Series A Funding to Fuel Growth of Technology Platform and Services for Self-Funded Employers
AUSTIN, Tx. (June 26, 2019) (PRNewswire) — Remedy, a provider of transparently priced and easily-accessible healthcare services, announced today that it has raised $10 million in Series A financing to support the company’s ongoing rapid growth, expand its technology platform and enhance its business offering for self-funded employers. Remedy is simplifying the pathway to urgent and primary care through a combination of its proprietary technology-enabled telemedicine portal, modern house call doctor visits and walk-in clinics.
The round was led by Santé Ventures. Dr. Joe Cunningham, M.D., a nationally recognized expert in healthcare delivery systems and Doug French, a Fellow in the American College of Healthcare Executives who has published and spoken extensively on healthcare collaboration and reform, both of whom are Managing Directors at Santé Ventures, will join Remedy’s Board. Investments will go toward maximizing talent recruitment, supporting technology platform enhancements and expansion.
“We instantly connected with Santé’s values,” said Dr. Jeremy Gabrysch, Founder and CEO at Remedy. “The relationships and expertise Santé brings as physicians, former chief executives of large healthcare systems and early and steadfast investors in companies that are revolutionizing healthcare is invaluable. More than anything, we share a passion for better quality and access for patients.”
According to Truven research, as many as 71% of emergency department patients are seen for conditions that could be handled at non-emergency facilities. Remedy aims to change access and awareness for Texas residents, many of whom seek the ER because of proximity to their home or inability to see primary care physicians outside of normal office hours.
Remedy’s platform has quickly expanded to include 24/7 access to nurse triage, lab test visits and statewide telemedicine. Remedy emphasizes delivering the highest quality service, as fast as possible, at the lowest end-cost to the patient.
“After reviewing numerous telemedicine companies in recent years, we feel confident Remedy can scale beyond traditional primary care delivery and is well-positioned to dramatically lower costs and improve outcomes for high-cost procedures and chronic disease management,” said Cunningham. “The market potential for coordinated care delivery and chronic disease management from a telemedicine platform is the next evolution of this technology.”
Remedy is an on-demand urgent and primary care service focused on innovative delivery of care. Grounded in the belief that patients should not have to choose between quality and cost when it comes to healthcare, Remedy delivers medical care in the form of 24/7 telemedicine and nurse access, lab visits and house calls, for both individual patients as well as large employer clients. Remedy has contracts with many in-network providers including, UnitedHealthcare, BlueCross BlueShield and Aetna. Remedy is headquartered in Austin, Texas. For more information, please visit www.myremedy.com.
ABOUT SANTÉ VENTURES
Founded in 2006, Santé Ventures is a specialized healthcare and life sciences investment firm with over a half-billion dollars in capital under management. The firm invests in early-stage companies developing innovative new medical technologies, biotechnologies and digitally-enabled healthcare services. Since inception, Santé has screened over 5,000 opportunities to make 33 portfolio investments, including Claret Medical (Boston Scientific), TVA Medical (Becton Dickinson), Millipede Medical (Boston Scientific), Molecular Templates (MTEM), AbVitro (Celgene) and Explorys (IBM Corp). Santé invests nationally and is headquartered in Austin, Texas, with additional offices in Houston. For more information, please visit www.santeventures.com.
Justin Jaksha, COO Remedy
Santé Ventures Press and Community Relations
Trevor Gibbons, Prosek Partners (for Santé Ventures)