The highly fragmented nature of the home care sector often results in delayed visits and frustration for seniors looking to age in place and patients seeking to manage chronic conditions at home.when tomorrow’s health Co-founder and CEO Vijay Kedar was coordinating her home care after her mother was hospitalized with a severe lung condition, and he realized how inefficient the process was.
In response to this problem, Kedar founded Tomorrow Health in 2018.On Wednesday, the New York-based startup closure A $60 million Series B round brings its total funding to date to $92.5 million. The round was led by BOND with participation from Andreessen Horowitz, Obvious Ventures, BoxGroup and Sound Ventures.
Before Covid-19, provider interest in alternative care settings was growing. The pandemic has accelerated telehealth and home care to the point that undeniable care is expanding beyond the four walls of hospitals. In fact, most health plans are actively pursuing plans to move care to families this year, Kedar said. But that doesn’t mean the process of arranging home care is easy.
According to Kedar, the opposite is true. He said it was common for patients to be discharged but unable to leave because the medical supplies they needed were not delivered to their homes in time. This delay not only interrupts the patient’s recovery process, but also results in indirect costs for payers. Tomorrow Health’s platform is designed to address the lack of the infrastructure needed to effectively connect and coordinate healthcare providers, home care providers, patients and payers.
The platform helps hundreds of thousands of patients transition from hospitals and manage chronic conditions by making home care easier to access. It allows patients to purchase the medical supplies and equipment they need by matching suppliers with more than 40,000 products and services. Tomorrow Health’s data-driven matching process takes into account quality, device clinical suitability, insurance coverage, and geographic location.
The startup’s platform is designed to track and manage every step of delivering home care, from prescription to payer bill to fulfillment, Kedar said. This, he said, simplifies the home care coordination process for all stakeholders, a feat he doesn’t think any other startup would pursue.
“Traditional home care providers are our partners, not competitors,” Kedar said. “Our focus is not on improving the structure of the network, but on improving its performance — enabling it to function better through technology.”
Tomorrow Health contracts with national, regional and provider-sponsored health plans to coordinate home care for its members through a value-based model. The startup currently has partnerships with more than 125 health plans and hospital systems.For example, it cooperating and Geisinger Health Plan Streamlined the home care coordination process for its more than 550,000 members last year.
The startup’s latest funding round comes amid what Kedar calls “accelerating demand for wellness programs and provider-sponsored programs.” Tomorrow Health will use the funds to expand partnerships with payers, grow and further develop its technology in new markets. He also said the funding will be used to support the company in recruiting people for its business development, engineering, product and operations teams.
Photo: La Flor, Getty Images
