ThoroughCare, a digital care coordination company, closed a $5 million Series A funding round led by Empactful Capital.
WHAT IT DOES
ThoroughCare’s platform aims to address inefficiencies and fragmentation in patient care, which the company says can result in inconsistent patient engagement, poor outcomes and revenue loss.
The company’s purpose-built solution provides support to a broad range of healthcare organizations, including independent practices, accountable care organizations, health systems and health plans by helping manage medical, behavioral and social elements of care delivery.
The Pittsburgh-based company provides digital care coordination to almost 700 care delivery organizations nationwide.
The company will use the funds for product development, strategic account management and to expand into new markets.
“This investment will enable us to enhance our product offerings and accelerate growth across new and existing markets,” Earl Hutz, COO of ThoroughCare, said in a statement.
“With Empactful Capital’s support, we’re well-positioned to continue innovating and delivering solutions that empower providers to improve patient outcomes while simplifying the challenges of care management in a highly complex industry.”
MARKET SNAPSHOT
In 2022, ThoroughCare raised $3 million in funding from Cypress Growth Capital. The funding was used to grow the company’s team and expand its reach.
Last year, Walmart Health signed coordinated care agreements with health insurer Ambetter from Sunshine Health and Orlando Health, a Florida-based network of community and specialty hospitals.
Through the agreement with Ambetter Health, Floridian members of the Ambetter Value Plan in Orange, Duval, Clay, Hillsborough, Osceola, Seminole and Pasco counties were able to obtain care coordination and referral management services via Walmart Health Centers as a preferred provider.
Other companies in this space include Raleigh-based Feedtrail, a platform that captures patients’ satisfaction rates and translates them into an action plan for providers. The platform analyzes survey results and gives providers feedback based on where they are falling short. In 2019, Feedtrail landed $1 million in seed funding.
Family Proud is a San Diego-based care management tool that makes it simple to create circles of care around people in need. Family Proud simplifies the process of coordinating support.
Indiana-based Prevounce Health offers tools that improve the provision of chronic care management, preventive care and remote patient monitoring. They help healthcare organizations grow compliant and impactful remote care programs that work for patients and clinicians.
The company will use the funds to drive product development, strategic account management and market growth.
