The new Centers for Medicare and Medicaid Services (CMS) interoperability rule requires hospitals to share admission, discharge, transfer (ADT) notifications. That regulatory change has spurred Boston-based PatientPing to raise $60 million in Series C funding to fuel expansion to new regions and extend its platform’s capabilities.
The investment round, co-led by Andreessen Horowitz, F-Prime Capital, GV (formerly Google Ventures), and Transformation Capital, with additional participation from existing investors, brings PatientPing’s total funding to more than $100 million.
The CMS rule requires hospitals to electronically share event notification information with other providers whenever patients have inpatient or emergency department care events. Besides the CMS rule, the funding comes in the midst of the COVID-19 pandemic, when sharing real-time information about patients’ care encounters across providers and settings is even more critical than usual.
PatientPing says it has experienced record growth over the past year, adding thousands of hospitals, post-acute care facilities, provider organizations and health plans to new and existing markets, including new organizations in Texas, Washington, South Carolina, Pennsylvania, Illinois, Ohio, and Missouri.
The PatientPing e-notifications network extends to more than 1,000 hospitals, and 5,000 post-acute care facilities, enabling 135 million patient ADT events for 43 million covered lives.
In addition to expanding its Pings network for e-notifications, PatientPing recently added two new solutions to its enterprise care collaboration product suite, Callouts and Spotlights. Providers and health plans can use Callouts to improve patient engagement and enroll patients in available programs and supplemental benefits. Spotlights, a real-time network performance management tool, enables providers to view dashboards to monitor network wide utilization patterns, performance trends and intervene, enabling faster quality improvement cycles instead of waiting for months for claims-derived analytics.
“Patients often receive care from many providers and when they work together, care is safer and better,” said Jay Desai, PatientPing’s CEO, in a statement. “PatientPing is committed to delivering the innovative products needed to support every patient and their full care team with real-time awareness into patients’ treatment. With CMS recognizing this need through their condition of participation, we’re excited to accelerate the growth of our national network that makes it easy for any two or more providers to collaborate anytime a patient is receiving care.”
