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The funding announcement comes as the deadline nears for complying with the Centers for Medicare and Medicaid Services (CMS) interoperability rule, which adds a Condition of Participation (CoP) requiring hospitals to share ADT electronic event notifications (e-notifications) with other providers whenever patients have inpatient or emergency department care events
FREMONT, CA: Care collaboration and e-notifications platform PatientPing secured USD 60 million in a Series C funding round co-led by Andreessen Horowitz, F-Prime Capital, GV (formerly Google Ventures), and Transformation Capital, with additional participation from existing investors. The latest round of investment takes the company's total raised capital to over USD 100 million. Powered by the nation's largest network of Admission, Discharge, Transfer (ADT) data, PatientPing connects thousands of healthcare providers and health plans across the continuum of care.
[vendor_logo_first]"Patients often receive care from many providers, and when they work together, care is safer and better," said Jay Desai, PatientPing's CEO. "PatientPing is committed to delivering the innovative products needed to support every patient and their full care team with real-time awareness into patients' treatment. With CMS recognizing this need through their CoP, we're excited to accelerate the growth of our national network that makes it easy for any two or more providers to collaborate anytime a patient is receiving care." Proceeds from the investment round will be used to fuel expansion to new geographies and extend capabilities.
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The funding announcement comes as the deadline nears for complying with the Centers for Medicare and Medicaid Services (CMS) interoperability rule, which adds a Condition of Participation (CoP) requiring hospitals to share ADT electronic event notifications (e-notifications) with other providers whenever patients have inpatient or emergency department care events. This approach was pioneered PatientPing nearly seven years ago with its Pings solution. The investment round also comes amid the COVID-19 pandemic. When sharing real-time information about patients' care encounters across providers and settings, it is critical to ensure better, safer, and faster treatment and care transitions for infected and recovering patients.
"It's been exciting to watch PatientPing steadily expand its geographical reach and technology capabilities to impact millions of patients nationwide positively," said Julie Yoo, General Partner at Andreessen Horowitz. "Their platform plays such a critical role in the transition of patients between sites of care and eliminates one of the major blind spots in our fragmented healthcare system by longitudinally tracking a patient's care journey across all encounters. With the favorable regulatory tailwinds and the need for more resilient care delivery infrastructure coming out of the COVID crisis, PatientPing is well poised to continue leading the market in its quest to achieve better coordination of care."
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