OSF Ventures joined a $43 million Series B investment in Current Health, provider of an at-home monitoring platform that can shorten hospital stays, reduce readmission rates and deliver better patient outcomes. Funding will be used to expand the company’s sales and operations teams globally and increase data collection to enhance its artificial intelligence capabilities.
OSF Ventures, the corporate investment arm of OSF HealthCare, joins the round led by Northpond Ventures, with additional financing from LRV Health, Section 32, MTS Health Partners and existing investors. The funding comes on the heels of Current Health 3,000%+ growth in year-over-year revenue, making them one of the fastest growing health care companies.
Current Health’s platform is designed to care for high-acuity, high-risk patients at home through continuous vitals monitoring, AI-powered smart alerts and integrated telemedicine. Its wearable device is battery-operated and Wi-Fi enabled. Patients have their own app for tablets, with educational content and a customizable chatbot that can capture symptoms and deliver medication reminders.
“We were impressed with Current Health’s breadth of options for supporting patients at home,” said Stan Lynall, vice president, Venture Investments at OSF HealthCare. “We know Current Health is going to fill a significant market demand as hospital systems make the transition to supporting more patients at home. The shift toward at-home care is increasingly important among rural communities needing to implement safe, secure and easy-to-use telehealth solutions as rural hospitals strive to provide expert care with limited resources.”
In 2020, Current Health expanded its ability to identify and predict the onset of disease using the largest of its kind database of human health data. It also launched a partnership with the research arm of the U.S. Department of Health and Human Services to identify and offer early intervention to patients at risk for developing COVID-19.
“We are excited OSF HealthCare is willing to show confidence in Current Health through this investment,” said Chris McCann, CEO and co-founder, Current Health. “Investment by OSF Ventures is further validation that we’ve developed an end-to-end solution that offers a variety of options to support care teams and their patients.
Current Health continues to set itself apart in the virtual care space by including solutions such as options for medication and even meal delivery. Its goal is to help care providers treat patients preventively and at the earliest point, allowing them to live a healthier and longer life.
OSF Ventures specializes in venture optimization, partnering financially and operationally in companies that improve patient outcomes and reduce costs to health care systems. OSF Ventures is a division of OSF HealthCare. More at www.osfventures.org.
OSF HealthCare is an integrated health system owned and operated by The Sisters of the Third Order of St. Francis, headquartered in Peoria, Illinois. OSF HealthCare employs more than 21,500 Mission Partners (employees) in 135 locations, including hospitals – nine acute care, four critical access – and two colleges of nursing. Its physician network employs nearly 1,500 primary care, specialist physicians, and advanced care providers.
OSF Innovation, launched in 2016, is a multidisciplinary innovation center focused on internal and external innovation to solve the largest health care challenges. More at www.osfinnovation.org and www.osfhealthcare.org.
Current Health is the leading enterprise remote care management platform, focused on enabling early, preventive healthcare in order to improve patient health outcomes and reduce the cost of care.The company provides a single point of insight into patient health at home, ingesting data from hundreds of remote monitoring devices – along with patient-reported data and electronic medical record data – to identify and predict the onset and progression of disease. Current Health’s physician-led virtual command center provides 24/7 care management capability and seamlessly integrates with a range of in-home healthcare services to provide a single, integrated solution across the care continuum. Current Health empowers health systems and pharmaceutical companies to tailor healthcare at home to all patient populations.