NewYork-Presbyterian Invests in Telehealth Startup Avizia

Oct. 31, 2016
Avizia, a Reston, Va.-based telehealth solution provider, announced the completion of its Series A financing totaling $17 million, with $6 million from HealthQuest Capital and NewYork-Presbyterian.

Avizia, a Reston, Va.-based telehealth solution provider, announced the completion of its Series A financing totaling $17 million, with $6 million from HealthQuest Capital and NewYork-Presbyterian.

In recent years, NewYork-Presbyterian has been at the forefront of delivering video consult services. The health system is using telehealth technology to reduce emergency room wait times and power their telestroke peer-to-peer physician consult program. With this investment, NewYork-Presbyterian will expand its role in advising Avizia on the enhancement of its platform to assist healthcare providers to increase access to care, improve quality of care, and lower the cost of care through technology-enabled services.

“This investment represents an important step forward for NewYork-Presbyterian and our digital health offerings,” Steven J. Corwin, M.D., president and CEO of NewYork-Presbyterian, said in a statement. “We look forward to collaborating with Avizia and bringing the next generation of healthcare technology to patients in New York and around the country.”

The telemedicine market is projected to grow at a rate of more than 50 percent a year, increasing from $240 million in 2013 to $1.9 billion by 2018, according to data analytics firm IHS. The 2016 “Closing the Telehealth Gap” research report found that 72 percent of U.S. hospitals are currently using telehealth. The additional $6 million in funding from HealthQuest Capital and NewYork-Presbyterian will enable Avizia to further expand its telehealth offerings for hospitals, and other providers.

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