New investment fuels continued innovation, market expansion, and necessary developments for more complex, higher-value care
LOS ANGELES, MAY 22, 2018 — Heal, the recognized innovator and market-leader in doctor house calls, today announced it has closed $20 million in additional funding, bringing the company’s total capital raised to more than $69 million. The investment comes from Bascom Ventures, Inflection Capital, IRA Capital, RLJ Equity Partners, Trans-Pacific Technology Fund, and others who have now joined Heal’s existing group of investors, which includes Fidelity Contrafund, Jim Breyer, Lionel Richie, and Dr. Paul Jacobs. Heal will use this new capital to pursue new markets, explore new business models, and advance their technology.
“Over the last three years, we’ve re-established unhurried, relationship-based house calls as a gateway for cost controls and improved outcomes throughout the healthcare industry,” said Heal co-founder and chief medical officer, Dr. Renee Dua. “Now it’s time to realize the full potential of Heal to truly reboot the US healthcare system for patients, providers, and payers.”
Since its March 2015 launch, Heal has delivered over 60,000 house calls and driven healthcare cost savings of over $41 million, compared to traditional care alternatives. Already in-network with many PPO insurance plans from all major insurance companies, including Blue Shield of California, Health Net, Anthem Blue Cross, Aetna, United Health Care, CareFirst, and others, Heal is also offered as a health benefit option by many large employers. Heal’s proprietary technology platform lowers healthcare operating costs and bureaucracy by 65 percent, making Heal the first to offer house calls from licensed doctors at in-network rates.
“Heal’s platform uniquely empowers doctors to be doctors – spending their time treating patients rather than typing notes,” said Herb Lin, Managing Partner for Trans-Pacific Technology Fund. “The time Heal doctors spend with patients in their home environment is the fulcrum for enabling patients to lead healthier, disease free lives that dramatically lower healthcare costs too. Since TPTF is based in Taiwan, with leading institutional investors from Asia and Europe, we are extremely excited to work closely with the Heal team in leveraging our infrastructure and relationships as Heal’s added value investor/partner to support expansion plans.”
“I believe in Heal’s vision to improve healthcare through smart technology and committed doctors,” says new Heal investor, Robert L. Johnson, Chairman of the RLJ Companies. “Heal has the potential to be especially effective in lower income and minority communities.”
“We aren’t going to fix US healthcare by cramming more people into waiting rooms or further distancing doctors from patients. The revolution of Heal is in the fundamental change in focus from quantity to quality, delivered by qualified and caring doctors, in your home,” said Heal co-founder and CEO, Nick Desai.
Having recently expanded its coverage area to include Sacramento and the Inland Empire, Heal is now available to over 70 percent of California residents and to most residents in Washington D.C. and Northern Virginia. Heal delivers on-demand or scheduled house calls 8AM to 8PM, 365 days a year. While frequently used for urgent care and routine illnesses, Heal is increasingly being seen as the first choice for primary care by payers, partners and patients alike. By enabling timely care and visits that last up to 28 minutes – 300 percent longer than national average of 13 minutes, Heal contributes to better healthcare outcomes for patients who enjoy personalized care from their doctors, in the comfort of their home or office. Heal now offers comprehensive disease management for the 60 percent of Americans who have one or more chronic illnesses.
Heal is bringing technology innovation to re-humanize the practice of medicine in a way that is fulfilling for doctors and patients alike. Heal believes in making healthcare a more personal and convenient experience by creating a more efficient doctor’s office in your home, that inevitably improves healthcare outcomes. Through the touch of an app or a click on our site, a highly-vetted, qualified medical doctor will arrive at your door within two hours, twelve hours a day, 365 days a year.
Heal is in-network with all major PPO insurance plans in California, and will soon be in-network with insurers across the country. For more information, please visit https://www.heal.com/. Follow us on Twitter, Facebook, or Instagram.
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