Omada Health, founded in 2011 to create digital diabetes management programs to prevent at-risk patients from developing complex diseases, has raised $192 million in Series E funding.san francisco company announced Wednesday The latest financing comes from Fidelity Management Research, which has participated in a moon. existing investors keen advisorWellington Management, Civilized enterprise Also contributed along with other unnamed investors.
At early stages, Daejeon Focused primarily on prediabetes and gaining a reputation for nearly constant information, digital, app-based tools require randomized trials to demonstrate clinical validation.This helps the company get great victory, Include Recognized by CDC for its virtual diabetes prevention program.
but even if Evidence is mounting The market is sending another signal about the efficacy of Omada’s digital diabetes prevention and management program. Potential clients – employers and payers – are less and less interested in point solutions, but are keen to have a platform to manage not only their pre-diabetic and diabetic populations, but the various comorbidities they endure .
Not surprisingly, like its competitors, Liongo (now part of Teladoc, also started living in diabetes and expanding into other diseases) Omada Health began to expand its product portfolio to manage other chronic diseases: hypertension, behavioral health and musculoskeletal disorders – the latter, through acquisition. Last year, it started offering Chat-based virtual consultation with a doctor Help people manage diabetes and high blood pressure.
All of these strategic shifts appear to be paying off. If the company is to be believed, it has seen record growth over the past year.
Chief Financial Officer Steve Cook Press Releases“Omada Health now has access to more than 18 million covered lives through our employer and health plan channels, adding more than 3.5 million covered lives through new deals through 2021.”
This growth means the company has to be in hiring mode, and in fact the money raised will be used in part to drive the effort. A portion of the $192 million will also be earmarked for the Omada Insights Lab, which uses data to achieve better outcomes and deliver results to clients.
The data-driven approach has won praise from new investors.
“Omada Health’s commitment to health outcomes and mindset-driven care support is a key differentiator for aMoon in the crowded digital health landscape,” Tomer Berkovitz, general partner at aMoon Fund, said in a statement. “The latest funding round. Underscores our confidence in the Omada team and our strong belief in the company’s platform as a proven solution for multiple chronic diseases.”
The “crowded digital health landscape” is a very apt description of the current chronic disease management market, especially in the area of diabetes. While Omada is undoubtedly one of the pioneers in the field of collecting data from connected devices and creating smartphone-based products to help people with diabetes, there are many companies in the diabetes space alone vying for space under the sun.
pass through LiongoVirtual Nursing and Telehealth Companies Tradock Hope to get a piece of the pie in this market.Despite seeing massive growth when virtual traffic spiked at the height of the pandemic, Teladoc is struggling, at least from a stock price perspective, which is below From February 2021 highs above $265 to now in the $60-65 range. Investors may Spooked by Amazon’s entry into the market. In fact, even after reporting Better-than-expected results on Tuesdaythe stock price fell. [Author owns stock in Teladoc and Amazon]
In the diabetes space, one of Omada’s more direct competitors is Onduo, which on Wednesday made a news announcement about a new partnership with payers. Onduo was originally Created as a joint venture between Alphabet’s life sciences business Verily and SanofiIn 2016, French pharmaceutical companies invested $500 million.But Sanofi left the joint venture in December 2019 following reports that the pharmaceutical company feel overinvested.
Coinciding with Omada Health’s Series E announcement, Onduo announces Pittsburgh headquarters Integrated Care Provider High standard of health A Verily subsidiary has been selected to roll out a virtual care plan to any member over the age of 18 who has been diagnosed with type 2 diabetes. The Onduo team will contact eligible members to participate in the Well360 Diabetes Management Program. Thereafter, the program can be accessed by downloading the Onduo app or by visiting the Well360 Diabetes Management website. This service is free to everyone except those enrolled in Highmark Health’s high deductible plan. The latter must pay out-of-pocket for certain services within the plan until the deductible is reached.
By enrolling in the program, members are assigned a care coordinator to develop an individualized management plan. The coordinator will assist people with type 2 diabetes to continue taking their required medications as prescribed and provide tips on healthy eating and exercise. Other features of Onduo include a virtual health clinic with access to endocrinologists and other clinicians, remote prescribing, and care coordination with primary care physicians.
After registration, patients will receive a smart blood glucose monitor, an at-home A1C test kit, a blood collection device, and unlimited test strips. The smart blood glucose monitor automatically connects with the Onduo platform, so it can track a member’s blood glucose readings and progress to help better manage the disease.
The full implementation of Onduo’s virtual type 2 diabetes management program in the Highmark population follows positive results from the pilot.
According to one study, a full 92% of participating members with a baseline A1C of 9.0% or higher improved their A1C by an average of 2.7 points. Press ReleasesIn addition, members who reported weight loss lost an average of 13.3 pounds, or 5.7% of their initial body weight.
“We believe Well360 Diabetes Management will lead Highmark’s diabetes members to more actively engage – and provide actionable information – in a two-way dialogue with clinicians who can intervene to improve short- and long-term health outcomes,” Dr. Dr. said. Tony Farrah, Executive Vice President, Chief Medical and Clinical Translational Officer, Highmark Health, in a press release. “Removing the fragmentation of healthcare can not only improve traditional health outcomes and costs; it can reduce the day-to-day stress of managing chronic diseases, engage patients in whole-person health and improve their quality of life.”
Reversing the rising curve of chronic disease costs and helping patients live more fulfilling lives unaffected by disease is a lofty goal, one that Omada Health executives presumably support wholeheartedly. But how the different players — Omada Health, Virta Health, Onduo, Livongo/Teladoc, etc. — pull this off with sky-high prices and record fundraising in the crowded digital health space is of course another story. Let’s hope that the next few years will provide more clarity.
Photo: Nicholas May, Getty Images
