SAN DIEGO – July 14, 2020 – AristaMD, a leading digital eConsult health company that provides proprietary eConsult solutions that connect primary care providers (PCPs) with timely, documented specialist insights, today announced investments from Ascension Ventures, a strategic healthcare venture firm representing 13 of the nation’s leading non-for-profit health systems, and .406 Ventures, a venture capital firm investing in early-stage disruptive enterprise technology and digital health companies. These investments top off the company’s Series B funding round, which was co-led by Cigna Ventures and MemorialCare Innovation Fund, at $24 million. The new capital will be used to accelerate commercial growth as well as continue the expansion of its proprietary eConsult platform supporting payors and health systems across the country.
“Delivering more timely care to patients has become even more crucial during the COVID-19 pandemic and will remain important in the future, as we must reserve precious in-person specialty appointments for those who critically need them,” said Brooke LeVasseur, CEO of AristaMD. “This additional funding will help us accelerate our vision and contribute to shaping a world where all patients have timely, cost-effective access to health care.”
Designed by practicing physicians, AristaMD’s eConsult solution empowers PCPs to expand their scope and collaborate on patient care with a world-class panel of on-demand specialists. AristaMD significantly increases access to appropriate and timely care to improve outcomes and reduce costs.
“With its innovative solution and industry-leading team, AristaMD is positioned to make a considerable improvement in the way health care is delivered,” said John Kuelper, managing director of Ascension Ventures. “AristaMD has built a highly scalable eConsult solution that continues to deliver tangible ROI for health systems and payors, and improves the level of care for all patients.”
The need for eConsults has never been more critical. According to recently published data, since the COVID-19 pandemic started, outpatient hospital visits declined by 31%. Additionally, preventative screenings for cervix, colon and breast cancer have dropped between 86% and 94%, compared to the last three years. With non-emergency, proactive care and elective procedures being canceled throughout the pandemic, there is a backlog of appointments. eConsults will be an effective triage tool now and moving forward to improve access and reduce healthcare strain.
“AristaMD enables patients to efficiently obtain the appropriate level of care when they need it most,” said Payal Divakaran, partner at .406 Ventures. “We’re excited to partner with Brooke, her team and a great group of co-investors to expand the reach of AristaMD’s enterprise-grade platform.”
AristaMD is focused on improving patient outcomes through more timely access to specialty care. Its digital eConsult solution platform provides a telehealth solution that empowers primary care providers with clinical workup checklists and the ability to conduct electronic consults (also known as eConsults or virtual consults) to significantly improve the patient referral process and allow greater access to timely, high-quality care. Designed to seamlessly integrate into physician referral workflows, the platform allows payers and providers to quickly and cost-effectively launch specialist eConsults using their own specialists or those provided by AristaMD’s board-certified panel of experts.
AristaMD’s platform has proven to deliver cost-effective, timely access to specialty care through eConsults, significantly reducing the need for face-to-face visits while increasing patient satisfaction. AristaMD partners with healthcare stakeholders to ensure their success in the transition to value-based care. For additional information, visit aristamd.com, or follow AristaMD on LinkedIn and Twitter.
About Ascension Ventures
Ascension Ventures is a strategic healthcare venture firm with four funds and more than $800 million in capital under management. The firm was launched in 2001 by Ascension, one of the nation’s leading Catholic and non-profit health systems, and today invests on behalf of thirteen of the nation’s leading community health systems. These health system limited partners collectively operate more than 460 hospitals, have 572,000 employees and generate $96 billion in annual revenue. AV collaborates with these partners to identify, invest in, and support strategically aligned private companies that are transforming the healthcare industry and enhancing the experience for patients, their families and caregivers. For more information visit www.ascensionventures.org.
About .406 Ventures
.406 Ventures is a Boston-based early stage venture capital firm investing in healthcare and enterprise technology companies founded by visionary entrepreneurs. The firm was founded in 2005 and has over $1 billion under management across four core and two opportunity funds. .406 Ventures typically leads, or co-leads, early stage investment rounds and will opportunistically invest in later stage rounds around a deep thesis. .406 Ventures’ healthcare theses focus on systems, technologies, and services that improve clinical delivery, with investments in companies such as Abacus Insights, AbleTo, Axial Healthcare, Heartbeat Health, Iora Health, Nomad Health, Redox and WelbeHealth. Learn more at 406ventures.com.