At-home healthcare was a growing trend before the COVID-19 pandemic, but the current health crisis has only accelerated the shift to delivering more care outside of the hospital.
Current Health, an enterprise remote care management platform, has seen tremendous growth during the pandemic. The company reported 3,000% year over year revenue growth and 400% growth in new customers, including Mount Sinai, Geisinger Health and the UK's National Health System.
The company, which launched in Scotland in 2015 and now has offices in Boston, pulled in $43 million in series B financing from top healthcare and pharmaceutical venture capital investors.
The round was led by Northpond Ventures with additional financing from LRVHealth, OSF HealthCare, Section 32, Elements Health Ventures and existing investors.
Andrea Jackson, director at Northpond Ventures, and Tripp Peake, general partner at LRVHealth, will join Current Health’s board of directors.
“In the next 5 years, we’ll see a majority of healthcare services delivered in a patient’s home, with the hospital reserved for intensive care, trauma and surgery,” said Chris McCann, CEO and co-founder of Current Health, in a statement.
To make this shift, healthcare providers must move away from point solutions and develop system-wide strategies to deliver care at home, McCann said.
Current Health built a technology platform to serve as a "mission control" to manage patient care at home. The company's platform provides a single point of insight into patient health at home, ingesting data from hundreds of remote monitoring devices – along with patient-reported data and electronic medical record data – to identify and predict the onset and progression of disease, the company said.
The company has secured three U.S. Food and Drug Administration 501(k) clearances for its platform.
Current Health’s physician-led virtual command center provides 24/7 care management capability and integrates with a range of in-home healthcare services, such as blood tests, durable medical equipment and meal delivery.
The company’s platform is used by many leading health systems to monitor and manage patient care at home as well as major pharmaceutical companies, such as AstraZeneca, to move delivery of complex therapy into the home and support home-based drug trials.
“It’s rare to see a company successfully execute across both healthcare delivery and drug delivery—this is what makes Current Health so special,” Northpond Ventures' Jackson said in a statement. “As healthcare moves into the home, pharmaceutical companies are developing new models that go beyond the pill and enable greater delivery at home with fewer side effects at lower cost. Current Health’s proven track record of delivering across both pharma and health systems makes them the perfect company to bridge this gap.”
With the growth of alternative payment models, expansion of fee-for-service reimbursement and consumer demand for virtual care at an all-time high, moving healthcare services into the home has become a strategic imperative for health systems and pharmaceutical companies alike, according to the company.
"Home health took a giant leap forward over the past year, and while the pandemic accelerated adoption it was also a big learning experience that helped expose gaps in virtual care delivery,” said Peake in a statement.
“There are so many technologies to address different aspects of virtual care and the pace of innovation continues to pick up," Peake said, noting that what’s missing is what Current Health provides—the glue to hold it all together.
"The Current Health team has been working on this challenge for years—well before the pandemic—and has a mature platform that can help manage patients across therapeutic areas, up and down the acuity ladder. It’s a platform that can enable transformational growth for health systems," he said.
Stan Lynall, vice president of venture investments at OSF HealthCare, said the health system was looking for a single platform to deliver care at home across an entire patient population and the entire care continuum.
"Current Health has that potential to bring everything together in one place and we are very excited to partner with them," Lynall said.