companies; examples include JD.com, Meituan, Facebook, LinkedIn, Spotify, Peloton, Credit Karma, Toast, Stripe, ByteDance, Stone, Warby Parker, Flipkart, Despegar, Ola and DiDi. Tiger Global was founded in 2001 and is based in New York with affiliate offices in Hong Kong, Beijing, Singapore and Bangalore.