The investment will further Validic’s mission of improving the quality of life by making personal health data actionable and accelerate the full integration of personal health device data into the electronic health record.
Validic Inc., a market-leading digital health and remote care company devoted to its mission of improving the quality of life by making personal data actionable, today announced it closed a $12 million financing round led by Kaiser Permanente Ventures, a national strategic healthcare investment program focusing on solutions that meaningfully improve quality, service and affordability for patients, providers, healthcare delivery systems, and the larger community. The company received participation from existing and new investors including Arkin Digital Health, Green Park & Golf Ventures, Ziegler, Gore Range Capital, Greycroft Partners, and SJF Ventures.
Validic’s financing comes on the heels of broader efforts to protect improved healthcare access made possible through digital technologies, including proposals to extend telehealth flexibilities beyond the COVID-19 Act. The global remote patient monitoring market is valued at $1.5 billion in 2022 with a CAGR of 20% from 2022 to 2030, bringing the revenue forecast in 2030 to $6.7 billion.
“With the rapid growth of digital health technologies, people expect a more personalized, engaging and convenient experience with healthcare providers,” said Validic CEO Drew Schiller. “Blending in-person and virtual care modalities, as well as incorporating personal health data and devices into the standard of care, enables greater collaboration, better care, improved patient satisfaction, and care team efficiency.”
“Validic’s proven remote care technology and infrastructure make this an easy and seamless experience for providers and patients, and can be deployed on a national scale,” continued Schiller. “We are incredibly fortunate to have investors like Kaiser Permanente Ventures and others who share our mission of improving the quality of human life by making personal data actionable.”
Validic will use the newly-raised capital to continue investing in its digital health and remote care platform, which has set the standard for EHR integration of digital health data alongside existing clinical data within the clinician workflow, ensuring the most complete and up-to-date patient health data is always available. As part of its EHR integration strategy, Validic recently teamed with Oracle Cerner to bring its technology to Cerner Millennium® clients. Leading healthcare organizations use Validic’s solutions to deliver high-touch and personalized chronic condition management, remote care, and support for healthy living.
Validic’s platform is the only remote care and chronic condition management solution on the market that can easily scale to entire populations without additional staff or resources because its clinical workflow integration gives providers access to remote care data and clinical escalations without changing how they work. A client survey found that 88% of physicians said Validic’s embedded EHR remote care solution saves them time.
“Validic has been and continues to be an important part of Kaiser Permanente’s efforts to improve quality of care for our 12.6 million members in a way that is more convenient, accessible, and affordable,” said Chris Stenzel, executive managing director for KP Ventures. “We are proud to lead this latest funding round, which will help us continue to deliver technology and tools for health promotion, disease prevention, state-of-the-art care delivery, and world-class chronic disease management.”
Here are some important facts about Validic:
- Founded in 2010, Validic built the world’s largest healthcare IoT platform to transform personal data into insights and actions that improve healthcare delivery.
- The platform has 540+ supported devices, including Accu-Chek, Apple Health, Dexcom, FitBit, Garmin, Google Health, iHealth, Misfit, Omron, Samsung Health, Strava, Withings, Zewa, and more, with more than 15 billion annual data transactions
- Validic supports the largest remote patient monitoring program in the country, with more than 250,000 enrolled patients since inception and 6,000 referring providers across commercially insured and Medicare populations.
- Validic’s programs demonstrate improved health outcomes, engagement, and efficiency:
- 1.2 A1C reduction for type 2 diabetes population within the first 90 days
- 12% systolic blood pressure reduction for hypertension patients within first 45 days (stage 2 to normal)
- 76% of patients engaged and reporting readings twice per day after 90 days in the program
- 75% of patients report feeling they receive better care while enrolled
- 88% of enrolling clinicians say the program saves them time
- 63% decrease in clinician/patient call time (15 minutes to 5.5 minutes)
Visit AITechPark for cutting-edge Tech Trends around AI, ML, Cybersecurity, along with AITech News, and timely updates from industry professionals!
