CirrusMD Announces $15 Million in Series B Funding and New Plans to Improve Care Delivery For Veteran Population
DENVER, May 2, 2019 /PRNewswire/ -- CirrusMD, a chat-first virtual care solution, today announced that it has raised $15 million in a Series B round of funding led by Drive Capital, Colorado Impact Fund and other prior investors, bringing total funding to-date to $26 million. This round of funding will carry the company through its next phase of growth, and drive product innovation to support current and future partners. The company also announced a new contract with Iron Bow Technologies as a subcontractor to the United States Department of Veteran Affairs (VA) for improved care access and delivery for the veteran community.
Series B Funding
"Today's healthcare landscape is not only inefficient; it's impersonal. CirrusMD is fixing that by changing the way people interact and communicate with healthcare providers," said Molly McCartin, partner at Drive Capital. "The company has proven its ability to engage some of the largest players in the market including 4 of the 8 largest health insurers in the country, deliver a 4:1 program ROI, and successfully resolve up to 84% of all encounters on-platform. CirrusMD enables real change against traditional models of care."
CirrusMD partners with health plans to build greater trust in member populations and deliver exceptional virtual care experiences by breaking through the barriers that exist in today's traditional healthcare landscape. Members can access unlimited, on-demand dialogue with a board-certified physician in seconds via web or mobile app, whenever and wherever it fits in their day. There are no paywall barriers, and physician conversation can last as long as members need to get the answers – and peace of mind – to manage their wellness. The platform empowers better care access, reduces unnecessary Emergency Room visits, decreases wait times and lowers call center volume while driving member utilization rates that exceed telehealth industry norms by nearly three times.
"Real-time communication between a doctor and patient not only improves outcomes but is expected in healthcare today. This latest round of funding enables us to bring seamless, chat-based virtual care to more people," said Andrew Altorfer, CEO and co-founder of CirrusMD. "CirrusMD is leading the market in delivering instant, secure texting with board-certified physicians across all 50 states. We're turning the antiquated, brick-and-mortar approach to care on its head. By optimizing member engagement and providing care where and when it's needed, we can reduce out of control healthcare costs and deliver better patient care."
Subcontract with VA
CirrusMD also announced a new agreement with Iron Bow Technologies, which has a contract with the VA, for improved care access and delivery for the veteran community by offering veterans easy access to communication with VA health care team members in 60 seconds or less via a mobile or web application. CirrusMD will work closely through Iron Bow Technologies with the VA to raise awareness and drive utilization across the platform with the new VA Health Chat app to improve care management, care access, and ultimately the health and wellness of the veteran population. The initial rollout will be available for 200,000+ patients across three of the VA's medical centers.
2019 CirrusMD Momentum
So far in 2019, CirrusMD has achieved additional significant milestones and growth. The company has seen a 141% increase in Q1 patient encounters year-over-year and partnered with an additional major market payer to expand its Medicaid market share into three new pilot programs in three states. In January, CirrusMD also expanded its leadership team by promoting Scott Johnson to President and COO. In his new role he will be responsible for managing all functional teams, supporting company strategy and growth as well as future capital raises and board participation.
CirrusMD partners with payers and health plans to create happier, healthier and more engaged members by connecting them to high-quality care conversation. CirrusMD's chat-first virtual care platform enables continuous access in seconds to board-certified physicians across 50 states from any web-enabled device, providing members with seamless care conversation that happens on their terms. Designed to deliver an unparalleled user experience and barrier-free access, the CirrusMD platform drives average member utilization rates of up to triple telehealth industry averages. CirrusMD has partnered with the nation's leading payers and integrated delivery networks to help millions of members and patients access extraordinary virtual care. Founded in 2012 and headquartered in Denver, Colorado, CirrusMD is led by co-founder and Chief Executive Officer Andy Altorfer and co-founder and Chief Medical Officer Blake McKinney, M.D.
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