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HealthSnap closes $25M Series B amid triple-digit growth

Nancy Dahlberg
Nancy Dahlberg
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The Miami-based healthtech scaleup now with over 400 employees plans to accelerate nationwide expansion and grow product line

By Nancy Dahlberg

HealthSnap, the healthcare technology startup that offers a virtual care platform focused on improving patient outcomes, has been on a growth tear in the enterprise health system market the past year. The homegrown Miami-based growth-stage company specializing in chronic disease management now serves 150 medical groups and health systems, including four of the top 25 systems in the country.

“We grew our business over 500% in 2023,” said co-founder and CEO Samson Magid in an interview with Refresh Miami. “Our objective is to make HealthSnap a brand name for Remote Patient Monitoring and Chronic Care Management for health systems and provider groups across the country.”

To continue fueling their nationwide expansion into large health systems, HealthSnap announced today it has closed a $25 million Series B venture capital round led by Sands Capital, a new investor. Joining the round were new investors Comcast Ventures, Acronym Venture Capital and Florida Opportunity Fund, and existing investors Florida Funders, TGH Ventures, Asclepius Growth Capital and MacDonald Capital. To date, HealthSnap has raised $48.5 million, including a $9 million Series A last May.

“Innovative, Interoperable, and patient-centric solutions like HealthSnap are essential as the number of individuals living with chronic conditions, unfortunately, continues to rise. HealthSnap’s suite of solutions is a win-win for healthcare providers, who continue to show their conviction in providing the programs for their patients,” said Scott Frederick, Managing Partner at Sands Capital, who has joined HealthSnap’s board.

In addition to more national growth, HealthSnap will use the funds for acceleration of its product roadmap.

“One of the main strategic initiatives for us in 2024 is to go from providing our services to actually powering intelligence using predictive analytics for our platform,” Magid said. “If you think about it, we’re collecting data on patients’ health and physiological data between their office visits. We currently collect and monitor over 3 million data points a month from our patient base across the country and our plan this year is to leverage various AI tools to develop different use cases for our services.”

That could be a tool to determine a patient risk score or clinical decision support tools to help a doctor know which care plan will lead to the best outcomes for certain patients or patient populations, Magid said.

Personalized approaches are key because nearly half the US population is living with a chronic condition that requires ongoing monitoring and care between doctor visits. “We’re really excited about the opportunity to leverage the data that we’ve been collecting for the last five-plus years to inform personalized care plans and personalized care delivery in the home,” said Magid, who co-founded the company alongside Chief Product Officer Chase Preston and Dr. Wesley Smith, Chief Scientific Officer.

HealthSnap was founded in 2015, born out of University of Miami research centered on improving patient health through lifestyle and technology. With the healthcare industry increasingly turning to remote care solutions, particularly with longer-term chronic care, HealthSnap launched Remote Patient Monitoring in 2019, added Chronic Care Management services in 2022, and has demonstrated meaningful clinical outcomes across chronic conditions such as hypertension, heart failure, obesity, and Type II diabetes.

Since its Series A announcement last May, the team has grown from about 150 to 408 fulltime employees, Magid said. In the last year, HealthSnap bolstered its leadership team, including adding a VP of Clinical Operations. Magid said the company is hiring, and in Miami that’s particularly for nurse care navigators, patient enrollment specialists, and customer success.

Among its health system partners is UnityPoint Health, the largest health system in the Midwest servicing over 2 million lives. “We believe that it’s the largest remote monitoring and chronic care management deployment in the entire country,” said Magid. “Over 400 primary care providers are using our services at that health system, and over 25,000 patients are enrolled in our services.”

Another partner is Prisma Health of South Carolina, with 150 primary care providers and nearly 10,000 lives enrolled in HealthSnap’s services. And in the last 12 months, Tampa General Hospital, University of South Florida and Mount Sinai are among the health systems that have come aboard. HealthSnap saw over 300% growth in patient programs in the last year.

“We’ve positioned ourselves as the full-service chronic condition management platform for health systems and that’s a testament to our ability to impact patient outcomes,” Magid said. One study posted by the American Heart Association on HealthSnap’s work with Prisma Health and Virginia Cardiovascular Specialists showed that using HealthSnap helped reduce systolic blood pressure by nearly 19 points, beating the average reduction of 3 points in the field, he added.  “We’re getting really meaningful outcomes that are world class and it’s getting a lot of scientific attention nationally.”

Florida Funders, a 6-time investor in HealthSnap, has supported HealthSnap’s scaleup journey led by Magid for 3 ½ years.

  “The team continues to successfully execute, acquiring new health systems and strengthening those existing customer relationships. Improving patient outcomes leads to satisfied physicians, which has resulted in increased hospital system utilization, all leading to HealthSnap’s revenue run rate having increased over 500% in just the last year,” said Ryan Whittemore, Florida Funders’ Chief Investment Officer. 

“We see a large opportunity ahead and believe this team will execute.”

Photo at top of post: HealthSnap Co-Founders, from left to right: Samson Magid (CEO), Chase Preston (Chief Product Officer), Dr. Wesley Smith (Chief Scientific Officer).

READ ABOUT MORE RECENT FUNDING ROUNDS IN REFRESH MIAMI:

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