Memora Health announced Tuesday that the San Francisco-based digital health platform has raised $40 million in funding to scale its business and meet growing demand.
Transformation Capital led the financing with participation from Andreessen Horowitz, Frist Cressey Ventures, Edward Elmhurst Health, AlleyCorp and others. Transformation Capital managing partner Todd Cozzens will join Memora’s board of directors, the company said.
new financing remember Memora co-founder and CEO Manav Sevak said to meet commercial needs and drive new partnerships with health systems and payers, and further improve the care delivery experience for patients and their healthcare providers.
The company, in partnership with many leading healthcare organizations, including Mayo Clinic and Penn Medicine, continues to rapidly evolve and digitize clinical workflows.
“At a time when healthcare professionals are under such tremendous pressure, we must invest in technology-enabled solutions that enhance, expand, and ease our ability to deliver world-class healthcare at scale,” said Dr. Justin Beckman, director of the Penn Center. ” Professor of Cancer Care Innovation and Radiation Oncology at the University of Pennsylvania, in an email.
He noted that Penn Medicine is testing ways to help cancer patients manage side effects and stick to treatment. In a Memora initiative, Penn has a conversational AI texting tool that acts as a virtual care team member. This patient- and clinician-friendly platform is available day and night, supporting patients through complex cancer treatments and alerting clinicians when symptoms arise, Bekelman explained.
Supporting patients after in-person or virtual appointments is a lot of work, Sevak said, because much of it is done manually, and patients often end up taking on a lot of the burden themselves. He added that when a patient contacts through their portal, it is usually the health care provider that is contacted first.
“By helping care teams digitize, automate and track all these steps, we’ve actually been able to reduce care team burdens and notifications by nearly 40 percent, so clinicians spend less time sifting through messages and more time in their license,” he said.
Other organizations are also using artificial intelligence and other sophisticated approaches, such as Ada Health and Docent Health, to help patients stay connected, ease the burden on healthcare providers and bridge care gaps.
According to the company, Memora seeks to differentiate itself through a cohesive, accessible, fluid approach that makes the best way to care for patients simple.
For patients: “Changing the process from reactive to proactive by allowing them to receive real-time coaching and proactive education can significantly impact their healthcare outcomes,” Sevak said.
Photo: Getty Images, pixelliebe
