The company now combines telehealth services, pharmacy distribution and home care
Ro has been on a journey for the past 4 years: it started as a telemedicine company focused on men’s health before introducing new categories including women’s health with Rory and Zero for smoking cessation.
More importantly, beyond facilitating doctor visits, it has expanded to include other facets of care, including the Ro pharmacy, which prepares, packages, and ships prescriptions directly to members. More recently, Ro even started home care after acquiring Workpath in December, a company that enables healthcare companies to send phlebotomists and other providers to a patient’s home.
The company’s mission is to be a comprehensive health technology company for primary care, from diagnosis to drug delivery. On Tuesday, it received a large amount of money to make this happen and announced a Series D fundraising round worth $ 500 million.
Led by the existing investors General Catalyst, FirstMark Capital and TQ Ventures with the participation of the existing investors SignalFire, Torch Capital and BoxGroup as well as the new investors Altimeter Capital, Baupost Group, Dragoneer Investment Group, ShawSpring Partners, Radcliff and 776 in this round brings Ro das total fundraising to $ 876 million.
When the company last raised a $ 200 million round in July 2020, the value was reportedly estimated at $ 1.5 billion. Although Ro refused to reveal its current valuation, it is now said to be worth $ 5 billion.
Between Roman, Rory, and Zero, Ro has treated more than 20 conditions, including sexual health, weight loss, dermatology, and allergies, and has enabled more than 5 million digital health visits.
The next step in its evolution is to provide home care to its members: along with the acquisition of Workpath, the company recently partnered with healthcare AI company Gauss to conduct Gausses smartphone-powered rapid COVID-19 antigen tests for the home to offer Ro’s platform for basic services.
Ro recently partnered with the New York State Department of Health for a vaccine drive in which the company provides free vaccinations to patients at home that are free for recipients. The company plans to use this feature for in-home diagnostic testing as well. This follows a partnership with Quest to add diagnostic capabilities and laboratory testing to the primary care platform.
“Since July, Ro has expanded its vertically integrated primary care platform to meet the growing conditions for a growing number of patients,” Saman Rahmanian, Ro co-founder and chief product officer, told VatorNews.
“As patients turn to Ro for more of their healthcare needs, Ro is accelerating efforts to scale and strengthen its vertically integrated primary care platform to bring high quality, affordable healthcare to as many patients nationwide as possible – online and at home. “
Ro is the only healthcare company in the country that brings together telehealth services, pharmacy distribution and home care nationwide on a single platform. This “unique combination” enables Ro to meet patients where and when they are most comfortable and safe for them. It is also “why more and more patients trust Ro as their first phone call for their health needs.”
“The hybrid virtual and personal care infrastructure Ro is developing today will support not only its own primary care platform, but the activities of numerous other healthcare companies that understand that the future of care is both online and at home,” said Rahmanian.
“Ro predicts that over the next decade, more health services such as diagnostics and vaccinations will be provided online or at home than in any hospital, doctor’s office or pharmacy combined.”
Ro will partially use the new funds to expand its distribution network for pharmacies. it is Eight pharmacy distribution centers are currently in operation. The goal is to have ten by the end of the year and fifteen by the end of 2022 The strategic placement of pharmacy distribution centers across the country eliminates the need to ship medication by air, which both lowers costs for patients and enables them to get their medication faster.
“By the end of this year, 75% of the US population will have their shipments the next day,” Rahmanian said.
The company will also use the money to improve its EMR system, called the Ro Collaborative Care Center, and to build new features such as remote patient monitoring with integrated devices Invest in equipment and tools that can help you develop proactive care options for your patients.
Ultimately, the money will also be used for additional areas of treatment, although Rahmanian would not disclose what areas these could be just to say that the company “Listen consistently and work directly with patients and providers who practice on our platform to understand what patients want and need in their conditions to improve their health. “
Ro’s real goal is to combine all of his skills create a smooth Coordinating care between a care team, including doctors, nurses, and pharmacists, and enabling more frequent patient-provider interaction. Ultimately, this will enable the company Create a lasting relationship and build the foundation of trust for continued, comprehensive care to be more responsive to a patient’s needs.
“Healthcare will always have challenges to solve, and these challenges often need to be addressed by the patient. We are actively working to solve these challenges for our patients by listening to our patients and by further expanding our platform to address the complexities of healthcare reduce.” and bring it back under control, “Rahmanian said to me.
“Everything we do is focused on patient needs as patients are the only customer for our services. Ro’s cash model offers patients a more accessible and affordable care option. This model also ensures price transparency as the price our patients receive see, the price they pay is helping to maintain affordable treatment options, which are especially important at a time when many have lost their jobs and health insurance. “