HOBOKEN, N.J., Sept. 5, 2019 /PRNewswire/ -- Health Recovery Solutions (HRS), a technology company that provides remote patient monitoring for leading health systems, today announced closing $10 million in growth financing led by Edison Partners.
HRS has gained national attention for its clinical success in reducing hospital readmissions and commitment to improving outcomes for both patients and health systems. The platform comprises tablet-based patient monitoring software and a web portal for clinicians to effectively view and manage patient data. The company also provides patient support and logistics management.
"Hospital readmissions cost the U.S. $41 billion annually as chronic disease management continues to challenge the healthcare system. Our platform is a fundamental tool for reducing the cost of care and readmissions," said Jarrett Bauer, co-founder and CEO, HRS. "Edison Partners brings a wealth of expertise in healthcare technology and we look forward to their leadership as we accelerate the development of new products and services. Our long-term ambition is to positively impact and reduce readmission rates for millions of patients, and with the help of Edison Partners, we are now one step closer to this goal."
Since its founding in 2012, HRS now has more than 140 Health Systems as clients and has helped nearly 100,000 high-risk patients with multiple chronic diseases. HRS has leveraged its strong results to help its customers forge relationships and reimbursement programs with over 20 payers. Bauer cofounded the company with Rohan Udeshi and Dan Priece as a graduate student at Johns Hopkins after his grandmother was readmitted to the hospital with heart failure.
"Health Systems are looking for ways to improve patient outcomes as healthcare shifts to value-based economics. HRS offers a proven technology that reduces readmissions by helping patients be proactive in their own disease self-management," said Gregg Michaelson, Partner, Edison Partners, who led the investment and will join the HRS board. "CEO Jarrett Bauer and the management team have made HRS synonymous with innovation at the nation's most recognized medical centers and are well-prepared to scale their platform to meet the self-managed patient care needs of the wider healthcare system."
Over the past year, HRS has seen 75% year-over-year growth and expanded its product line to provide patients, clinicians, and caregivers with a three-tiered approach to patient care. The company was listed on the 2019 Inc. 5000 list of America's fastest-growing private companies.
About Health Recovery Solutions
Health Recovery Solutions (HRS) supplies leading health systems with the most advanced remote monitoring platform and technology-enabled management services focused on changing patient behavior to reduce readmissions and improve clinical outcomes. HRS' disease-specific telehealth solutions are customized with educational videos, care plans, and medication reminders while also integrated with Bluetooth peripherals to engage patients. For clinicians, HRS' software allows for the management of high-risk patients and provides seamless communication with them through video chat, wound imaging, and text messaging. For family members and caregivers, HRS' software gives them the ability to be fully involved in their family member's care and well-being. To learn more about Health Recovery Solutions, visit https://www.healthrecoverysolutions.com/ or call (347) 699-6477.
About Edison Partners
For more than 30 years, Edison Partners has been helping CEOs and their executive teams grow and scale successful companies. The firm's investment team brings extensive investing and operating experience to each investment. Through a unique combination of growth capital and the Edison Edge platform, consisting of operating centers of excellence, the Edison Director Network, and executive education programs, Edison employs a truly integrated approach to accelerating growth and creating value for businesses. A team of experts in financial technology, healthcare IT and enterprise solution sectors, Edison targets high-growth companies with $5 to $25 million in revenue; investments also include buyouts, recapitalizations, spinouts and secondary stock purchases.
Edison's active portfolio has created aggregated market value exceeding $10 billion. Edison Partners is based in Princeton, NJ and manages more than $1.4 billion in assets throughout the eastern United States.
SOURCE Health Recovery Solutions