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Collective Medical Secures $47.5 Million in Series A Funding

Kleiner Perkins-led investment to fuel enrichment and expansion of Collective Medical’s care team collaboration network

SALT LAKE CITY, UTAH —NOVEMBER 14, 2017Collective Medical, delivering the nation’s largest network for care collaboration, has secured $47.5 million in Series A funding. The investment, led by Kleiner Perkins, will be used to expand and advance the company’s care team collaboration network accelerating efforts to drive better patient outcomes nationwide.

Bessemer Venture PartnersMaverick VenturesKaiser Permanente Ventures, Providence VenturesPeterson Ventures, and Epic Ventures also participated in the round.

Utah-based Collective Medical, which has been bootstrapped for eight years, has quietly developed the nation’s largest network for real-time care collaboration. Collective Medical’s technology addresses the full continuum of care in support of many of the country’s most vulnerable individuals—patients with complex needs that are not met at any single point of care. By unifying providers and payers through real-time information alerts, patient context, and collaborative care planning, Collective Medical empowers care teams to identify patients with complex needs and help them get the care they need, when they need it, from those best positioned to deliver it. Collective Medical’s approach has been proven to reduce avoidable emergency department (ED) visits and hospital readmissions, ease transitions of care, and eliminate unnecessary risk and friction from care delivery.

“We’re putting collaboration at the heart of the solution to a fragmented healthcare system,” says Chris Klomp, CEO of Collective Medical. “Our job is to connect care teams. By arming providers and payers with real-time insights and a platform to seamlessly collaborate across organizations and care settings, we ensure patients don’t slip through the cracks.” Klomp adds that, “we are beyond excited and grateful to be joined by such an extraordinary group of investors who share our vision for further enriching and expanding our network to help care teams provide the most effective care possible.”

Collective Medical is engaged with every national health plan in the country, hundreds of hospitals and health systems, and tens of thousands of providers and care managers including those in emergency departments, primary care practices, skilled nursing facilities, home health agencies, emergency medical services, and mental and behavioral health organizations. Collective Medical’s network has visibility across 13 states, with an additional 10 states expected to go live in 2018.

“Event notification systems (ENS) and care coordination applications have historically struggled to provide actionable information to providers at the point-of-care” says Noah Knauf, partner at Kleiner Perkins. “Collective Medical is the first technology we’ve seen that allows the providers and payers in a local healthcare system to efficiently collaborate, delivering significantly better outcomes through risk analytics, real-time notifications, and shared care planning tools. Supporting this team is a rare opportunity to be a part of something that is meaningfully changing the way care is delivered in this country.”

Collective Medical improves outcomes and lowers costs on an impressive scale. In a Brookings Institution review of Medicaid patients who visited emergency rooms in Washington State, Collective Medical’s network and EDIE application—allowing actionable, real-time coordination across organizations—was one of the core strategies for lowering the number of ED visits by patients with patterns of high ED utilization. By partnering with Collective Medical to focus on these patients, Washington State reported $34 million in savings in emergency costs and a decline of 9.9 percent in emergency department visits in its first year of use in 2013.

Similar results have been experienced across the country. “Collective Medical has been an integral part of our hospital system’s efforts to coordinate care for patients with complex needs,” says Dr. Maria Raven, MPH, MSc, a practicing emergency medicine physician and health services researcher and an associate professor of emergency medicine at UCSF. “With our partnership, we’re collaborating on our at-risk patients’ social determinants as well as curbing the opioid epidemic.”

Mitigating the opioid epidemic is a single but timely demonstration of the power of the Collective Medical network. Using the company’s partnership with Washington State as an example, care team collaboration and coordination through Collective Medical has reduced opioid prescriptions coming out of the ED by 24 percent since the program’s inception.

A recent evaluation of Collective Medical’s impact throughout the state of Oregon, conducted by the Oregon Health Leadership Council, found a promising downward trend in ED visits by patients with history of high ED utilization during a three-year period. As a participant in this evaluation, Kaiser Permanente Northwest initially used Collective Medical’s EDIE application to identify and collaborate on care plans for a group of approximately 363 patients with complex clinical and social challenges who visited the ED more than six times in six months. Over the three years of this program Kaiser has seen a 42 percent reduction in ED visits and a 47 percent reduction in inpatient admissions for those individuals enrolled in this program.

Collective Medical will use the funding to expand and advance its network with the goal of empowering care teams across the country to provide patients with the most effective care. As a part of this effort, Collective Medical plans to expand its leadership team and scale its engineering, clinical support, sales and marketing organizations. The company anticipates hiring more than 100 additional team members in the next 12 – 18 months, with the majority based in its Salt Lake City headquarters.

Collective Medical is endorsed as a best practice for emergency medicine by the American College of Emergency Physicians. The company has been recognized by Inc. Magazine and by the MountainWest Capital Network as one of Utah’s fastest growing companies.

