Lemonaid Health scores $33 million Series B to connect patients to doctors and expand its telehealth offering
The coronavirus pandemic has accelerated the integration of telehealth and transformed the way consumers interact with their healthcare providers. Providers are seeing 50 to 175 times the number of patients via telehealth platforms than they were before the outbreak, according to a McKinsey COVID-19 Consumer Survey.
As demand for telehealth increases, the pandemic has also created opportunities for healthtech startups to provide innovative healthcare solutions to patients at affordable rates. That’s where Lemonaid Health comes in. Lemonaid Health, a San Francisco-based healthtech startup and provider of online platform that connects over one million patients to doctors and prescriptions without having to leave home.
Today, Lemonaid announced it has raised $33 million Series B round of funding to build out its on-demand platform for accessing health care online and expand the number of services offered to patients. The oversubscribed round, which was led by Olive Tree Ventures with participation from Artis Ventures, Correlation Ventures, Hikma Ventures, Sierra Ventures and others, brings the company total financing to $55 million. Lemonaid Health also plans to use the fresh capital infusion to expand its team of medical professionals and increase the number of services being offered to patients, including treatment for asthma, hypertension, Type 2 diabetes and more mental health services.
Founded in 2013 by Ian Van Every, Jason Hwang, and Paul Johnsonm, Lemonaid provides online doctor’s office and medicine delivery directly to patients from the comfort of their homes. The Lemonaid Health platform leverages clinical algorithms to augment its experienced physicians’ knowledgebase, enabling patients to quickly, safely and inexpensively get care and prescriptions for a variety of common medical conditions. The company’s mail order pharmacy ships medicine the same day. The Lemonaid Health medical team, website and mobile app have garnered an industry-leading Net Promoter Score of 89.
As an independent healthcare provider, Lemonaid Health offers patients direct access to the care they need, from consultation through treatment nationally across the U.S. The company leverages evidence-based guidelines and the most up-to-date clinical protocols to provide quality care for less than typical co-pays. In just a few minutes, patients are able to interact with a U.S.-licensed doctor or nurse practitioner for conditions like anxiety and depression, urinary tract infections (UTIs), birth control, hair loss, hypothyroidism, erectile dysfunction, genital herpes and sinus infections. Patients are also offered free and fast delivery of prescription medications through the platform to speed treatment.
Lemonaid Health’s proprietary technology platform integrates clinical algorithms and decision support tools with clinician care to provide better quality care and improved outcomes.
“The U.S. healthcare system has struggled to deliver the services patients need in a way that is convenient and effective. The challenges of providing routine care has been exacerbated recently as the majority of health resources have been focused on responding to the coronavirus pandemic,” said Paul Johnson, co-founder and CEO of Lemonaid Health. “We founded Lemonaid Health with a vision to increase access to affordable, high-quality healthcare. As more consumers have turned to telehealth in the last six months, we’ve seen significant growth in demand for our online services. With the additional financing, we will be able to help even more patients get the care they deserve and expand our services in partnership with other healthcare providers.”
Lemonaid Health has seen a surge in demand for its services and interest from prospective partners during the COVID-19 pandemic. Although initially a direct-to-consumer provider, the company is starting to work with partners within the existing healthcare system to further expand reach.