HealthSnap, a virtual chronic care startup, raises $9M Series A
The startup, now with 150 employees nationwide, is a homegrown #MiamiTech growth story
By Nancy Dahlberg
Prodded by the pandemic, the healthcare industry is increasingly turning to remote care solutions, particularly with longer-term care after the patient goes home and between doctor visits. That’s where HealthSnap comes in. The Miami-based startup provides a virtual care management platform for chronic disease management.
Today, HealthSnap announced a new round of Series A financing totaling $9 million. The oversubscribed round brings HealthSnap’s total funding to $17.1 million to date.
The round was led by Asclepius Growth Capital, an SPV founded by David Jahns, a managing director of Galen Partners, and Steve Cashman, CEO of Caption Health and former CCO of InTouch Health, as well as new strategic investments from current business partners UnityPoint Health and Tampa General Hospital. Existing investors Florida Funders and MacDonald Ventures also participated in this round. As part of the transaction, Jahns has joined HealthSnap’s board of directors.
The new funding comes as virtual care management programs have increasingly become a top priority for premier health systems and physicians groups across the country. The funding will help support HealthSnap’s national expansion of its care management services team to support rapid health system adoption.
“We’re in a really exciting time in the industry where there’s a rapidly aging and chronically ill population that desperately needs the services that we provide,” HealthSnap co-founder and CEO Samson Magid said in an interview with Refresh Miami. “Health Systems are looking for ways to remotely monitor and manage these patients and they need extensions of their current teams as they’re dealing with nurse staffing challenges and burnout. We have a very unique opportunity right now to help a tremendous amount of people.”
HealthSnap was founded in 2015, born out of University of Miami research centered around improving patient health through lifestyle and technology. Today, the startup offers its white-labeled tools to hospitals and health systems on a per-patient, per-month basis and has about 100 customers ranging from top 25 health systems to private physician groups in dozens of states.
“We’re going to continue to stay focused on our mission and look to partner with as many progressive health systems as we can around the country to continue furthering our impact nationally,” Magid said.
HeaalthSnap, which last raised $5 million 18 months ago, has grown its revenue by over 320% in the last year. By other metrics also, “we’ve been consistently growing 300% to 400% year over year, and that growth is accelerating into 2023 right now,” Magid said.
The team has more than tripled its number of active patient programs and demonstrated meaningful clinical outcomes across various chronic conditions such as hypertension, heart failure, obesity, and Type II diabetes, the company said. HealthSnap successfully expanded its hallmark Remote Patient Monitoring to include a new and complimentary Chronic Care Management solution within the last year.
To support all this growth, the HealthSnap team has grown to 150 full-time employees, that’s up from just 22 in November 2021.
“We continue to be impressed with Samson Magid and the Healthsnap team as they have quickly become the leader in Remote Patient Monitoring (RPM) and Chronic Care Management (CCM) with the leading US hospitals. When you can provide better patient care, that leads to better outcomes while massively improving healthcare financial efficiency, we believe that is a winning formula and the massive hospital systems adopting Healthsnap are a great testimony to the technology,” said Florida Funders General Partner Ryan Whittemore.
HealthSnap will be using the new funding to do more hiring, particularly for clinical operations roles such as nurses and nurse managers across the nation, and for R&D development, Magid said. “We’re already starting to incorporate some artificial intelligence and machine learning into our platform and our roadmap is starting to move toward incorporating more predictive intelligence into our remote monitoring and chronic care management solution.”
Tampa General Hospital became a customer last year and is now an investor in HealthSnap too. “Implementing technology to monitor our patients from the comfort of their own home can be a highly effective way to avoid costly and unnecessary return visits to the hospital, while vastly improving our patients’ satisfaction and ability to manage their care remotely. Our partnership with HealthSnap to manage patients’ care more effectively from home is an important part of that effort,” said Rachel Feinman, Tampa General’s mice president of Innovation and managing director of TGH Innoventures.
Follow Nancy Dahlberg on Twitter @ndahlberg and email her at ndahlbergbiz@gmail.com
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