Technology-enabled services provider DUOS announced Thursday that it has raised $130 million to expand its platform to more health plans nationwide.
The Minneapolis-based company supports patients and their caregivers by addressing health-related social needs and connecting members to care. Once contracted with a health plan, DUOS contacts eligible members via text, email or mail to inform them of the benefit and invite them to enroll. Members can then share their most important social and care-related needs, such as access to food or transportation, and DUOS connects them to relevant resources and providers based on their coverage, location, and personal circumstances.
The $130 million round was led by FTV Capital, with Forerunner Ventures also participating. The company has raised a total of $163 million.
“Most health techs promise to increase engagement, but DUOS really proves it, with real completion rates and measurable impact,” Alex Mason, partner at FTV Capital, said in a statement. “At FTV, we have spent decades investing in healthcare innovation, and DUOS stands out for leveraging artificial intelligence to build the critical infrastructure health programs need to operate efficiently and improve member outcomes at scale. We are excited to support the company in building on its impressive momentum and driving the platform's continued expansion.”
DUOS CEO and co-founder Karl Ulfers said that with the funding, the company will primarily invest in advancing its platform and improving its artificial intelligence capabilities.
“For example, DUOS will continue to expand agent applications of AI to automate the last mile of government programs, benefits navigation, and preventive care appointments, and develop AI/ML-driven models to help identify patients in need of revenue-based programs, clinical care coordination, and improved quality of care,” he said in an email.
Additionally, the company is using the funds to expand into additional health plans, including Medicare Advantage, Medicaid and Affordable Care Act marketplace plans.
In addition to the investment, DUOS also announced that Jenn Kerfoot has been promoted to president of market operations to “continue to drive commercial success and position DUOS as the operational layer to leverage artificial intelligence to drive member engagement and measurable program performance,” according to the release. Kerfoot previously served as chief strategy and growth officer.
DUOS’s announcement comes as many government programs face significant budget cuts. Ulfers previously told MedCity News the company was prepared to support members during the layoffs.
“In every area of Medicare Advantage, prescription drug plans and Medicaid, all of these plans are going to change over the next few years, and it's going to cause incredible disruption,” he said. “We want to provide a simple and accessible voice for the country’s seniors on what’s changing and how they can ensure they continue to receive incredibly high-quality care.”
Companies offering similar services to DUOS include mPulse and Cleo.
Photo: StockFinland, Getty Images
