More DexCare Health System Customers Become Investors
Seattle-based DexCare, Inc., a care orchestration platform company that spun out of Washington-based Providence in 2021, has had three more health system customers become investors: Community Health Network, Tampa General and Texas Health Resources. They join other health system investors, including Providence, Kaiser Permanente, and Mass General Brigham.
The company said its platform enables health systems to serve more patients with the same clinical resources. It provides the data intelligence to manage an entire portfolio of care – from doctors and clinics to virtual and specialty – and dynamically match patient demand against capacity. It recently surpassed 3 million patient visits scheduled through its platform.
Initially developed as the platform for Providence's ambulatory care business, DexCare has been driving patient acquisition, navigation and capacity optimization for the organization since 2016, according to company officials.
The additional partners come as part of DexCare’s $75 million Series C funding round led by ICONIQ Growth. The new funding brings the total raised to $146 million, including two oversubscribed rounds closed in less than two years.
“Our fragile healthcare infrastructure has reached a tipping point,” said Derek Streat, CEO of DexCare, in a statement. “Every day, we’re confronted with caring for more Americans, against a backdrop of labor shortages and rising costs. Greater patient access, a capacity of caregivers, and operational efficiency shouldn’t be tradeoffs, and DexCare’s platform achieves the equilibrium to deliver on all three fronts.”
In Indiana, Community Health Network said its partnership with DexCare has resulted in a 300 percent increase in virtual care capacity, a 46 percent increase in daily, retail visits, and an increase in patient loyalty with 50 percent returning for additional care within the same year.
“We’re not moving fast enough, as an estimated 11,000 people age into Medicare every day,” said Patrick McGill, M.D., chief transformation officer at Community Health Network, in a statement. “Enduring companies like DexCare establish the bedrock infrastructure to reduce waste, to increase access, and to have the digital awareness to allocate an entire ecosystem of care. The result is value creation across the health system, from patients and doctors to marketing and finance.”
The company also recently added Tampa General Health, El Camino Health, and SSM Health as customers.
