Chamber Cardio, a value-based cardiology company, announced Wednesday it has raised $60 million in Series A funding that will be used to help startups scale.
The company partners with payers and cardiologists to support value-based care initiatives. Its platform uses artificial intelligence within clinicians’ existing workflows to flag high-risk patients, identify gaps in care and reduce manual work. This helps improve outcomes and reduce hospital utilization, and gives payers a clearer picture of cardiovascular costs and performance.
“Chamber is committed to bringing value-based care to cardiology, the largest driver of mortality and costs in the United States,” Chamber co-founder and CEO George Aloth said in an email. “We help cardiologists work in a values-based world and expand their impact to become leaders in population health in their communities.”
The Series A round was led by Frist Cressey Ventures, with participation from General Catalyst, AlleyCorp, American Family Ventures, Company Ventures, Optum Ventures, Healthworx Ventures and Black Opal Ventures. The funding also includes debt from HSBC Innovation Bank. Chamber raised a total of $69.5 million.
“Cardiovascular disease is the largest driver of healthcare spending in the United States, yet care remains fragmented and fee-for-service dominated,” Senator Bill Frist, MD, co-founder and managing partner of Frist Cressey Ventures, said in a statement. “The Chamber platform brings value-based care to cardiology, delivering better outcomes and improved quality of life for patients and their families.”
Aloth said the financing will be used in three areas: accelerating growth in new markets, expanding the care team and investing in technology to expand the use of artificial intelligence. The company currently has a network of more than 500 cardiologists in seven states.
Chambers' announcement comes as heart disease is the leading cause of death among men, women and most racial and ethnic groups in the United States, according to the Centers for Disease Control and Prevention. Every 34 seconds someone dies from cardiovascular disease. Additionally, $168 billion will be spent on health care services and heart disease drugs between 2021 and 2022.
That's what the chamber wants to change. Alos said the company ultimately hopes to expand to as many cardiologists and patients as possible.
“We are excited to work with more payers in existing and new markets to give more patients access to high-quality cardiovascular care at trusted local clinics,” he said. “We are also excited to drive the adoption of artificial intelligence across our network because we believe artificial intelligence has tremendous potential to expand cardiologists' reach and improve patient outcomes.”
Other value-based cardiology companies include Karoo Health and Novocardia.
Photo: Kmatta, Getty Images
