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DexCare raises $75M to grow its care access platform

Republished By Plato
Republished By Plato

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The company has now raised $146 million in funding

Over 100 million Americans face some kind of barrier to getting care, which can be attributed to rural hospital closures and physician shortages. On top of that, health systems are confronted with rising costs that outpace growth, and a digital-care experience that falls short of post-pandemic consumer expectations.

DexCare is a healthcare access intelligence company that was created as an environment where all patients can get the best treatments and care. It does this by combining digital health applications and interoperable operating systems so that health systems and providers can deliver care that is targeted, cost-effective, and personalized.

On Wednesday, the company revealed that it raised a $75 million Series C funding round led by ICONIQ Growth, along with participation from existing partners Transformation Capital, Kaiser Permanente Ventures, Define Ventures, Frist Cressey Ventures, and SpringRock Ventures. This round brings the company’s total funding raised to $146 million, including two oversubscribed rounds closed in less than two years.

In conjunction with the new round, Caroline Xie, general partner at ICONIQ Growth, has joined the board of directors at DexCare.

“Accessing quality care is a two-sided problem, and DexCare has built a solution that addresses both sides of this equation,” Xie said in a statement.

“On the front-end, DexCare’s platform makes finding care as easy as ecommerce. On the back-end, it helps health systems optimize and unlock capacity, which is ultimately better for patient care and more sustainable for health systems.”

Spun out of Providence Health in March 2021, DexCare provides a Platform-as-a-Service for health systems that works across all care settings and modalities, including on-demand virtual visits, scheduled in person visits, urgent and retail care, primary care, and even some specialties.  

The company offers demand generation technologies, which attract and curate audiences to health systems’ digital front doors by making their delivering digital care more discoverable by patients online; it also offers intelligent navigation technology, which leverages the company’s understanding of patient needs and wants, which is combined with provider information and health system objectives in order to ensure consumers are presented with the safest, and best, care options.  

Finally, DexCare offers optimization technologies, which automatically allocate health system resources when and where they can be most productively employed. The company does this by matching them to consumers when and where they need care.  

DexCare is currently used by health systems across the U.S., including Kaiser Permanente, Providence, Houston Methodist, Community Health Network, Froedtert Health, and others. It now reaches more than 57 million patients across all 50 states. Since spinning-off, DexCare has boosting new-patient bookings 30%, diverting 350,000 emergency-room hours and increasing downstream revenue eightfold. 

The company says it will use the new funding to advance its platform, which extends limited health-system capacity to serve patients faster and to precisely manage the supply and demand of digital-care access. 

“We’re just emerging from an unpredictable moment in history that cast a spotlight on a strained U.S. healthcare system,” said Derek Streat, CEO of DexCare, in a statement.

“The trauma caused on the frontlines, as health systems rushed to care for their communities, stressed an already high level of provider and nurse burnout. The pandemic taught us that consumers want convenience and choice, and that health systems need controls to manage the supply of care – DexCare delivers both.”

(Image source: dexcare.com)

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