Miami-based digital health platform earns funding
Florida Funders is continuing to complete its mission to turn the Sunshine State into the Startup State.
The venture capital fund/angel investor network combination recently invested $1.4 million in HealthSnap, a Miami-based remote patient monitoring (RPM) and analytics platform for virtual chronic disease management. The company’s latest financial boost comes after it secured agreements with over 10,000 physicians, including several top-25 health systems, in 2020. HealthSnap will use the funds to improve client management and patient support for top health system clients across the country. Florida Funders’ $1.4 million came from the Florida Funders Fund 2 while the Seed FL Fund, the FL Institute, and the Florida Funders’ investor network’s contributions bring HealthSnap’s total funding to $6.5 million to date.
“With chronic diseases being among the most prevalent and costly health conditions in the United States, HealthSnap’s platform is giving healthcare providers the ability to better manage their high-risk chronic patients at home, while also empowering patients to keep track of their health,” said Tom Wallace, managing partner at Florida Funders, recognized as the top VC in the Southeast region by Pitchbook. “Their innovative approach to healthcare management is connecting patients and providers in a way that has been missing from the marketplace.”
HealthSnap’s platform enables care teams to monitor patient vitals and lifestyle data outside of a clinical setting, ensuring vulnerable chronic populations receive the right care at the right time. Additionally, HealthSnap makes it simple for providers to diversify revenue streams with new RPM reimbursement that is being promoted by the Center for Medicare and Medicaid Services (CMS) in light of COVID-19. The platform’s ongoing monitoring allows healthcare providers to catch changes in a patient’s health before they become an issue and adjust treatment for their chronic disease remotely and proactively to get them back on track.
“The way that chronic conditions are managed has fundamentally changed. We know that chronic conditions happen outside the clinic, and so should patient care. It’s a very patient-driven approach, and healthcare historically has not been that way. That’s how we’re flipping the model on its head,” said Samson Magid, HealthSnap’s CEO and co-founder. “We’re a proud Florida company and have known for years that the Sunshine State is truly the Startup State. What better place to transform healthcare than Florida, which is becoming a true hub for innovation and technology.”
Florida Funders’ partner and board member Steve MacDonald, who founded TechHealth and web-enabled pharmacy myMatrixx, is joining the startup’s board of directors and will help guide the company as it continues to grow.
Pictured: Example of the HealthSnap platform