The company saw its active membership increase 150 percent over the past year
Before the pandemic, telemedicine was a kind of niche space in which only eight percent of patients had even tried these services. Then came COVID and suddenly it got overcrowded: In 2020 so much money flowed into this room that investments rose 139% year on year to $ 4.3 billion that companies suddenly had to find a way to get between the Amwells differentiate Teladocs, MDLives and Carbon Healths.
CirrusMD is a company that is characterized by the fact that doctors and their patients are connected to one another via text and a continuous dialogue is created.
The idea has piqued investor interest as CirrusMD launched a new round of funding, a $ 20 million Series C run by the Blue Venture Fund and owned by 7wireVentures, Drive Capital and the Colorado Impact Fund . This brings the total to $ 46 million.
In addition to being able to connect to a doctor on the CirrusMD platform, patients can connect to specialists, pharmacists, behavioral health professionals, and even non-clinical resources such as planners and financial services (although CirrusMD does not provide these services itself).
By offering a chat-first virtual care solution, the Denver-based company can create ongoing dialogue that other telemedicine companies cannot. Patients can get timely answers to their questions, while doctors can easily see whether their treatment is working. The texts sent between doctor and patient are self-documented so that a complete record of the entire interaction is available.
CirrusMD works with major health insurers and self-insured employers. As a result, most patients are never billed for access to the platform, although some with high deductible plans may receive a small co-payment.
Like others in space, CirrusMD was forced to respond quickly to the COVID virus. This included developing an in-app questionnaire developed in the first few months after the pandemic that helped determine a user’s risk for COVID-19.
By stratifying patients based on their risk profile, the company was able to instantly identify and help them most likely to develop the virus, told me Andy Altorfer, co-founder and CEO of CirrusMD.
“With our platform built on a sleek scale and battle-tested with some of the largest healthcare plans and integrated delivery networks in the US, we were well positioned to handle the surge in patient volume caused by the pandemic,” he said.
“Even during the peak of telehealth usage, the average waiting time for users to connect to our doctors was less than 60 seconds.”
The pandemic also resulted in the company seeing strong growth over the past year. The number of active members rose 150 percent to nearly 10 million users in all 50 states. It has also doubled the size of its CirrusMD Provider Network.
In addition, CirrusMD added care and expanded it to several clinical specialties including iInternal medicine, pediatrics and obesity medicine. In particular, the company has spent the past 12 months going deeper in behavioral health Expansion that made the growing demand for behavioral health resources, which is further accelerated by mental health issues due to COVID.
“There was an urgent need to help people manage escalating depression, anxiety, and stress. We were able to do this by providing expert resources who can assess the whole person, including behavioral health,” Altorfer said.
“Our model is to provide integrated longitudinal care. When a patient begins their encounter with a CirrusMD physician, our clinician is quick to understand their physical condition, mental health, and any contributing environmental team that we are able to undergo Identify and understand underlying problems such as anxiety and depression that may initially appear as medical ailments. “
According to CirrusMD, the new round of funding will “move the company through the next phase of growth,” which means that the clinical network will be expanded, including scaling the existing behavioral health services and adding new specialty areas. It will also ccontinue to scale its operations and processes while also iInvestment in sales, business development and customer success.
The funding will also help accelerate CirrusMD’s product roadmap, which includes adding features that provide real-time resources to the patient as part of the care setting, and expanding the patient’s ability to navigate users to their plan and employer benefits and resources. The company also plans partnerships that will expand coordinated care, automation that supports its provider’s efficiency model, and access to care for the underserved and underinsured.
“Since our focus is on integrated and longitudinal full-person care, our product focus is on providing a solution that can be adapted to these requirements,” said Altorfer.
Although telemedicine has seen tremendous growth over the past year, the jury is still undecided whether or not patients will continue to access these services after the pandemic has ended. Have you got used to it now so you can keep using it even when you don’t have to? Or will they revert to the way they used to have access to care? Altorfer believes it will be the former. Or as he told me: “The genie is out of the bottle. “
“The pandemic introduced telemedicine to a large segment of the population and they have seen firsthand its convenience, quality and improved access to care. Millions of people are now conditioned to incorporate telemedicine into their care journey,” said he.
“With our users being able to connect directly to a doctor in less than a minute and having their problem resolved 83% of the time on our platform, we consistently see a patient satisfaction rate of 95%. With these numbers, we expect a high level of telehealth Use to stay after the pandemic subsides. “
(Image source: cirrusmd.com)