Eden Health raises $25m to target property owners
Healthcare practice Eden Health has raised $25 million in Series B Funding. With this capital they’re aiming to expand their direct-to-employer healthcare model to commercial landlords. The funding round was led by Flare Capital Partners and Stone Point Capital, a private equity firm. Investors included Greycroft, PJC, and Aspect Ventures.
Founded in 2016, the US telemedicine startup delivers face-to-face and virtual healthcare directly to employees of mid-market companies. Since the start of the Covid-19 pandemic demand has surged, with interest from employers rising by over 500 per cent. The company is now hoping to form partnerships with commercial real estate firms. This would give leaseholders access to the company's on-site health care as well as their virtual clinicians.
The company's virtual Care Teams are formed by qualified clinicians who deliver evidence based care round the clock. Employees have dedicated Care Teams who they speak to everytime they need a consultation, whether virtually or in person. The clinicians determine the employees' health needs before referring them to a specialist.
When the Covid-19 outbreak began in February Eden Health worked with a number of employers to roll out protocols that would support the wellbeing of their workforce. They introduced a programme of on-site Covid-19 testing, primary care, DNA sampling, antibody testing and patient consultations. These aimed to help people get back to work.
"What employers are realising is that they have a responsibility to manage their entire workforce's physical and emotional health" said Matt McCambridge, Eden Health co-founder and CEO. "The optimal management of workforce health meets that individual and their family member where they are, whether it's at their worksite, at home, or in the community. With today's funding and the advances we've developed, we're set to radically improve care delivery and health outcomes."
Convene, a flexible office startup, and The Connell Company, a food export company and real estate developer, have already signed up with Eden.
"One of the things we liked most about Eden Health was its commitment to human-centered design and how it aligns the incentives of healthcare and business," said Dr. Dan Gebremedhin, Partner, Flare Capital Partners.
"What we're seeing now is that the pandemic has pressed the fast-forward button, bringing both employers and work-sites around to the fact that offloading healthcare labor onto patients and insurance companies is no longer a viable solution. We're thrilled to partner with Matt, Scott and the Eden Health team to tackle some of the hardest problems in healthcare."
Zoom enters the healthcare market - a timeline
Since the pandemic began Zoom has become an integral part of daily life for people working from home, as well as a vital tool for families and friends to communicate. However it's also been eyeing up the healthcare space since 2017, and following the boom in telehealth the company has been rolling out additional services. Here we chart Zoom's move into healthcare.
2011 - 2013
Zoom is founded in San Jose, California, by Eric Yuan, formerly of Cisco. He got the idea to create a video calling platform from his visits to his girlfriend while he was a student, which would take 10 hours by train.
A beta version is released in 2012, which can host up to 15 participants. In 2013 this rises to 25. By mid-2013, Zoom has 1 million users.
2014 - 2017
Zoom attracts investors, including Sequoia Capital, Emergence and Horizon Ventures. By January 2017, Zoom has a series D funding worth $100 million.
2017 - 2019
Zoom for Telehealth launches, including an integration with EHR system Epic. It has cloud-based video, audio, and content sharing features, a "waiting room" for patients, and can easily be integrated into healthcare provider's workflows.
In 2019 Zoom goes public, with its IPO rising 72% in one day.
As a result of the pandemic, Zoom gains 2.2 million new users, more than in the whole of 2019. On the 23rd of March alone - the day the UK lockdown was announced - the platform was downloaded 2.13 million times around the world.
Share prices rise to around $150, and founder and chief executive Eric Yuan becomes one of the world's richest people, with an estimated net worth of $7.9 billion.
Early security issues are addressed by encrypting data with the Advanced Encryption Standard (AES). By now the the platform allows 99 people to be on a call simultaneously
New features launch, including Zoom Home and Zoom for Chats. Throughout the year the platform is used to replace most kinds of real life events: work meetings, online classrooms, church services and social events.
Renamed Zoom for Healthcare, users can share secured video, audio, and content through desktops, mobile phones, and conference devices. As well as Epic, it can be integrated with Strmr, IntakeQ, and Practice Better.
It can also be used with diagnostic cameras and other point-of-care devices, including digital stethoscopes.
In an interview with Korea Biomedical Review, Zoom Global Healthcare Lead Ron Emerson said: "Our service is not simply a virtual care and telemedicine platform but a multi-purpose platform that can satisfy the needs of healthcare institutions."
"It can be used for administrative tasks, including telemedicine, medical team meetings, recruitment, medical education, employee training, and disease prevention. Analysing electronic records managed by Zoom could provide meaningful insights into patient care."
Phoenix Children's Hospital, Belfast's Hospital Services Limited, Butler Health Services and the global Project ECHO are among Zoom for Healthcare's current customers.