AmplifyMD snags $20 million to help hospital-scale virtual professional nursing
AmplifyMD, a virtual professional care platform designed to help hospitals do more and more with fewer doctors, received $20 million in a Series B financing led by BERERUNNER VENTURES this Wednesday.
Other participants in the funding round include Memorial Hermann Health System, F-Prime Capital, Greylock Partners and Tau Ventures. Silicon Valley-based AmplifyMD has now raised a total of $43 million. CEO Meena Mallipeddi describes the company as a “multi-specialist group of physicians, truly committed to promoting access to care in a scalable way.”
Startups work with hospitals and health systems to provide them with a virtual care platform and a network of integrated physicians with over 15 specialized professionals.
Malipeddi noted that there are not enough doctors to meet demand and existing providers are not evenly distributed. Due to these shortages, hospitals are facing problems such as transfers, delayed admission, stay time and readmission.
Mallipeddi said AmplifyMD’s platform and network are designed to help hospitals solve this problem, and unlike traditional telemedicine point solutions, the startup aims to be comprehensive. The company supports emergency department, outpatient and home care, as well as synchronous and asynchronous virtual care.
Smaller hospitals or hospitals lacking certain specialties can be used to cover using AmplifyMD's physician network. Mallipeddi explains that large health systems can put their own providers on the platform and use AmplifyMD's AI tools to improve providers' capabilities and increase efficiency.
“We really focus on three goals: the timing of clinical decisions, the quality of that decision and the user experience. That’s what our tools and our features really focus on, such as environment, dictation, intelligent clinical summary, automated note generation,” she said.
She added that using the AmplifyMD platform can improve outcomes in time-sensitive areas such as stroke care, which doctors can use within seconds to review scans and start treatment.
Malipeddi said the platform could also help hospitals earn more income through increased service lines and reduce patients' stays for half a day to the full day.
“It doesn't sound like a lot from half a day to the whole day, maybe to the layman, but from a hospital point of view, each patient goes straight to the bottom line for thousands of dollars.”
Feby Abraham, chief strategy and innovation officer for the health system, said the Houston-based commemorative Hermann Health Shealt Shealt System, which is both an AmplifyMD client and an investor, relies on the platform to help fill certain professional access gaps, such as infectious diseases.
He also noted that AmplifyMD's platform seamlessly integrates with the Epic EHR of his health system, allowing providers to stay in their existing workflows.
Abraham noted that Memorial Hermann chose to establish a strategic investment relationship with AmplifyMD as the health system is committed to moving care outside the hospital walls. This includes emergency care, outpatient surgical centers, retail clinics and community health centers, as well as home care models such as home hospitals, infusions, dialysis and hospice care.
“This will be multi-modal, and it's a complete stack coverage model that hospital systems or healthcare institutions will be created in the future – AmplifyMD will be a key partner in achieving this.”
Photos: FG deal, Getty images
