Xealth Raises $8.5M to Help Doctors Prescribe Digital Health Apps
Summary
It has raised an $8.5 million funding round led by venture firm Draper Fisher Jurvetson, with participation from hospital systems already using the software including Pittsburgh-based UPMC, Hennepin, Froedtert, and Renton, WA-based Providence Health & Services, which incubated the company within its Digital Innovation Group.That kind of behavioral change is important to hospitals and health systems that are taking on more insurance responsibility for patients with the shift to accountable care organization (ACO) models.Contemplating his next move, he asked himself, “Do I really want to be optimizing advertising five, 10 years from now?” He was on the board of directors of Seattle-based Pacific Medical Centers, which Providence acquired in what was termed a “secular affiliation” in 2014, around the time McSherry was leaving Nuance.“You start to realize how difficult the problem is.” With billions of dollars invested in digital health products and services over the last decade, Xealth emerged as the most promising near-term business opportunity, and McSherry and team developed it within Providence for 18 months.McSherry acknowledges that the chaos in the health insurance marketplace as a result of Congressional Republicans’ ongoing, secretive efforts surrounding the Affordable Care Act has complicated things for healthcare innovators.
Funding
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