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CareSync Completes $18 Million Series B
The leading provider of software and services for chronic disease management, today announced it has secured $18 million in Series B funding. Round participants include the Merck Global Health Innovation Fund (Merck GHI), Greycroft Partners and Harbert Venture Partners, as well as existing investors Tullis Health Investors, Clearwell Group, CDH Solutions and Travis Bond. The funding will help CareSync expand to meet demand for its services-enabled technology platform, strengthening its leading position in the emerging patient-centered care coordination market.
“CareSync’s pioneering approach to patient-centered care puts it in the perfect place to take advantage of a significant market opportunity”
CareSync’s user base has grown 20-fold in the last four months, fueled in part by the Centers for Medicare & Medicaid Services’ (CMS) chronic care management program, which encourages doctors to work with patients between visits. The program has an annual estimated value of $17.25 billion. CareSync’s direct-to-consumer business has also increased due to healthcare consumerization driven by patients wanting greater and more convenient access to their doctors and health information.
In response to the increased demand for its platform and services, CareSync will use the investment to expand its workforce and continue to advance its best-in-class technology. Over the next 18 months, the company plans to hire an additional 500 employees.
“CareSync’s pioneering approach to patient-centered care puts it in the perfect place to take advantage of a significant market opportunity,” said Ian Sigalow, founder and partner at Greycroft Partners. “The company’s commitment to going above and beyond to improve outcomes by connecting patients, doctors and data are qualities we value. We’re pleased to support CareSync and look forward to accelerating its growth as it demonstrates a better way to coordinate care.”
CareSync’s application and services collect, organize and share health information for patients, their doctors and caregivers. Central access to this data makes it easier for patients to manage their health, especially those who have chronic diseases and need to regularly see multiple doctors. CareSync also helps providers collaborate with patients and more easily complete the requirements for Medicare’s chronic care management program so that they can bill CMS for these services.
“Our country spends 86% of its healthcare budget on treating chronic disease, which we could decrease by getting people on the same page about a patient’s care,” said Travis Bond, founder and CEO at CareSync. “That’s why we’re leading the mission to simplify the healthcare experience for everyone involved. With this investment, our team is excited to embark on CareSync’s next chapter of growth as we continue to arm patients and providers with the personalized data they need for better outcomes and lower costs.”
CareSync’s revenue has increased by nearly 100% month-over-month in 2015. As a result, the company continues to expand its platform and now serves more than 100 locations that care for more than 300,000 chronically ill Medicare beneficiaries. CareSync was recently a finalist in the SXSW 2014 Interactive Awards, voted most promising startup at the Healthcare Information and Management Systems Society’s (HIMSS) 2014 conference, selected to participate as one of the innovative startups in TEDMED Hive in 2014 and tapped to present its application on the main stage at Health Datapalooza 2014. In 2015, the White House recognized CareSync’s chief operating officer, Amy Gleason, RN, as one of nine “Champions of Change” for its national precision medicine initiative.