SAN FRANCISCO, March 17, 2021 /PRNewswire/ -- Harmonize Health, a remote monitoring and care platform that helps leading medical organizations better serve high-risk patients, today announced its $10 million Series A investment, led by Launchpad Digital Health, with participation from Stanford University, Gaingels and existing investors Trinity Ventures and Liquid 2 Ventures. Harmonize plans to expand its reach with organizations aiming to improve patient outcomes among elderly, high-risk patient populations.
There are more than 40 million Americans over 65 years old with chronic illnesses, including Type 2 diabetes, congestive heart failure, atrial fibrillation, hypertension, depression, COPD, and others. This population is hospitalized at nearly three times the rate of adults 45 to 64 years old. But hospital visits often exacerbate their health challenges, leaving them with an increased risk of subsequent hospitalization or discharge to assisted living and skilled care facilities. These outcomes are also worse for providers and provider groups, especially those that operate in the increasingly common capitated payment regime.
"With Harmonize, we've been able to achieve positive outcomes and significant savings with our high-risk patients," said Dr. Ama Brobbey, CMO of Intermountain Nevada. "Harmonize plays an important role in our approach to move the needle with our sickest patients."
Harmonize works to provide comprehensive high-risk elderly care. Patients use Harmonize-provided devices to measure their vitals from home, and the Harmonize app on their mobile device wirelessly captures and transmits them to their provider. Harmonize's AI-powered platform alerts medical staff at the provider organization of patients who are likely to require attention. This enables doctors to quickly and confidently make medical decisions when necessary, helping keep more patients safe and stable, at home, and away from the ER. This advantage is all the more acute during a time when the elderly are at risk of contracting COVID or other illnesses.
"After 20 years of advocating for better health outcomes for high-risk elderly patients with multiple chronic conditions, I saw firsthand how desperately we needed scalable, intelligent technology solutions so they can access meaningful healthcare when they need it most," said Dr. Riya Pulicharam, co-founder and President. "Getting the right care at the right time, from the comfort and security of their own home, makes a real difference in people's lives. That's why I co-founded Harmonize: It was clear that we needed an evidence-based technological revolution to improve outcomes and reduce costs, and Harmonize is just that."
Founded in 2019, Harmonize is pioneering a software plus services solution that connects the patient with their provider for effective remote monitoring and care delivery. Leading healthcare organizations, including Intermountain Healthcare and Choice Physicians Network, use Harmonize to evaluate patient situations remotely and deliver high-value interventions before a patient goes to the ER. Harmonize has led to a 30 percent reduction in emergency room visits and hospital admissions for patients.
"We are delivering strong value to our customers, who are achieving 7X return on their spend while improving patient care," said Harmonize CEO Frank Han. Harmonize saw 500% revenue growth in 2020. "By focusing on value-based care vs. fee-for-service billing, we have developed a solution that is unique and effective — the rare win-win-win in care delivery."
"Harmonize gives our patients peace of mind and improves our ability to care for them — all while actually reducing our costs," said Dr. Rahul Nayyar of Choice Physicians Network.
About Harmonize Harmonize is a remote monitoring and care platform that helps leading medical organizations better serve high-risk patients. The company is pioneering a software plus services solution that connects patients with their medical provider for effective remote monitoring and care delivery. Harmonize was founded by Dr. Riya Pulicharam and Kevin Zhao, and is backed by Launchpad Digital Health, Trinity Ventures, Stanford University, Gaingels, and Liquid 2 Ventures.