This morning, Hello Health, a Patient Management Platform developed to improve communication between patients and physicians, announced an additional $10M in investor funding. Over the past two quarters, Hello Health has experienced tremendous growth attracting investors compelled by Hello Health’s unique business model. As more attention is paid to the hospital IT networks, Hello Health addresses an underserved physician population: the independent primary care providers.
Hello Health achieved this latest round of funding from investors as a result of an increased interest from independent primary care physicians looking to transition to an electronic medical record, but lacking the financial capital and office resources to make the transition.
With the price tag of EHRs in the tens of thousands of dollars, Hello Health offers a disruptive business model for practitioners. Rather than the standard practice, where MDs pay upwards of 35K to implement an EHR, Hello Health provides this Platform to physicians at NO COST. Moreover, the Platform generates incremental revenue for doctors through a patient subscription model.
Hello Health Inc. Secures $10M in Financing
Major funding invests in technology that creates revenue stream via Patient Management Platform
NEW YORK CITY (February 28, 2012) – Hello Health® announced today that it has raised $10M in a combination of common and preferred shares, and issuance of convertible debentures through its parent company, Myca® Health. This equity capital was privately funded by a select group of investors.
For years, physicians have experienced revenue reductions and, more recently, declining patient visits and must now look to ‘market their practices’ beyond quality of care to include: secure online communications that improve information and care team access, and provide greater convenience for patients. Hello Health is a Patient Management Platform that allows independent primary care physicians to transition from paper to electronic medical records and to provide a patient health portal through a subscription-based plan. Patients pay a small fee for the ability to schedule appointments, request lab results, renew prescriptions, share medical information and communicate (via HIPAA-compliant email, instant messaging and video consults) with their doctors and medical health professionals. The Hello Health Patient Management Platform was developed to provide an improved revenue stream for physicians while also enhancing patient engagement and providing better time and workflow management, all of which combine to strengthen the independence and sustainability of a practice.
“This latest round of financing shows support for our mission: to empower physicians seeking to provide the best care for patients while maintaining their independence as practitioners. With the robust Patient Management Platform of Hello Health, it is clear that we can revolutionize the current practice business model by addressing dwindling revenue and untapped patient engagement,” said Nathanial Findlay, founder and chief executive officer of Myca Health, parent company of Hello Health. “The initial acceptance of Hello Health’s offerings, through word-of-mouth discussions among physicians, and this latest funding, enables us to increase awareness and continue to advocate for the independent physician.”
“We are pleased with the progress Hello Health has made,” said Anna Haghgooie, managing director of Sandbox Industries, exclusive fund manager of BlueCross BlueShield Venture Partners, a $300 million corporate venture fund sponsored by BlueCross and BlueShield Plans. “With Hello Health, Myca has developed what could be the operating system that powers the primary care practice of the future.”
“Hello Health makes every aspect of what I do easier,” said Gary Leeds, M.D., a Manhattan-based independent primary care physician. “From e-prescribing to reviewing records to scheduling appointments, this Patient Management Platform offers a unique set of unmatched benefits and is rapidly helping us achieve our goal of a cloud-based patient management solution.”
About Hello Health Inc.:
New York City-based Hello Health Inc. is dedicated to transforming primary care by connecting patients and physicians through technology. The company’s Hello Health Patient Management platform integrates an electronic medical record, practice management capabilities and a patient health portal on a single, secure platform. Hello Health is free to primary care practices and generates incremental revenue through a patient subscription model. A subsidiary of Myca Health Inc., Hello Health is collaborating with Qualcomm Life, Inc. and seeks to expand the company’s strategic partnerships with leading organizations that look for innovative solutions to connect patients and physicians. Learn more at www.hellohealth.com.