Learn more about Collective Medical’s impact at www.collectivemedical.com

ABOUT COLLECTIVE MEDICAL 

Collective Medical empowers care teams to improve patient outcomes by closing the communication gaps that undermine patient care through seamless collaboration. With a nationwide network engaged with every national health plan in the country, hundreds of hospitals and health systems and tens of thousands of providers—including hospitals, emergency departments, skilled nursing facilities, primary care providers, mental and behavioral health clinics, and others—Collective Medical’s system-agnostic platform is trusted by healthcare organizations and payers to identify at-risk and complex patients and facilitate actionable collaboration to make better care decisions and improve outcomes. Based in Salt Lake City, Collective Medical is proven to streamline transitions of care, improve coordination across diverse care teams, and reduce unnecessary hospital admissions. Learn more at www.collectivemedicaltech.com and follow us on TwitterFacebook, and LinkedIn.

ABOUT KLEINER PERKINS

Kleiner Perkins partners with the brightest entrepreneurs to turn disruptive ideas into world-changing businesses. With $10 billion raised through 20 venture funds and four growth funds, the firm has invested in over 850 companies including pioneers such as Google, App Dynamics, Amazon, Flexus Biosciences, Nest, Waze, Twitter, JD.com and Square. Kleiner Perkins offers entrepreneurs years of operating experience, puts them at the center of an influential network, and accelerates their companies from success to significance. For more information, visit http://www.kpcb.com and follow us @kpcb.

November 14, 2017 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

DocuTAP Secures $11.9 Million in Series B Funding Led By Bessemer Venture Partners

Sioux Falls, S.D. (May 2, 2013) – DocuTAP, a Sioux Falls, South Dakota-based provider of an integrated EHR (electronic health records) and practice management technology for urgent care providers, announced today it has raised $11.9 million in Series B funding from global venture capital firm Bessemer Venture Partners (BVP). DocuTAP’s existing financial partner, Bluff Point Associates (BPA), also participated in the round. DocuTAP will use the proceeds to increase their market presence, accelerate sales, and bolster their technology in the fast-growing urgent care marketplace.  DocuTAP has already experienced tremendous growth over the past twelve months and has tripled its workforce to better support and develop its platform and services.

Founded in 2000, DocuTAP offers EHR and practice management software to digitalize urgent care clinic processes, removing the need for manual paper documentation by administrators, nurses, and physicians. DocuTAP’s distinguishing feature is its easy-to-implement, web-based platform which can be used directly on mobile tablets. Streamlining patient care and physician efficiency, DocuTAP offers customizable templates, automated analytics, and valuable reporting information. DocuTAP also offers convenient revenue cycle services for billing and collections.

“The DocuTAP team and I are excited to welcome Bessemer to the family,” said Eric McDonald, Founder and CEO of DocuTAP. “Bessemer has a proven track record of working with fast growing technology companies that are both innovators and leaders in their respective fields. This funding is a testament to our company’s commitment to client success and passion for delivering innovative healthcare solutions.”

“Urgent care is one of the fastest growing sectors within the healthcare marketplace and we are excited to be investing in DocuTAP, the leading EHR and practice management platforms serving the urgent care market,” said Steve Kraus, partner at Bessemer Venture Partners. “Bessemer’s history of successfully investing in both vertical SaaS solutions and healthcare companies gives us the unique knowledge and expertise to help Eric and the DocuTAP team to continue to build on the platform.”

About DocuTAP

DocuTAP provides urgent care practices with an innovative approach to workflow management. Its flagship product, DocuTAP’s EHR and Practice Management software, fully integrates practice management and electronic health records capabilities in one complete system. DocuTAP software features automated and customizable tools that enhance healthcare providers’ ability to deliver and manage patient care. Our experienced, knowledgeable staff is committed to improving the delivery of high-quality healthcare. For more information, call (877) 697-4696 or visit www.docutap.com.

About Bessemer Venture Partners

With $4.0 billion under management, Bessemer Venture Partners (BVP) is a global venture capital firm with offices in Silicon Valley, Cambridge, Mass., New York, Mumbai, Bangalore and Herzliya, Israel. BVP delivers a broad platform in venture capital spanning industries, geographies, and stages of company growth. From Staples to Skype, VeriSign to Yelp, LinkedIn to Pinterest, BVP has helped incubate and support companies that have anchored significant shifts in the economy. More than 100 BVP-funded companies have gone public on exchanges in North America, Europe and Asia. See www.bvp.com or follow BVP on Twitter: @bessemervp

About Bluff Point Associates

Bluff Point Associates is a private equity firm based in Westport, Connecticut. Bluff Point actively invests in information services companies supporting the banking, trust, securities, retirement and wealth management sectors of the financial services industry, as well as the healthcare information services sector. Bluff Point’s team collectively has decades of experience in recognizing a company’s growth potential and working with its management to reach that potential. For more information, visit www.bluffpt.com/.

May 31, 2013 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.