Telehealth tech startup AristaMD closes $24M Series B funding to transform primary care and improve patient outcomes
Today, millions of American patients still struggle to get timely access to on-demand healthcare specialists. This results in poor outcomes and higher cost of care, impacting everyone across the healthcare spectrum. With non-emergency, proactive care and elective procedures being canceled during the pandemic, there is a backlog of appointments.
Enter AristaMD, a digital health company that provides a platform to connect primary care providers with timely and documented specialist insights through eConsults, an effective triage tool to improve access to specialist insights, reduce healthcare strain and decrease costs.
Today, the San Diego, California-based AristaMD announced it has secured additional investments to top off the company’s Series B funding round at $24 million. This additional funding showcases that, now more than ever, eConsults are a crucial resource. With non-emergency, proactive care and elective procedures being canceled during the pandemic, there is a backlog of appointments. Backers for this round include Ascension Ventures, a strategic healthcare venture firm representing 13 of the nation’s leading non-for-profit health systems, and .406 Ventures, a venture capital firm investing in early-stage disruptive enterprise technology and digital health companies.
These investments top off the company’s Series B funding round, which was co-led by Cigna Ventures and MemorialCare Innovation Fund, at $24 million. The new capital will be used to accelerate commercial growth as well as continue the expansion of its proprietary eConsult platform supporting payors and health systems across the country.
Founded in 2013, AristaMD helps hospitals and practitioners on improving patient outcomes. It also offers a solution that enables primary care providers to ask questions about patients that they would otherwise refer out and transmit patient clinical notes, history, lab results and images to collaborate on care plans with a panel of on-call, board-certified specialists, all within a matter of hours.
Its eConsult platform provides a telehealth solution that empowers primary care providers with clinical workup checklists and the ability to conduct electronic consults (also known as eConsults or virtual consults) to significantly improve the patient referral process and allow greater access to timely, high-quality care.
“Delivering more timely care to patients has become even more crucial during the COVID-19 pandemic and will remain important in the future, as we must reserve precious in-person specialty appointments for those who critically need them,” said Brooke LeVasseur, CEO of AristaMD. “This additional funding will help us accelerate our vision and contribute to shaping a world where all patients have timely, cost-effective access to health care.”
Designed by practicing physicians, AristaMD’s eConsult solution empowers PCPs to expand their scope and collaborate on patient care with a world-class panel of on-demand specialists. AristaMD significantly increases access to appropriate and timely care to improve outcomes and reduce costs.
“With its innovative solution and industry-leading team, AristaMD is positioned to make a considerable improvement in the way health care is delivered,” said John Kuelper, managing director of Ascension Ventures. “AristaMD has built a highly scalable solution that continues to deliver tangible ROI for health systems and payors, and improves the level of care for all patients.”
The need for eConsults has never been more critical. According to recently published data, since the COVID-19 pandemic started, outpatient hospital visits declined by 31%. Additionally, preventative screenings for cervix, colon and breast cancer have dropped between 86% and 94%, compared to the last three years. With non-emergency, proactive care and elective procedures being canceled throughout the pandemic, there is a backlog of appointments. eConsults will be an effective triage tool now and moving forward to improve access and reduce healthcare strain.
“AristaMD enables patients to efficiently obtain the appropriate level of care when they need it most,” said Payal Divakaran, partner at .406 Ventures. “We’re excited to partner with Brooke, her team and a great group of co-investors to expand the reach of AristaMD’s enterprise-grade platform.”