A New York-based company called Elaborate has received seed funding of $10 million to further develop its technology that the startup says integrates with EHRs to deliver patients contextualized lab results that offer insights about their health and action items in real-time. By providing contextualized health data, Elaborate says it reduces unnecessary back-and-forth between patient and doctor, while giving patients greater agency over their health.
Elaborate was founded in 2021 by former Oscar and Parsley Health executive Nicole Bocskocsky, the company’s CEO.
"When patients receive lab results without context, they consistently do two things: start Googling and then reach out to their doctor in panic after they've diagnosed themselves with something new," said Bocskocksy, in a statement. "Regulation requiring the direct release of health data has the right intent, but fails to consider the extra work it creates for doctors and the poor patient experience. I've witnessed firsthand how doctors are bombarded by unnecessary patient questions following routine bloodwork. They spend hours of their personal time answering the same basic questions over and over again, knowing they'll be doing it again the next time the patient gets their results. I created Elaborate with the vision of our software acting as the doctor's trusted assistant, offering a credible, clinically-backed explanation to the patient to give doctors desperately needed relief from these administrative tasks."
The company explains that its technology leverages underlying clinical guidelines sourced from reputable sources such as UptoDate and PubMed, as well as a medical advisory board of clinicians with years of experience at institutions like Mt. Sinai and John Hopkins. Additionally, it offers clients the option to incorporate custom protocols to fit their clinical approach. Elaborate claims that using its technology, doctors reduce their administrative workload by an average of 32 minutes every day.
"When Nicole first came to me with the concept, I thought it would be impossible to capture the clinical nuance when interpreting these reports," said Amy Esposito, M.D., member of Elaborate's medical advisory board and medical director at Reside Health, in a statement. "But what the team at Elaborate has been able to do for their clients, including my practice, is nothing short of remarkable. Because they're plugged into the EMR, they use all of the information in the patient's chart to summarize the key findings and help them schedule a billable follow-up visit if necessary. Plus, they customize everything in our clinical protocols for us. Our team has saved a ton of time and frustration, but even more importantly, our patients love the ease and clarity of the results."
The funding round was led by Tusk Venture Partners, with participation from Founder Collective, Company Ventures, Bling Ventures, and Arkitekt Ventures, as well as investors such as Elliot Cohen (Pillpack, Amazon), Sara Wajnberg (Oscar), Scott Belsky (Behance, Adobe), and Sean and Peter Glass, M.D. (Advantia).
