HealthSnap Raises $9 Million Series A for Continued Growth of Remote Patient Monitoring and Chronic Care Management Platform

The investment, led by Asclepius Growth Capital and leading health system partners, will enable care teams to empower patients with a more personalized remote-care experience.

MIAMI, May 17, 2023 /PRNewswire/ -- HealthSnap, a Miami-based virtual care management platform for chronic disease management, today announced a new round of financing totaling $9 million. The round was led by Asclepius Growth Capital, an SPV founded by David Jahns, a managing director of Galen Partners, and Steve Cashman, CEO of Caption Health and former CCO of InTouch Health, as well as new strategic investments from current business partners UnityPoint Health and Tampa General Hospital. Existing stockholders Florida Funders and MacDonald Ventures also participated in this financing. The company also announced that David Jahns has joined HealthSnap's board of directors.

"Over the last several years, we have seen many companies try to crack the RPM and CCM code, and HealthSnap has done just that. HealthSnap's patient-centered approach to virtual care management and its interoperable platform has enabled the company to set itself apart as a market leader. We are proud to lead this latest funding round," Jahns said. Cashman added, "My career in healthcare has been a continued effort to make effective care more efficient and accessible and HealthSnap is making meaningful strides toward this goal."

This latest round of financing, which was oversubscribed, brings HealthSnap's total funding to $17.1 million to date. It will be used by HealthSnap to support a national expansion of its care management services team to support rapid health system adoption and invest in novel clinical use cases. In the last year, to further the company's vision to be the operating system for virtual chronic disease management, HealthSnap successfully expanded its hallmark Remote Patient Monitoring (RPM) program to include a new and complimentary Chronic Care Management (CCM) solution as well.

"Health systems have reached a turning point in their care delivery and population health strategy," said Matthew Warrens, managing director of Innovation at UnityPoint Health. "If we want to continue to provide world-class personalized care at scale, when and where patients want to receive it, we need to continuously invest in novel technology and partnerships that meet patients in their homes. We look forward to collaborating with the HealthSnap team as we scale their remote care delivery models across our health system."

As virtual care management programs like RPM and CCM have increasingly become a top priority for premier health systems and physicians groups across the country, HealthSnap has grown its revenues by over 320% in the last year, more than tripled its number of active patient programs and demonstrated meaningful clinical outcomes across various chronic conditions such as hypertension, heart failure, obesity, and Type II diabetes.

"Implementing technology to monitor our patients from the comfort of their own home can be a highly effective way to avoid costly and unnecessary return visits to the hospital, while vastly improving our patients' satisfaction and ability to manage their care remotely," said Rachel Feinman, vice president of Innovation, Tampa General Hospital and managing director of TGH Innoventures, which provides a coordinated mechanism for the academic medical center to develop innovative solutions to improve quality and access to care. "Tampa General is dedicated to driving innovation to deliver world-class care to patients in the Tampa Bay region and beyond. Our partnership with HealthSnap to manage patients' care more effectively from home is an important part of that effort."

TGH Innoventures also serves as a platform for Tampa General to invest resources and funds into emerging companies that share the academic medical center's vision and can help develop immediate solutions for healthcare access, quality, and delivery.

"HealthSnap's proven virtual care management programs have already flipped the care delivery paradigm for tens of thousands of patients from reactive, episodic care delivered in the clinic to a model that is proactive, ongoing, and delivered in the home — leading to significantly improved outcomes and experiences for patients and providers," said HealthSnap CEO Samson Magid. "Our mission from day one has always been to empower patients living with chronic conditions anytime, anywhere, and this new financing will accelerate our ability to execute that mission for patients across the country."

HealthSnap is hiring for nurse care navigator positions, clinical operations managers, and patient enrollment specialists. For a complete list of open positions, please visit www.healthsnap.io/careers.

ABOUT UNITYPOINT HEALTH VENTURES

Founded in 2019 and based in Des Moines, IA, UnityPoint Health Ventures makes direct investments in ideas and partners that provide an easier, more personal experience for patients and providers. As the venture capital arm of UnityPoint Health – one of the nation's most integrated health systems – the firm invests in opportunities that improve patient outcomes and reduce the cost of health care. In addition to strategic investing, UnityPoint Health Ventures provides dedicated resources to accelerate portfolio company traction within UnityPoint Health and beyond.

ABOUT TAMPA GENERAL HOSPITAL

Tampa General Hospital, a 1,040-bed, not-for-profit, academic medical center, is one of the largest hospitals in America and delivers world-class care as the region's only center for Level l trauma and comprehensive burn care. Tampa General Hospital is the highest-ranked hospital in the market in U.S. News & World Report's 2022-23 Best Hospitals, and is tied as the third highest-ranked hospital in Florida, with seven specialties ranking among the best programs in the United States. Tampa General Hospital has been designated as a model of excellence by the 2022 Fortune/Merative 100 Top Hospitals list. The academic medical center's commitment to growing and developing its team members is recognized by two prestigious Forbes magazine rankings – first nationally in the 2022 America's Best Employers for Women and sixth out of 100 Florida companies in the 2022 America's Best Employers by State. Tampa General is the safety net hospital for the region, caring for everyone regardless of their ability to pay, and in fiscal year 2021, provided a net community benefit worth more than $224.5 million in the form of health care for underinsured patients, community education, and financial support to community health organizations in Tampa Bay. It is one of the nation's busiest adult solid organ transplant centers and is the primary teaching hospital for the USF Health Morsani College of Medicine. With six medical helicopters, Tampa General Hospital transports critically injured or ill patients from 23 surrounding counties to receive the advanced care they need. Tampa General houses a nationally accredited comprehensive stroke center, and its 32-bed Neuroscience, Intensive Care Unit is the largest on the West Coast of Florida. It also is home to the Jennifer Leigh Muma 82-bed neonatal intensive care unit, and a nationally accredited rehabilitation center. Tampa General Hospital's footprint includes 17 Tampa General Medical Group Primary Care offices, TGH Family Care Center Kennedy, TGH Brandon Healthplex, TGH Virtual Health, and 21 TGH Imaging powered by Tower outpatient radiology centers throughout Hillsborough, Pasco, Pinellas and Palm Beach counties. Tampa Bay area residents also receive world-class care from the TGH Urgent Care powered by Fast Track network of clinics. To see a medical care professional live anytime, anywhere on a smartphone, tablet or computer, visit Virtual Health | Tampa General Hospital (tgh.org). As one of the largest hospitals in the country, Tampa General Hospital is the first in Florida to partner with GE Healthcare and open a clinical command center that provides real-time situational awareness to improve and better coordinate patient care at a lower cost. For more information, go to www.tgh.org.

ABOUT HEALTHSNAP

HealthSnap is an integrated virtual care management platform that helps healthcare organizations improve patient outcomes, reduce utilization, and diversify revenue streams. From chronic disease-agnostic Remote Patient Monitoring (RPM) and Chronic Care Management (CCM) to AI-guided care coordination, virtual care delivery, patented billing tools, population analytics - and so much more, HealthSnap is the simplest way to manage chronic conditions remotely.

Visit www.healthsnap.io or follow us on LinkedIn for more information.

HealthSnap Media Contact:
Sunny Ghia
[email protected]
(888) 780-1872 Ext. 701

SOURCE HealthSnap