The country’s treatment modalities for chronic conditions are “completely backwards,” according to HealthSnap CEO Samson Magid. Four million Americans age into the Medicare program every year, and most of them have two or more chronic conditions — resulting in billions of dollars annually in preventable healthcare costs — he pointed out.
This hulking problem is why Magid helped found HealthSnap in 2015. The Miami-based company helps healthcare providers reinvent their approach to chronic conditions management through home-based remote patient monitoring. On Wednesday, the company announced that it had closed a $25 million Series B financing round led by Sands Capital.
The round brings HealthSnap’s total funding to date to $48.5 million. Other investors included Comcast Ventures, Acronym Venture Capital, Florida Opportunity Fund, Asclepius Growth Capital, Florida Funders, MacDonald Ventures and TGH Ventures.
The company’s technology helps providers remotely monitor and manage chronic conditions, as well as seeks to empower patients by providing them with greater access to care and their own health data, Magid explained.
“HealthSnap’s remote patient monitoring and chronic conditions management programs shift the care delivery paradigm from one that’s typically reactive, episodic and delivered in a bricks-and-mortar clinic to a model that’s proactive, ongoing and deliberately in the home,” he declared.
The company’s platform gives providers ready access to various workflows they need to launch and scale a remote patient monitoring and chronic conditions management program. It has tools to manage more than 100 chronic conditions in both primary and specialty care, Magid noted.
He also pointed out that the platform can integrate into more than 80 EHRs. Magid said that this ensures the solution is easy to set up and allows care teams to be armed with actionable patient data in case they need to proactively escalate care between office visits.
Once patients get enrolled in the program, HealthSnap sends pre-configured, cellular-enabled health devices to their homes.
“So if someone has high blood pressure, they’ll receive a blood pressure cuff,” Magid explained. “And I always use the grandma test — if a grandma can’t use the technology properly, then it wouldn’t pass the test. For HealthSnap, all of our devices are simply taken out of the box and just used right away. The patient doesn’t need a smartphone, and they don’t need WiFi.”
Each patient is also assigned a nurse as their care navigator. On a monthly basis, these care navigators call the patient to go over their readings, gauge whether care needs to be escalated, schedule preventive appointments and close any care gaps, Magid added.
HealthSnap’s customer base comprises more than 150 healthcare organizations, including UnityPoint Health, Prisma Health, Tampa General Hospital, Montefiore Medical Center and Virginia Cardiovascular Specialists. The company charges a per-patient per-month fee for its platform.
“With our services, our partners are generating new revenue streams for their healthcare systems, without the need to build these service lines in-house,” Magid remarked.
He added that 25% of all Medicare fee-for-service dollars are estimated to move to the home by 2025. HealthSnap’s programs generate $300 in reimbursement per patient per month for its provider customers, he said.
But HealthSnap is certainly not the only company helping providers implement remote patient monitoring programs into patients’ homes — competitors include Cadence, Optimize Health and Validic.
Magid believes HealthSnap helps set itself apart through its three patents for remote patient monitoring-specific revenue cycle automation, as well as the fact that its platform can integrate with dozens of EHRs. He added that HealthSnap is a full-service offering that handles all care management services, logistics and shipping.
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