Telehealth Startup OpenLoop Raises $15 Million to Streamline Virtual Care Delivery
Company launches the first-of-its-kind comprehensive nationwide payer coverage network, offering clients everything they need from first visit to
DES MOINES, Iowa, March 16, 2023 /PRNewswire/ -- OpenLoop, a leader in white-label telehealth support services powering virtual and hybrid care across the country, today announced it has raised a $15M Series A funding. The round was led by Nava Ventures, with participation from new investors UnityPoint Health Ventures and PrimeTime Ventures, and existing investors SpringTide Ventures and ManchesterStory. The company also announced a new nationwide insurance payer network that allows clients to offer reimbursable services to patients instead of cash pay only options.
A surge in virtual health
The global telehealth market size, currently estimated at $101.51 billion, is predicted to grow to $455.3 billion by 2030, according to Research and Markets Reports. That's a CAGR of 24.0% over the next seven years. Additionally, telehealth services hold 45.7% of the total market share due to increased adoption to manage chronic conditions and monitor health outcomes. Providers themselves hold 53% of the market due to increased convenience and improved workflows.
OpenLoop white-label telehealth solutions
OpenLoop's network of 6000+ certified clinicians spans all 50 states, offers 30+ digital health specialties and speaks 15 different languages. They offer continuity of care at every touchpoint - meaning patients can choose to see the same provider for every single visit. This not only builds strong clinician/patient relationships, but also increases engagement and care outcomes.
The company also offers intuitive technology customized for healthcare companies and their patients. Their API-driven platform can be aligned to meet brand needs and securely houses patient PII with its built in HIPAA compliance software. Clinicians can manage appointments, write prescriptions, chart notes and handle booking and payments all in one place.
Companies can also tap into OpenLoop's Regulatory & Legal and Licensing & Credentialing services to keep their practice and clinicians up-to-date with industry laws and compliance standards while they focus on their patients. The company currently supports some major players in the space including big name pharmacies, retailers and hospitals and health systems.
New Payer Coverage and Revenue Cycle Management
The new service offering allows OpenLoop clients to grow their patient pool by offering access to more affordable specialty and primary care options. With a 98% accuracy rate on claims, their Payer Coverage & RCM services work to decrease reimbursement denials and increase a patient's access to care.
"We are excited to partner with OpenLoop because of our confidence in the team and their ability to build a truly differentiated telehealth platform that streamlines virtual care while making it simple," said Freddie Martignetti, founder of Nava Ventures.
Record Breaking Growth
"OpenLoop has seen amazing growth within our company in the last year. Our commitment to providing virtual care services that focus on supporting superior and meaningful patient care at every touchpoint is what's driven that success. We look forward to the opportunities this next round of funding will bring to the company and our clients," said Jon Lensing, CEO and Co-founder of OpenLoop.
For more information on OpenLoop, visit OpenLoopHealth.com.
View original content:https://www.prnewswire.com/news-releases/telehealth-startup-openloop-raises-15-million-to-streamline-virtual-care-delivery-301773162.html
SOURCE OpenLoop Health