On heels of 700% annual revenue growth, HealthSnap raises $5M round led by OPKO Health
The Miami startup provides remote patient monitoring for chronic disease management.
Over the last 18 months, patients have experienced the Netflix effect of healthcare. They’ve tried telehealth, they like it and now have come to expect the service.
A Miami startup, HealthSnap, is taking telemedicine a big step further by helping healthcare providers manage their most vulnerable patients’ chronic conditions such as hypertension, diabetes, and heart failure virtually with HealthSnap’s Remote Patient Monitoring solution. Chronic condition management is now ongoing and proactive in the comfort of home – providing a much easier experience for the patient. What’s even better: HealthSnap has been able to demonstrate improved patient outcomes.
Today, HealthSnap announced it has raised $5 million in venture capital funding. The round was led by OPKO Health, a Miami-based biopharmaceutical and diagnostics company led by longtime healthcare entrepreneur Dr. Phillip Frost. Participating in the funding round were existing investors Florida Funders, MacDonald Ventures and Hard Facts, as well new investors W-5 Group and 6nine26. In total, HealthSnap has raised $12.2 million, including a $4 million round in January.
“OPKO Health and HealthSnap have a shared and complementary vision of offering a preventative and patient-centric experience by delivering healthcare services in the home when they are needed most. Their innovative approach to chronic disease management is aligned with our focus of establishing industry-leading positions in large, rapidly growing markets. OPKO’s BioReference and HealthSnap have begun strategic discussion on how they might approach the growing home health market, “ said Frost, Opko Health’s Chairman and CEO.
HealthSnap co-founder and CEO Samson Magid said HealthSnap is supporting thousands of patients across the country for five large enterprise clients, including the Mayo Clinic, and about 50 physicians groups. In the past year, HealthSnap has grown revenues by 700% and tripled its active patient base.
“We’ve evolved with a very rapidly evolving market as well and have become a market leader in remote patient monitoring, care coordination, telehealth and analytics specifically for chronic disease management. We’re very fortunate to provide a much needed solution during a much needed time,” Magid said.
“it’s like a healthcare version of the shift from Blockbuster to Netflix and we’re at the forefront of that right now,” added Dr. Wesley Smith, HealthSnap co-founder and Chief Scientific Officer. When the pandemic arrived and keeping patients home was an obvious clinical need, HealthSnap was prepared because the company launched its RPM solution in 2019 when it saw that was where healthcare was moving, Smith said. “We happened to be right there ready to answer that need,”
HealthSnap was founded in 2015, born out of University of Miami research centered around improving patient health through lifestyle and technology. “We’re staying committed to that we’re going to continue to be on the forefront of this wave of ever-changing technology,” Smith said.
The power of HealthSnap’s platform today goes beyond giving a doctor the blood pressure readings from home, Magid explained. “We have an analytics engine that provides insights into what that means and helps inform the right care decision for that patient. Through that clinical decision-making support and being able to see those outcomes over time, we’ve been able to demonstrate powerful patient outcomes across the board for blood pressure reductions, weight reductions, and overall patient satisfaction.”
HeathSnap, a team of 22, is in growth mode. “We crossed over a million in recurring revenue this year and are fast driving toward $10 million in recurring revenue within the upcoming year,” Magid said. It is currently hiring in sales and customer service and for nurses.
The company plans to use the funding to scale up sales and marketing efforts. It also plans to expand its clinical care management services, now offered in several states, and will continue investing in AI and machine learning tools as it takes remote patient monitoring and virtual care from version 1.0, which is monitor and alert, to version 2.0, which is predict and prevent, Magid said. “We are now in that transition period as we continue to grow our roadmap and our product to predict and prevent, which is where the real power is in virtual care programs.”
That’s why Florida Funders, the state’s most active investing network, is investing again, said Ryan Whittemore, Florida Funders’ Chief Investments Officer. “Healthsnap continues to have exciting growth from a combination of a favorable macro movement towards remote patient monitoring, a dynamic team and best in class service. Florida Funders is proud to continue to support Healthsnap’s growth with this additional follow-on funding.”
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