The company provides home care, telemedicine, and remote patient monitoring to reduce the emergency room
If you have ever been unlucky enough to leave a loved one suffer from a chronic illness, you know the reality of their daily life and it is not beautiful; it’s a lot of drudgery and pain and stress. Unfortunately, these conditions are very common: according to the CDC, six in ten adults in the United States have a chronic illness and four in ten have more than one.
In addition to managing their disease on a day-to-day basis, patients with chronic illness have the added stress of worrying about the cost of their own treatment and the logistics of getting to the doctor. Not only do they need to be around a doctor who can treat them for their specific condition, but they also need to be able to physically get there, which is often easier said than done.
That’s one of the reasons why last year with the advent of telemedicine and virtual care was so important to these patients; Eventually, they can receive care in a way that better suits their skills and lifestyle. It was also a boon for companies like Spiras Health, a provider of home and virtual health solutions for patients with complex chronic conditions like COPD, congestive heart failure, kidney disease, and high blood pressure.
On Tuesday, the company announced a $ 14 million Series B funding round. The round was led by NEA with the participation of existing investors Altitude Ventures, FCA Venture Partners and other strategic investors.
Founded in 2015 and based in Tennessee, Spiras Health combines home-based services, telemedicine, two-way digital communication and remote patient monitoring. It uses predictive modeling to identify and assess patients who are at an increased likelihood of avoidable health care costs, and then develops a plan that addresses barriers to care such as social determinants of health.
Most patients are visited at home monthly, but follow-up visits can range from once a week to once every few months, as needed. Patients can also call their Clinical Care Team 24/7 for help or to ask questions. The aim is to reduce the need for hospital and emergency room visits, thereby lowering patient health insurance costs.
Spiras grew pretty strongly in 2020, with patient volume doubling, and the company expects even greater growth this year. It currently has several national payers under contract, including Clover Health, which is using data analytics to lower health insurance costs for seniors who use Medicare Advantage.
Now that it has this new funding, the company says it will be entering new markets with health insurance partners, expanding its sales, marketing and management team, and continuing to invest in research and development.
“This is an exciting day for the Spiras Health team. We are excited and honored that NEA has recognized our potential for exponential growth to serve patients in the US with debilitating diseases, “said Scott A. Bowers, CEO of Spiras, who founded the who company in January, said in an explanation.
“Our mission was to target and resolve some of the most important problems facing the health system: to enable access to specialist treatment in patients’ homes, to lower the overall cost of care for those who pay for it, for whom heart and lung diseases are often the main cost drivers and improve the lives of people suffering from progressive diseases. With this funding, we have the opportunity to accomplish our mission and serve those in need of long-overlooked supply gaps. “
The area for chronic disease management
Two of the best-known and best-funded chronic disease management companies are Vida Health and Omada Health.
Vida Health offers a collaborative care model that includes access to practitioners such as trainers, licensed therapists, registered nutritionists, diabetes educators, and personal trainers to help members manage chronic diseases. The company recently raised $ 110 million around $ 188 million.
Omada Health is a company dedicated to helping prevent conditions such as heart disease and diabetes by helping patients change their behavior and patterns using insights from social networks, games, and behavioral science. The flagship Prevent program is designed to help participants change their behavior and reduce their risk of type 2 diabetes. The company has raised $ 256.5 million.
Other companies looking to fight chronic illness include Karuna Labs, which uses VR to treat chronic pain; Lighter Health, a nutritional coaching intervention program to help manage chronic disease risk; myBiometry, a remote monitoring and management platform for chronic disease patients using software and biomarker data; and Lark Health as well as AI-driven provider for chronic illnesses.
(Image source: spirashealth.com)