June 23, 2020
DispatchHealth, a provider of tech-enabled in-home health care, today announced the closing of $135.8 million growth capital financing. The Series C round was led by Optum Ventures and included participation from existing investors Alta Partners, Questa Capital, Echo Health Ventures, new investors Oak HC/FT, Humana Inc. (NYSE: HUM) and additional strategic investors.
This investment in DispatchHealth's comprehensive in-home care model is more pertinent than ever. For millions of patients with high medical and high social needs, DispatchHealth's services are a lifeline that provides high acuity, lower cost medical care with improved clinical outcomes. The additional funding enables DispatchHealth to help even more vulnerable, high-needs patients by growing in existing markets, expanding to new markets, and launching additional services.
DispatchHealth gives patients an alternative to brick and mortar health care. Expert clinicians designed the DispatchHealth model to translate the skillset typically found in an emergency room or in a hospital, where patients are treated in the context of their unique social situation.
Patients and their care partners can request DispatchHealth medical care via phone, mobile app or website, and a medical team arrives within two hours equipped with tools and equipment needed to perform high-acuity medical care. Whether a patient is dehydrated and requires IV fluids, has a laceration needing repair, or requires higher-level interventions for asthma, chronic obstructive pulmonary disease or congestive heart failure exacerbations, DispatchHealth arrives prepared to handle a wide array of high-acuity cases.
"Approximately a third of the cost of the U.S. health care system is devoted to facility-based care delivery, such as emergency rooms, hospitals, and post-acute facilities," said Dr. Mark Prather, CEO and Co-Founder of DispatchHealth. "For seven years, our care model and technology platform have demonstrated lower costs and improved outcomes by delivering care safely in the home. Adoption has consistently grown, and our Net Promoter Score of 95 across our first 160,000 patient visits indicates high satisfaction. We appreciate the support of investors, and look forward to working with them to continue executing on our transformational vision."
DispatchHealth collaborates with large health systems, provider groups, and major insurers across the U.S. to focus on individuals with high medical and social needs whose care and quality of life greatly benefit from in-home care. This includes the majority of Commercial, Medicare Advantage and Managed Medicaid plans, as well as traditional Medicare and Medicaid.
"DispatchHealth is extending health care beyond traditional facilities to the most accessible environment of all: the patient's home. We are excited to continue partnering with DispatchHealth to drive value and outcomes for the industry," said Larry C. Renfro, Managing Partner of Optum Ventures.
"Delivering patient care, especially to those with high-acuity needs, should be seamless, integrated, and immediate. DispatchHealth's technology platform combined with their adept medical teams on the front lines uniquely positions the company to deliver the right care, at the right time, in the comfort of a patient's home when they need it most," said Andrew Adams, Co-Founder and Managing Partner of Oak HC/FT.
"Home is increasingly the place where people prefer to receive their care. This is especially true for older adults with multiple chronic conditions. We believe DispatchHealth's clinical delivery model can improve the overall patient experience and health outcomes by allowing people to remain comfortable at home while also empowering the medical team to more easily identify patient needs than they can in a clinical setting," said Susan Diamond, Segment President, Home Business of Humana.
DispatchHealth offers acute, extended, and advanced care services to treat simple to complex injuries and illnesses in more than 19 cities from coast to coast and is rapidly expanding to new cities across the country. DispatchHealth is open seven days a week, 365 days a year, including holidays. For more information, visit DispatchHealth.com.
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