Goldman Sachs, Texas Health Resources back eVisit’s $45M round to scale virtual care for health systems

eVisit has closed on $45 million in Series B financing that it plans to use to expand its virtual care platform for large health systems.

The growth equity arm of Goldman Sachs Asset Management led the round. Other investors included Texas Health Resources, Tom Burton and Steve Barlow—co-founders of Health Catalyst—and existing insiders.

The Phoenix-based virtual care company is in the midst of increasing its staff and has seen rapid growth sparked by demand for virtual care services from large healthcare companies as Banner Health, Texas Health Resources Group and Concentra.

eVisit has achieved 234% revenue growth over the past 12 months, according to executives.

“eVisit considers management of remote encounters to be one central aspect of end-to-end care,” said Bret Larsen, eVisit co-founder and CEO, in an email. “We’re expanding our footprint outward from there. One of those expansions is in care navigation, helping patients find the right point of care for any situation, gathering all the right information at the right time, and then equipping healthcare providers with that information in the right ways for the right mode of care.”

RELATED: Hospital telehealth visits leveling off at 10%-20% of appointments as claims hit lowest level since pandemic

Founded in 2014, eVisit started with the goal to simplify the way healthcare organizations deliver care to their existing patients.

eVisit separates itself from the broad spectrum of telehealth startups by being “the only enterprise-grade telehealth solution on the market that doesn’t compete with its own customers,” he said.

“And it’s the only solution with a vision extending to 2050. Buy-in from larger healthcare organizations comes through a combination of current product capabilities, and shared vision for the future," he said.

eVisit, Larsen added, will announce several technological expansions over the next year “through a combination of building, partnering and acquiring.”

In all, eVisit expects to add 100 employees across product, engineering, customer success, marketing and sales.

The new round of financing, Larsen said, “is a testament to the confidence we have built in our end-to-end technology platform, the immense potential embedded in our product roadmap and our alignment with healthcare providers.”

RELATED: Here is how execs from Oscar Health, Intermountain and Cerner say the telehealth boom will change healthcare

Chase Williams, a vice president with Goldman Sachs Asset Management, will join eVisit’s board as part of the deal.

Healthcare providers, Williams said in a statement, are under considerable pressure to modernize their practices while at the same time delivering high-quality care and lower costs.

“Against that backdrop, we expect virtual care to play a more fundamental role in facilitating greater access to quality healthcare and over the last 12 months, eVisit has seen rapid uptake,” he said. “With their pure-tech approach and strong business model alignment with health system customers, we believe the company is extremely well-positioned to capture share.”

Within the last year, large-scale healthcare organization customers have deployed virtual care across practice groups such as primary care, urgent care and mental health and have quickly expanded to more specialties and now see a three-fold return on their investment,” according to Larsen.

 eVisit has raised $75 million to date through series A and series B funding.